24 Jan - 4 min read
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.
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.
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 These 1 Ringgit coins were later demonetised on 7th December 2005 and withdrawn from the market.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.
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.
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.
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.
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