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Is withdrawing RM1 coin from circulation gonna help?

September 7, 2005 by Galvin Tan in Daily Rants with 6 Comments


Yesterday, Bank Negara made an announcement of the withdrawal of RM1 coin from circulation. Bank Negara also confirmed that the RM1 coin will cease to be a legal tender by Dec 7. From what I see, the ‘cut-off’ date already started the day it was announced. True enough in today’s The Star newspaper, some traders already suffered losses when a commercial bank seized some of the coins when they tried exchanging the coins for notes. Out of RM100 worth of coins, the trader only got back RM70 in notes. The bank confiscated the ones they thought to be counterfeits.

This is going to be tough, especially to the public. No business operators are willing to accept RM1 coins as payment. If they do accept, they will end up with a whole lot of RM1 coins which they’ll think twice before surrendering it back to Bank Negara for notes. They’ll probably end up making a lost. Even if they are generous enough to accept the RM1 as payment from consumers, they’ll still end up with whole lots of coins by Dec 6. How are they going to exchange for notes by Dec 7? So why go through the hassle of accepting those coins? The towkay and towkaysoh from our nearby coffee shop tried not to accept RM1 coins already. And if there’s any change, the consumer refuse to take any RM1 coins as well. So how are we to dispose the RM1 coins?

Some scoundrels already tried disposing their counterfeits coins in many ways. I’m a businessman and my business runs coin operated machines (no, I’m not doing those fucking gaming slot machines). So what if I end up with a whole lot of counterfeited RM1 coins. We can’t really tell apart the real and the counterfeited RM1 coins. We do have coins counting/sorting machine. From my experience, these machines can only be set to determine the diameter and thickness of a coin. That’s how the machine differentiates RM1, 50, 20 and even 10 cent coins. Sometimes, damaged coins can not be accepted by the machine. And we do have plenty of legal and genuine but damaged RM1 coins circulating around. If I do take it to the bank to exchange for notes, will some of my coins be confiscated if they end up being fakes? How can Bank Negara tell that the RM1 coin is a fake? If it is a fake and I can’t exchange it for note, can we have the fake coins back? Since I can’t get my money back, at least I still have some fake coins to throw at people!!! &$&^#^&$%

Source : The Star newspaper
Bank Negara to withdraw RM1 coin from Dec 7
Public see red over ringgit coin withdrawal



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About Galvin Tan

A creative professional and social media junkie, Galvin Tan has been blogging since 2005 and he writes about everything from food to gadget. An avid fan of football and loves playing foosball and basketball. For latest updates, follow him @galvintan on Twitter.

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4 comments
Lai JK
Lai JK

I think to circulate RM1 coins for 3 months is not practical since everyone has no clue on how to differentiate those fake ones from real ones. BNM should accpet all the coins if it fails to reveal the specifications of the RM1 coin. To the very least each of the public members will be able to check those coins they have in hand. If the specs are purely based on weight, thickness and diameter, checking on its authenticity is possible, tedious though. However, it will be hard if the specs are based on metal composition. To ponder further about this issue, if the fake coins are of the similar (not identical though) qualities, and if no measure was taken by BNM in the past to counter this fake coin issue, I strongly think that BNM should bear the responsibility of not being able to ensure each coin circulated in money market are accountable. Hence I strongly believe that all the coins in question should be accepted unconditionnally by BNM. BNM in this case should not make circulation of RM1 coin among businessmen and consumers compulsory during this transition period.

Lai JK
Lai JK

I think to circulate RM1 coins for 3 months is not practical since everyone has no clue on how to differentiate those fake ones from real ones. BNM should accpet all the coins if it fails to reveal the specifications of the RM1 coin. To the very least each of the public members will be able to check those coins they have in hand. If the specs are purely based on weight, thickness and diameter, checking on its authenticity is possible, tedious though. However, it will be hard if the specs are based on metal composition. To ponder further about this issue, if the fake coins are of the similar (not identical though) qualities, and if no measure was taken by BNM in the past to counter this fake coin issue, I strongly think that BNM should bear the responsibility of not being able to ensure each coin circulated in money market are accountable. Hence I strongly believe that all the coins in question should be accepted unconditionnally by BNM. BNM in this case should not make circulation of RM1 coin among businessmen and consumers compulsory during this transition period.

KY
KY

reduce the fee la, now use 2 50 sen coin mah enough lohhh

KY
KY

reduce the fee la, now use 2 50 sen coin mah enough lohhh

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