Thursday, December 1, 2011

BNM new coin sale controversy

Everytime there is a new coin on sale by BNM (Bank Negara Malaysia), Collectors will always not satisfied by BNM system. I think this year around, BNM had been making few changes that is good for a start. They has been trying to inform collector early by announcing the date of WWF issue but many collector called BNM and asked if they can go to the event. BNM had pull back the announcement from their website and this give a lot of confusion to many collector. Many were saying that the new WWF coin release has been cancelled. Some were saying that BNM don't announce it early. Sound like, any BNM new coin sale will end up in controversy for collector.

New WWF Coin

For these commemorative issue, I am unlucky since the day BNM released the new WWF coins. On the first day of the coin sell, I cannot go to BNM because of work and my friends cannot buy for me since BNM has limit the coin buying for collectors (Only one unit for any; set of 3, set of 2, single gold, single silver), they also want to buy that coin for their collections. On 28 November, I go to Sasana Kijang and try to buy at least 5 pieces 1 ringgit WWF coin. Unlucky me, I only get to buy 1 piece of coin but a guy before me can buy 10 pieces? Its still 10:20 am in the morning. The BNM sales girls told me that the coin is out of stock. Out of stock but she can give 10 pieces of coins to a regular buyer? On 30 November, I try my luck again and go to BNM headquarters, again I only manage to buy 1 piece of the 1 ringgit WWF coin and no stock for other types of WWF coin anymore.


Do any of you remember, last time BNM are using Pos Malaysia Branches as a place to buy the commemorative coins? I don't know why they stop using Pos Malaysia but that system help many collector in a states without any BNM branch. Why don't BNM start doing an online shop for their commemorative coins? It will help working people to buy BNM coin online without taking any leave. At this moment, we need to go as early as 7.30 am to BNM to queue or we will most probably don't get to buy silver or gold coins. If they afraid that the gold and silver don't have a buyer, BNM can choose to mintage the coins according to order. Nowadays, many world mint do that but with limited mintage.

I think it is time for BNM to increase the mintage of their commemorative coins too especially gold and silver coins. Collector need to compete with dealers and people who like to invest in gold/ silver too. If BNM afraid that coin will get no buyer in the end. Why don't they make a poll before the release of the coins? BNM should start to make an early press release for any issuance of commemorative coins complete with pictures, technical details and the coin price. These will help collector to decide if they want to buy that coin or not. I know some BNM staff are trying hard to satisfy collector like me but bound by red tape with their superior. This time around, I heard less people complaint about not getting the gold coins like the Commemorative Bunga Raya Gold coins issue, congratulations to BNM.

Hope BNM will take this into consideration. To other collectors, please share what you think in here. I know many of you have something to say about this matter.