Coin hoarding soon a crime? - Maybe So in the PhillipinesSubmitted by Charleston Voice on Tue, 05/15/2012 - 13:36
Posted by Charleston Voice, 05.15.12
In the Philippines, a bill has been introduced which will make it illegal to hoard coins with a penalty of jail time and a fine. Hoarding is defined as a person possessing legal tender coins “beyond the requirements of his regular business.”
"Legal Tender" not legal if you have more than your 'fair share', and are depriving others from 'sharing in the common good.'
By Jonathan de Santos | Yahoo! Southeast Asia Newsroom – Fri, May 11, 2012
Coin collectors beware.
Senator Manuel Lapid has filed a bill to penalize the hoarding of coins to avoid coin shortage.
Citing figures from the Bangko Sentral ng Pilipinas (BSP), Lapid said there should be around 17.34 billion coins--worth around P18.94 billion--in circulation. He said that would mean around 184 coins per Filipino.
"To enterprising crooks, this volume of coins in circulation is a goldmine. Recent valuation of the worth of the country's coinage suggests four of the coins are worth more than their face value if melted," he said in his explanatory note...