30 March, 2008

One Sen Story

For Malaysian, beginning April 1, 2008 will see a major change in its use of currency where the one sen coin would be slowly phased out. It is not an April fool gimmick. In fact, only 5 sen and 10 sen coins will be made available. The 1 sen coins will still be accepted at local banks while the coin is still in the circulation.

For any banking transaction including any transaction for shopping, transaction less than 2 cents will be set to zero cent. Transaction between 3 and 4 sens will be rounded up to 5 sens. Transaction between 8 and 9 sens will be rounded up to 10 sens.

The reason for phasing out the 1 sen coin is that the 1 sen coins become of lesser value to people now and most people tend to discard them.

Previously the RM500 notes, RM1000 notes and RM1 coins were withrawn from the market. The RM1 coins which were first issued in 1989 were withdrawn on Dec 7, 2005.

The removal of RM50 and RM1000 notes was on July 1, 1999. Thus, the highest legal note is the RM100.

No comments: