(1sen) One sen coin no more
Posted By Saimatkong on Nov 14, 2007 | 0 comments
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Next year April 2008, one sen coin is not gonna be used any more. So if you have a lot of one sen coins, faster use it. The maximum one sen coin you can user per transaction is up to 200 one sen coins.
This is because the Government’s rounding mechanism for over-the-counter transactions will be fully implemented by April 1st 2008 and it’s no April Fool. All payment totals will either be rounded up or down to the nearest five sen.
For example, if the total amount to be paid is RM88.81 or RM88.82, it will be rounded down to RM88.80. However, if the total that has to be paid is RM88.83 or RM88.84, it will be rounded up to RM88.85.
So those shopping complex that using RM99.99 is just a trick and it’s actually RM100.00 cost it create a fake thinking that it’s actually less than RM100.00 and it’s cheap but it’s actually not.
Updated One sen coin still useful haha.
The One-Sen Facts
– The coin remains legal tender and can be user as payment up to RM2.00
– Bank Negara has no immediate plans to demonetise it.
– It costs about 4.2 sen to make a one-sen coin as the pice of copper has increased by 300% in the last five years. (Wow this is crazy)
– It costs the Government RM14mil to mint the coins each year. (Unbelievable)
– The Central Bank has circulated about 4.4billion one-sen coins into the system.
– About 99% of the coins are not returned into circulation and are presumed lost.
– Seven other countries, including Singapore and Australia, also practise the rounding system.
– The rounding mechanism does not apply to online transactions like buying ticket from AirAsia.
– The rounding mechanism applies to even making payments by cheques, credit card, charge card or debit card over the counter.
