Wednesday, March 26, 2008

One Cent

Government’s plan to round up all bills paid at the counter to the nearest five sen comes into effect on April’s Fools Day this year... that will be 4 days from today... !!

The reasoning behind this move is sound; many of us no longer appreciate the value of the one-sen coin, and find it a nuisance.

Rounding up the bill to the nearest five sen will effectively do away with the need for one-sen coins; and when there is finally no demand, Bank Negara will no longer mint the coin.
It is a roundabout way of demonetising a denomination of a currency.

Bank Negara has put into circulation 4.4 billion pieces of one-sen coins over the years but finds that only 1% is being re-circulated. This means that 99% of those coins are not in use.
In most cases, I believe the one-sen coin gets lost. People tend to drop these and don’t bother to look for them. This also means there is some RM4.3mil lost to the monetary system. On top of that, Bank Negara says it cost 4.3 sen to mint a one-sen coin. So the actual loss is well over RM18mil. Now, that's a lot of money!

anyway, back to the main topic...

guess what... i actually kept lots and lots of those One Cent at home.. in an empty XO bottle... hehee....

hmmm, i still remember the last time when the Government decided to take back all those RM1 coin, i brought it to the bank but somehow after the last day, i realised that i still have around 80pcs of the RM1 coin inside a piggy bank !! sobb sob.... so, i've learnt my lesson this time... so i brought it to the office yesterday and counted it one by one before i brought it over to the Maybank opposite my office.... and lastly, banked-in into my account... :) although not much, but still money ma... $$$ !!

my collection... :P

took around half an hour to count and to arrange them...

altogether, RM 14.30 only ler... hahaa...

anyone still keeping those ONE CENT ???

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