We all have heard of the news that certain syndicates are fabricating fake 5 and 10 peso coins. We now have to be more careful because most of us rich or poor use coins. So how do we spot these fake coins?

According to authorities, fake coins are rough in texture whereas genuine coins are smooth, and the 5 and 10 peso coins are composed of copper, nickel, aluminum and zinc while their fake counterparts are made of steel so they stick to magnets. So carrying a little piece of magnet around can help you check the coins that you have. If you suspect that you have a counterfeit coin, surrender it to the authorities right away. If you’re expecting for a reimbursement, you’re out of luck because the BSP won’t replace your fake coins with real ones.