Thursday, April 12, 2012

Odd Banknotes - 03 Philippines

In 2000, the Central bank of the Philippines printed a new set of 'millennium' notes.
These (unissued) notes are more commonly known at the BSP as "Erap" notes because the front features the inauguration of President Joseph "Erap" Estrada at Barasoain Church in Bulacan on 10 June 1998; and the scroll of the 1898 Malolos Constitution.
Printed in 2000, the notes were to circulate in 2001, but President Estrada was ousted from office that year.

As a result of that event, the planned notes were never brought into circulation.
A report from the BSP’s Banknotes and Securities Printing Department (BSPD) said that they have 770 boxes of 1000-piso, 8,312 boxes of 500-piso, 1,233 boxes of 200-piso and 2,957 boxes of 100-piso unissued banknotes.
Even more frightning is that there are also five million pieces of 2,000-piso “Erap” banknotes with a face value of P10 billion !
One option was to issue the 2,000-piso as legal tender circulation notes, the other option was to shred all 99 boxes containing 4.95 million pieces, but retain one box with 50,000 which would be demonetize for “historical, educational, numismatic and other purposes.

The BSP currently sells a larger version of this denomination as a centennial commemorative note (P189).

This note was issued only 300,000 times, together with a special collectors box and a certificate.
And of course, I had to get this note.
Thanks to my wonderful friend Alex in the Philippines, who managed to get one note for me, I can share it now to the world (well at least to those who follow my blog).

Maraming salamat, po, kaibigan Alex!

Certificate of the authenticy of the banknote

300,000 copies of a 216 x 133 mm ( = 287.28 cm²) note

Front of the centennial note : president Joseph Estrada with Filippino flag

centennial logo

Back of the centennial note

Design of the inauguration of J. Estrada

Real inauguration on June 10, 1998

Pres. J. Estrada, 13th president of the Philippines

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