Fact or Fiction: 1971 Piso Coin Now Reportedly Valued at P1 Million

Who would have thought a P1 coin, which can barely buy you a piece of candy nowadays, is now worth P1 million?

Several old coin collectors claim that P1 coins produced in 1971 is now valued a million times more than its original worth because it is made of pure gold. They also believe that the coin is extremely rare since only 100 pieces of it were released to the public.

PHOTO CREDIT: YouTube/GMA Public Affairs

Alias Roel, a buy and sell agent of old coins, told Kapuso Mo Jessica Soho that a buyer once offered to purchase the said coin for a whopping P1 million. This prompted him to search for the high value coin.

“Sinabi ko sa kanya magkano ba bilihan mo sir. Sabi niya 1 million. 50% sa may-ari, 50% din sa nag-nenegotiate din sa coins. Yun ang motibo na naghanap talaga ako ng 1971,” Roel recounted.

Luckily, he was able to purchase one for P10,000 in 2015. To facilitate transactions with potential buyers, his cousin alias John served as the middle man. But to their dismay, no one really bought the said coin.

It didn’t take long before the cousins realized that people were just pretending to be buyers  of the coin in order to scam other people. They suspected that the so-called buyers were just taking photos of the coin to get money from other people.

But does this coin really exist?

According to Boyet Manuel of the Philippine Numismatic and Antiquarian Society, the coin owned by Roel was just manipulated as it is thinner compared to regular coins at that period.

“Malamang na ito ay produkto ng medal maker na gumagawa ng mga medalya noong araw. Kung una kung mapapansin mo yung itsura ng 1971 na piso, hindi siya handmade,” Roel said.

Maja Gratia Malic , Currency Issue and Integrity Office of the Bangko Sentral ng Pilipinas’ deputy director, also confirmed that the coin was never released by the BSP.

Watch the video.