Top: Jose Rizal, "Republika ng Pilipinas", 1 Piso, year mark
Bottom: logo of the Banko Sentral ng Pilipinas
Composition: 75% copper, 25% nickel; from 2004 onwards, steel alloy
Weight: 6.1 grams
Diameter: 24 mm
Ok,.. note the weight and content: 6.1 grams, 75% copper and 25% nickel.
Current prices of these metals in the world market are as follows:
A metric ton of nickel is 27,000 US dollars
A metric ton of copper is 6,000 US dollars
Now how much coins do we need to come up with 4 tons of one Peso coins at 6.1 grams per coin giving us 1 ton of nickel and 3 tons of copper? The answer is 655,737 pesos. Now if we use dollars to buy these worth of coins at 46 pesos per dollar we would only need 14,255 US dollars which is the cost of more than 2 tons of copper.
The Peso coin is really, highly, undervalued! Its' real metal value is actually worth 3.25 pesos.
Scrapping the Peso coin is illegal.