Use of coins as legal tender

Dear PAO,

My youngest son had been saving up for a bicycle that he intends to use in training and traveling with his friends. He opened his piggy bank last week, and we found out that his total savings for two years were P10,900. His savings were composed of coins amounting to P5,900 and bills amounting to P5,000. Can we use all the coins to pay for his bicycle?

Jun

Dear Jun,

The legal tender power of a currency derives from the explicit recognition by law on its use in the settlement of financial obligations within a specific jurisdiction.