Rounding One Sen Coin Start From April Fool – (1sen) One sen coin no more
Posted By Saimatkong on Apr 1, 2008 | 2 comments
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Start from today, there will be no more one sen coin as the rounding method already started few days back when I made purchase at U-Parkson in 1Utama New Wing.
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.
April 1, 2008
I remember last time got a local company bought 1 cents from the public. Because the actual value much more expensive than 1 cents. So the company can make money through 1 cents. I don’t know now still available or not since we’re “renting” 1 cents from Bank Negara Malaysia and we cannot destroy it
April 4, 2008
yes, there were such companies. my uncle did this as a part time job!! but the earning’s not that much really. he would then sell to melting companies. if u have the facilities to melt them, then u can sell the again to manufactures for a higher price…i think. thats what he said haha…