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Thread: Can 1 cent coins still be use to transact in local?

  1. #1

    Default Can 1 cent coins still be use to transact in local?

    Are these coins still valid?

  2. #2

    Smile Re: Can 1 cent coins still be use to transact in local?

    yes, unless the retailer indicated that he does not accept them. my understanding according to MAS.
    Last edited by reachme2003; 16th June 2007 at 11:52 PM.

  3. #3

    Default Re: Can 1 cent coins still be use to transact in local?

    so can use to buy stamps also and pay income tax?
    Quote Originally Posted by reachme2003 View Post
    yes, unless the retailer indicated that he does not accept them. according to MAS.

  4. #4

    Smile Re: Can 1 cent coins still be use to transact in local?

    yes. i hope that you know there are limits to using coins to 'transact'. one may use 1 ct coins up to max $2. unless revised.

    Quote Originally Posted by Sniper ShutterBug View Post
    so can use to buy stamps also and pay income tax?

  5. #5

    Default Re: Can 1 cent coins still be use to transact in local?

    Thanks
    Quote Originally Posted by reachme2003 View Post
    yes. i hope that you know there are limits to using coins to 'transact'. one may use 1 ct coins up to max $2. unless revised.

  6. #6
    Senior Member roDz's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    Quote Originally Posted by reachme2003 View Post
    yes. i hope that you know there are limits to using coins to 'transact'. one may use 1 ct coins up to max $2. unless revised.
    ermmm,this is something new,tanx...i thought 1ct coins are legal tendered n hv no usage limitations...

  7. #7

    Default Re: Can 1 cent coins still be use to transact in local?

    Quote Originally Posted by roDz View Post
    ermmm,this is something new,tanx...i thought 1ct coins are legal tendered n hv no usage limitations...
    my last understanding is up to $2 also.... imagine 200 x 1 cents to pay for a $2 item.

    Mabbe someone like to try buying the $1.99 things with 199 x 1 cents.
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  8. #8
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    Default Re: Can 1 cent coins still be use to transact in local?

    I usually use my pennies in the SAM postal machines. They machines accept them for stamp purchases etc....

  9. #9

    Default Re: Can 1 cent coins still be use to transact in local?

    some coffee shops don't even accept 5 cents!

  10. #10

    Smile Re: Can 1 cent coins still be use to transact in local?

    sam does not accept them anymore. any changes are given in postal labels.

    Quote Originally Posted by Terence View Post
    I usually use my pennies in the SAM postal machines. They machines accept them for stamp purchases etc....

  11. #11
    Senior Member Canew's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    A few days back, I paid a bill totaling $0.03 at Singapore Post. I paid with 1 x 10 cents. Got a change in the form of 1 x 5 cent coin & 2 x 1 cent coins. Hence, I would say that 1 cent coins are still legal tender. Just watch out for the limit as spelled out by reachme2003.

  12. #12
    Moderator LOTUSfairy's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    hah...my 7-Eleven store downstair dun even accept my 50cent coins for a $10 transaction.
    either I pay him a $10 bill or he wont sell me..

    I thought retailer cannot reject currency/coins..
    haiz...
    Last edited by LOTUSfairy; 17th June 2007 at 11:53 AM.

  13. #13
    Senior Member zac08's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    Quote Originally Posted by LOTUSfairy View Post
    hah...my 7-Eleven store downstair dun even accept my 50cent coins for a $10 transaction.
    either I pay him a $10 bill or he wont sell me..

    I thought retailer cannot reject currency/coins..
    haiz...
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  14. #14
    Senior Member Big Kahuna's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    Usually I will put them into the donation box next to the cashier counter if I see one

  15. #15
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    Default Re: Can 1 cent coins still be use to transact in local?

    Can pay bus fare? If drop 200 1 cent coins into the fare box, how the bus driver going to count?

  16. #16

    Default Re: Can 1 cent coins still be use to transact in local?

    It is illegal to reject a legal tender for payment. It is legally viewed as a contempt against the authorizing issuer. The offence is not on the business practice but on the contempt if it can be proven that the trader had in anyway declared or suggested that he do not recognize compensation in any form of official legal tender.
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  17. #17
    Moderator LOTUSfairy's Avatar
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    Default Re: Can 1 cent coins still be use to transact in local?

    Quote Originally Posted by eyes View Post
    It is illegal to reject a legal tender for payment. It is legally viewed as a contempt against the authorizing issuer. The offence is not on the business practice but on the contempt if it can be proven that the trader had in anyway declared or suggested that he do not recognize compensation in any form of official legal tender.

  18. #18

    Default Re: Can 1 cent coins still be use to transact in local?

    dont accept 1 cent coin???? maybe, can make big money by accepting all the 1 cent coins!!!!!!!

    recently the paper reported that in india, there was a mysterious shortage of coins for a certain denomination. the authorities could not explain why. in the same report it says that there was speculation that the face value was lower than the metal value and when melted down it is can be sold at a profit.

    this phemonon also happened in malaysia some decade ago.

    too bad, sg discontinued the minting of 1 cent coins some yrs ago. lost the chance to buy subsidized metal from the gov.

  19. #19

    Smile Re: Can 1 cent coins still be use to transact in local?

    yes, 1 ct still legal tender. besides, the limit, one needs to note that mas has allow retailers not to accept 1 ct by providing some notice at the place of transaction. i think it is for practical business reason.

    Quote Originally Posted by Canew View Post
    A few days back, I paid a bill totaling $0.03 at Singapore Post. I paid with 1 x 10 cents. Got a change in the form of 1 x 5 cent coin & 2 x 1 cent coins. Hence, I would say that 1 cent coins are still legal tender. Just watch out for the limit as spelled out by reachme2003.

  20. #20

    Smile Re: Can 1 cent coins still be use to transact in local?

    ?????

    Quote Originally Posted by deckard View Post
    some coffee shops don't even accept 5 cents!

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