Old Malaysian Ringgit Notes and Coins Are Worth More Than You Think

Through the years there have been certain denominations of our Malaysian Ringgit that has been discontinued. Do you have any of these? It may be worth a lot now.

Over the years, there have been certain denominations of our beloved Ringgit that has been cut off from production. While not many have given much thought about these coins and banknotes, let us take a stroll down memory lane and find out what collectors find so fascinating about these different denominations of the Ringgit.

1 Sen Coin

Do you remember using one sen coins? Or are they something you remember that everyone stuck in the McDonald's donation boxes at the counters?

The 1 sen coin was mostly made out of copper or bronze clad steel. Did you know, the cost to make these copper coins cost 4.2 sen per 1-sen coin? Based on logic alone, you would know we were losing money just keeping it in circulation. To avoid the financial pressures of producing these coins, Bank Negara website states that the government implemented a rounding mechanism in the year 2008 and its main reason was to save cost in producing these coins.

With the coins no longer being used, some of the coins have managed to developed a higher value due to its collectible value. According to a website called Malaysian Coin some of these 1 sen coins are worth from RM2 to as much as RM1,800 depending on year and condition.

1 Ringgit Coin

The 1 Ringgit coin was introduced in to the Malaysian market in 1971. The 1 Ringgit coin initially used the dollar sign “$1” and was later changed to 1 Ringgit in 1993. These 1 Ringgit coins were later demonetised on 7th December 2005 and withdrawn from the market.

Since there were duplicate values of this denomination in the form of coin and banknote, people generally preferred the banknote as compared to the coins. That comes as a no brainer, coins were cumbersome to lug around as compared to having lighter banknotes in their wallets.

On top of that, some sources claim that these coins were easier to forge as compared to printed banknotes. However, Bank Negara had denied all such allegations and while there were few isolated cases of forgery, it was definitely not widespread.

Despite the coin being demonitised, the coin carries value in the collector's market. Though its resale value is not as high as the 1 sen coins, the 1 Ringgit coins still fetch a good return of up to RM 180. Collectors claim it is difficult to get genuine ones as there were fake coins in the market and could possibly the reason why its value did not skyrocket the way the 1 sen coins did.

2 Ringgit Banknote

When Bank Negara issued these notes in the year 1996 , the theme of the design was to commemorate and reflect the “Vision 2020”. While the 2 Ringgit note is still recognised as legal tender, it is worth so much more as a collector's item as compared to using it for day to day purchase.

To the right collector, the 2 Ringgit note with the signature of Governor Tan Sri Dato' Ahmad Bin Mohd Don could be worth a whopping RM4,000. Being one of the most wanted pieces by collectors, it is no wonder it can fetch almost double of a fresh graduate's salary.

Commemorative 50 Ringgit Banknote

In the year 1998, Malaysia was host to the Commonwealth Games in the iconic Bukit Jalil Stadium. In commemoration of the event, Bank Negara issued a limited edition 50 Ringgit polymer banknote. The banknote was produced in a limited quantity of 500,000 pieces. The note's legal tender value is exactly RM50 but it was sold as a collectors item in packaged folders for RM80 per piece.

Eighteen years later and the value of the limited edition notes have gone up in value. While being unable to determine exactly how much these notes are, the range on ebay go from as low as USD89.99 (RM367) to USD300 (RM1,224). Despite being a limited edition collector's item its appreciation value has surprisingly only gone up approximately 4.5 times its original value.

Money Money Money!

Even if you aren't a collector, try hunting down all your old 1 sen or 1 Ringgit coins and your old 2 Ringgit notes. They may be hidden some where and might be worth something. You could be sitting on a gold mine without even realising it. With all the profits you could potentially get, open up a savings account and keep that money safe.

If you would like to check out our many saving account options and sign up for one, visit our website and use the comparison tool to find one perfect for you. Just be sure not to bank in these valuable pieces along into your savings account.

If you have anything to add to the article, feel free to do so in the comments below.

Image Sources: Image 2 from Sally Yong ; Image 3 from MS Collection Site

0 comments

Agree or disagree with this post? Questions? You also have your word!

  • Jeannie

    even we have the money..where to get the buyer???

    Reply
    • RinggitPlus

      Hey Jeanie,

      You could try this link below and see what type of offer you end up receiving.

      http://www.banknotes.com/offer.htm

      Alternatively, you could consider using some of these platforms to find a buyer.:
      - Forums
      - Bidding websites like E-bay / leleong / Mudah,
      - Facebook and other social platforms

      Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

      Thank you.

      Reply
    • Abdul rahman

      I have 1 cen coin howbdo i want desperse and sell

      Reply
      • Aaron

        Question: If we have those old notes, coins, where can we sell/trade it for a good price?

        Reply
        • RinggitPlus

          Hey Aaron,

          You could try this link below and see what type of offer you end up receiving.

          http://www.banknotes.com/offer.htm

          Alternatively, you could consider using some of these platforms to find a buyer.:
          - Forums
          - Bidding websites like E-bay / leleong / Mudah,
          - Facebook and other social platforms

          Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

          Thank you.

          Reply
        • Abdul rahman

          I have the 1 cen coins and 2 ringgit.how do i want to sell it

          Reply
          • RinggitPlus

            Hey Abdul Rahman,


            You could try this link below and see what type of offer you end up receiving.

            http://www.banknotes.com/offer.htm

            Alternatively, you could consider using some of these platforms to find a buyer.:
            - Forums
            - Bidding websites like E-bay / leleong / Mudah,
            - Facebook and other social platforms

            Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

            Thank you.

            Reply
            • RinggitPlus

              Hey Abdul Rahman,


              You could try this link below and see what type of offer you end up receiving.

              http://www.banknotes.com/offer.htm

              Alternatively, you could consider using some of these platforms to find a buyer.:
              - Forums
              - Bidding websites like E-bay / leleong / Mudah,
              - Facebook and other social platforms

              Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

              Thank you.

              Reply
            • RM1Guy

              I still have a RM 1 note! How much does that cost???

              Reply
              • RinggitPlus

                Hey RM1Guy,

                The banknote depends on its year, condition, material, serial number and etc.

                We are not able to value the banknote itself but you may do your research online and check out some forums, or head online to e-bay and other such websites to see what other people are selling it for.

                Thank you.

                Reply
              • rockit

                Any idea on where I can sell them?

                Reply
                • RinggitPlus

                  Hey Rockit,


                  You could try this link below and see what type of offer you end up receiving.

                  http://www.banknotes.com/offer.htm

                  Alternatively, you could consider using some of these platforms to find a buyer.:
                  - Forums
                  - Bidding websites like E-bay / leleong / Mudah,
                  - Facebook and other social platforms

                  Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

                  Thank you.

                  Reply
                • Abdul Halim Bin Dandai

                  Good news to the collector but How to redeem this coin & notes?

                  Reply
                  • RinggitPlus

                    Hey Abdul Halim,

                    You could try this link below and see what type of offer you end up receiving.

                    http://www.banknotes.com/offer.htm

                    Alternatively, you could consider using some of these platforms to find a buyer.:
                    - Forums
                    - Bidding websites like E-bay / leleong / Mudah,
                    - Facebook and other social platforms

                    Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

                    Thank you.

                    Reply
                    • RinggitPlus

                      Hey Abdul Halim,

                      You could try this link below and see what type of offer you end up receiving.

                      http://www.banknotes.com/offer.htm

                      Alternatively, you could consider using some of these platforms to find a buyer.:
                      - Forums
                      - Bidding websites like E-bay / leleong / Mudah,
                      - Facebook and other social platforms

                      Whatever choice you use, please proceed with caution and do the necessary research to ensure you get genuine buyers as well as a fair price.

                      Thank you.

                      Reply
                    • Lai Ye min

                      I got old RM 1.00 notes want to sell
                      What is the price

                      Reply
                      • RinggitPlus

                        Hi Lai Ye Min,

                        We do not value currency, but you may check your RM1 banknote value at this place:

                        http://www.alphanumis.com/

                        Thanks.

                        Reply
                      • kumaresan

                        I have a one note of $1 ringgit..where can i ssale it..

                        Reply
                      • jaffer

                        I have one MALAYSIA 1 RINGGIT NOTE...ITS SERIAL NUMBER IS STARTING FROM 786....Holy number...

                        Reply
                        • Jamsheed bin ummer

                          I have 10 sen in malaya 1941

                          Reply
                          • Daniel Gee

                            How do I know if I am selling in a fair price ?

                            Reply