Five caught making rings from P10 coins, sold for P1,500

January 15, 2025

Five caught making rings from P10 coins, sold for P1,500

Five individuals were caught in Siquijor for turning ₱10 coins into rings, which they sold to tourists for ₱1,500 each. The operation was exposed after a foreign tourist shared a TikTok video showing how the coins were crafted into accessories. The video reached the attention of the Bangko Sentral ng Pilipinas (BSP), prompting authorities to investigate.

According to a report on “24 Oras” by John Consulta, BSP officials conducted an undercover operation. They posed as buyers to catch the suspects in the act. During the operation, marked money and the tools used for making the rings were seized.

Illegal Activity Affects Coin Circulation

The BSP highlighted that defacing or altering coins in this way is illegal under Presidential Decree No. 247. This law prohibits the destruction or modification of Philippine currency as it impacts its circulation and shortens its lifespan.

“In one day, they can make 30 to 40 rings from coins,” said Mark Fajardo of the BSP’s Payments and Currency Investigation Group. He added that the act of defacing currency disrupts its purpose and goes against the law.

How the Rings Were Made

The suspects reportedly used tools to shape the ₱10 coins into rings, appealing to tourists as unique souvenirs. However, this seemingly harmless activity is a crime. By altering coins, the suspects made them unfit for use, which can lead to shortages in coin circulation.

Authorities Issue Warning

The BSP has reminded the public to respect Philippine currency and avoid any actions that could harm its integrity. They warned that individuals found guilty of such acts could face penalties under the law.

This incident highlights the importance of following rules regarding currency use and the efforts of the BSP to ensure that Philippine money remains in proper circulation.