Can 1 cent coins still be use to transact in local?
- Thread starter Sniper ShutterBug
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yes, unless the retailer indicated that he does not accept them. my understanding according to MAS.
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...:think:
my last understanding is up to $2 also.... imagine 200 x 1 cents to pay for a $2 item.:sweat:
Mabbe someone like to try buying the $1.99 things with 199 x 1 cents. :devil:
I usually use my pennies in the SAM postal machines. They machines accept them for stamp purchases etc....
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.
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...
either I pay him a $10 bill or he wont sell me..
I thought retailer cannot reject currency/coins..
haiz...
Can pay bus fare? If drop 200 1 cent coins into the fare box, how the bus driver going to count? :sweat:
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.
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.
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.
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.
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