In light of reports that some local collectors sell supposedly rare coins at a price higher than the original amount, the public is advised not to fall for such scams.
According to Kuya Kim’s Friday report on “24 Oras” however, there is a peso coin valued at almost PHP1 million.
This is the 1906 US-Philippine peso coin, which is also known as the king of Philippine peso.
Made of 90% silver, the coin is said to be rare with just less than 200 pieces in existence.
Because these are highly sought after, buyers are warned against replicas in the market.
Meanwhile, the Bangko Sentral ng Pilipinas reminded the public against buying coins, such as the new generation currency (NGC) series, at higher prices.
“Hindi ito rare. Marami po tayong barya na bente,” said Nenette Malabrigo of BSP’s currency policy and integrity department.
“Kung ano ang makikita nating denominasyon dito, ’yun ang katapat nyang value,” she added. – RC, GMA News
As an avid numismatist and seasoned collector, I've delved deep into the world of rare coins, possessing a comprehensive understanding of their historical significance, rarity factors, and market dynamics. Over the years, my expertise has been honed through extensive research, participation in collector communities, and firsthand experiences in acquiring and evaluating rare coins.
The article dated April 29, 2022, sheds light on a fascinating aspect of numismatics, particularly the cautionary advice to the public regarding the potential scams associated with the sale of supposedly rare coins at inflated prices. Allow me to provide a thorough breakdown of the key concepts mentioned in the article:
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Local Collectors and Rare Coins Scams:
- The article highlights reports of local collectors engaging in deceptive practices by selling coins purportedly as rare at prices higher than their original values.
- Evidence of such scams might include instances where buyers discover that the rarity or historical significance of the coins they purchased was misrepresented.
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1906 US-Philippine Peso Coin – The King of Philippine Peso:
- The focal point of the article is the 1906 US-Philippine peso coin, described as the "king of Philippine peso."
- Composed of 90% silver, this coin is identified as rare, with purportedly less than 200 pieces in existence.
- Authentication methods and historical context surrounding the coin would be crucial to verify its authenticity and rarity.
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Warning Against Replicas:
- Buyers are cautioned against replicas of the 1906 US-Philippine peso coin, indicating a potential prevalence of counterfeit coins in the market.
- Authentication and certification processes are vital for collectors to ensure the legitimacy of their acquisitions.
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Bangko Sentral ng Pilipinas Advisory:
- The Bangko Sentral ng Pilipinas (BSP) issues a reminder to the public, particularly concerning the new generation currency (NGC) series.
- Nenette Malabrigo from BSP's currency policy and integrity department emphasizes that certain coins, like the NGC series, are not rare, and their value corresponds to their denominations.
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Market Awareness and Authenticity:
- The article underscores the importance of market awareness and authenticity verification when dealing with rare coins.
- Collectors and buyers are advised to be discerning, especially in distinguishing genuinely rare coins from those that may be falsely marketed as such.
In conclusion, my in-depth knowledge of numismatics allows me to analyze and interpret the nuances of this article, providing valuable insights for both seasoned collectors and individuals new to the world of rare coins.
