RM 1 coins
Recently the government announced that the acceptance of the RM1 coin will be dishonoured at the end of this year. Major newspapers has this as their frontpage news but not much hoo haa was given by the community.
When the chinese daily publish this in their pages, all most all chinese community went into a frenzy (mine inclusive) digging out their savings and separating these RM1 coins. Chinese traders be it in the wet market or pharmacist or chinese doctors has begun to decline the acceptance of these RM1 coins ahead of the planned date that the government has set.
Even banks are also dishonouring the RM1 coins. They inform me to deposit/change the coins at Bank Negara Malaysia as they will accept these coins. So what happens now? These coins are not entirely worthless or is it? There's so many businesses that rely on these RM1 coins. What will happen to them? Change their system to accept other tenders? Businesses like American Pool Table, Supermarket shopping carts, Autopay machines, Jukebox, Genting slots machine?!?....
If we're buying/dining at the restaurants and gives out some RM1 coins but declined, so can we sue them or decline to pay the balance? Its so vague....
I'm unsure of how much you all have collected but me personally has counted in total of my own savings of over 1K worth in coins over 6 years. Now what am I to do with them? Well for once I know of a method to trade in mine.
^_^
What's your say on this?
What's your story on the news?
When the chinese daily publish this in their pages, all most all chinese community went into a frenzy (mine inclusive) digging out their savings and separating these RM1 coins. Chinese traders be it in the wet market or pharmacist or chinese doctors has begun to decline the acceptance of these RM1 coins ahead of the planned date that the government has set.
Even banks are also dishonouring the RM1 coins. They inform me to deposit/change the coins at Bank Negara Malaysia as they will accept these coins. So what happens now? These coins are not entirely worthless or is it? There's so many businesses that rely on these RM1 coins. What will happen to them? Change their system to accept other tenders? Businesses like American Pool Table, Supermarket shopping carts, Autopay machines, Jukebox, Genting slots machine?!?....
If we're buying/dining at the restaurants and gives out some RM1 coins but declined, so can we sue them or decline to pay the balance? Its so vague....
I'm unsure of how much you all have collected but me personally has counted in total of my own savings of over 1K worth in coins over 6 years. Now what am I to do with them? Well for once I know of a method to trade in mine.
^_^
What's your say on this?
What's your story on the news?
posted by Flasher @ 1:18 PM
4 Comments:
At 3:07 PM,
__mars said…
hmm, where did you hear this?
At 3:14 PM,
Flasher said…
Hear this news? from newspapers, BNM has already issued a letter out and its in circulation.
At 4:19 PM,
Anonymous said…
I didn't see any mention of this in BNM website...mind showing us the link to this news?
At 4:28 PM,
MaoBi said…
Is a case of fiat money versus "real" money. Fiat money as used in Malaysia is where the money is worth something because the government backs it.
When the government pulls out then fiat money has no backing and is not money. However the article says that the RM 1 coin will be DEMONETIZED only on Dec 31.
Until then its an offence to not accept it. Given the rate of enforcement I'm not optimistic they will enforce. Heck, a gov that can't shut down VCD piracy isn't going to have much luck compelling recalcitrant Mamaks to accept bits of tin in exchange for warm roti.
The other side of the coin is that fiat money depends on people believing it has gov backing. If they pull this stunt too often then watch for inflation and hoarding.
Pulling out once in a while may be ok but pulling out often and hoping that nothing goes wrong is how folks get pregnant...
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