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Thread: RM1 coin withdrawn from circulation

  1. #1
    Member Papilio's Avatar
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    Default RM1 coin withdrawn from circulation

    Final reminder that this takes place on 7 Dec 05, and that the RM1 coin ceases to be legal tender from that date. Statement from the Bank Negara Malaysia for info. I'll probably keep those few RM1 coins that I have as souvenirs.

  2. #2

    Default Re: RM1 coin withdrawn from circulation

    Wah seh... no time to spend all my riggit coins liow

  3. #3

    Lightbulb Re: RM1 coin withdrawn from circulation

    what should i do if i have them? are they still legal tender after the date?

  4. #4
    Member Papilio's Avatar
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    Default Re: RM1 coin withdrawn from circulation

    From Bank Negara's statement, after 7 Dec 05, the coins will be worthless. So you have 2 more days to get to a Malaysian bank to change them. Else they'll just be metal trinkets after that date.

  5. #5
    Senior Member redstone's Avatar
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    Default Re: RM1 coin withdrawn from circulation

    Must keep!!!

    I discovered this news a few weeks ago while in JB. Was quite suprised, since Singapore did the opposite, by phasing out the $1 notes...

  6. #6
    Member Papilio's Avatar
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    Default Re: RM1 coin withdrawn from circulation

    Ya. Keep some as souvenirs. Last week when I was in Penang, the supermarket that I was at, was changing their trolley coin slots and re-programming their vending machines not to accept RM1 coins. Looks like a lot of inconveniences to business as well.

  7. #7
    Senior Member +evenstar's Avatar
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    Default Re: RM1 coin withdrawn from circulation

    Quote Originally Posted by redstone
    Must keep!!!

    I discovered this news a few weeks ago while in JB. Was quite suprised, since Singapore did the opposite, by phasing out the $1 notes...
    At least our $1 notes are still legal tender
    eat. drink. shoot

  8. #8

    Lightbulb Re: RM1 coin withdrawn from circulation

    reason for withdrawal: suspected large qty of counterfeits circulating in the public's hands.

  9. #9
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    Default Re: RM1 coin withdrawn from circulation

    the theory about fake RM$1 coins does not make sense
    any crook will tell you he prefers to counterfeit the $50, $100 and $1000 notes which are in mass circulation.

    otherwise "low value added" and "low return on investment" to make fake RM$1 coins.
    what a waste of time.

  10. #10

    Lightbulb Re: RM1 coin withdrawn from circulation

    your rationale is commonly floated around but, the use of 1 dollar coin at vending machines, etc is widespread and requires no personal verification. it makes 'getting rid of them' almost risk free. 'minting' them in large qty with crude base metal is low cost. counterfeits of large demo notes attract attention, unless well produced. such expertise is not available in public domain.

    Quote Originally Posted by ricohflex
    the theory about fake RM$1 coins does not make sense
    any crook will tell you he prefers to counterfeit the $50, $100 and $1000 notes which are in mass circulation.

    otherwise "low value added" and "low return on investment" to make fake RM$1 coins.
    what a waste of time.
    Last edited by reachme2003; 4th December 2005 at 01:24 PM.

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