Recently, reports of disappearing coins have been circulating publicly at the height of the local celebration of Valentines Day. The relationship seem to be unrelated yet, because of a tip from a reliable source I have decided to try and see if the story is true and as expected, I was not disappointed.
The Bangko Sentral officials claimed that there is no need for the public to hoard the P10 coin since the gossip about its intrinsic value, about it being alloyed with gold according to some, is not true. For fear that such act would escalate inflation, officials have officially declared that hoarding coins would have a negative impact to the local economy.
After receiving a tip from a local source, I headed for a local goldsmith and see if what he said was true. Arriving at the scene, I found several customers flocking at the shop’s front holding some P10 coins. In one of the store’s corner, I also found several stacks of P10 coins waiting for their turn to be melted.
That goldsmith was busy making some P10 coins into engagement rings or wedding rings for sweethearts who would like to have rings before they make vows to each other . The P10 coin’s core will be removed from the coin and heated by torch to smoothen and flatten its surface. After a couple of minutes, a pair of rings has been made from a single core.
According to the shop’s owner, the month of February was the peak of their business since that was the time when couples celebrate or make proposals of love. “Marami kaming order nun, basta di nawawala sa 50-100 kada araw ang gawa” (We always had between 50-100 orders last month) .
I asked when this craze started and the owner told me that it has been happening since a gold alloy had been discovered with the core of P10 coin dated 2000. It was an instant hit because, a pair of gold ring can be made for 10 pesos only. Although the gold content is not pure about 10 to 12 carat, the important thing is the metal never fade and maintain its luster even if used on a daily basis which is very ideal for couples.
The shop owner added that since the year 2000 was a very scarce coin, customers would prefer to have 2001 or 2003 P10 coins as rings other than any dates because of their seemingly gold like appearance when finished. “You can even wear it even if you are washing your clothes, washing the dishes, or doing any other household chores. The ring would still be brilliant and lustrous.”
“For couples who cannot afford even the cheapest silver rings, that would mean a lot to them since no jewelry nor pawnshop can beat P10.” he commented