Among Malaysia numismatic community, many already knew on 27 September 2014, MNP Auctioneers Sdn Bhd will be conducting the 1st public auction of Malaysian banknotes with special serial numbers on behalf of Bank Negara Malaysia. They're some questions that play in our mind about the real purpose of the auction, whether they're selling special serial numbers or provide equal opportunity to public?
The best answer that I can think is that the auction real purpose is to gain profit, the same purpose as the other auctions house around the world. It it wrong to gain profit from auction? In my opinion it is a normal thing, they have done nothing wrong.
However, Bank Negara Malaysia and MNP Auctioneers Sdn Bhd need to look at some of the collectors requirements when selling their collection. At this point, both of them forget or don't care about the grade of the banknotes they're selling. Banknote grading is also an important thing to collectors. They need to clarifies the banknote grade is it Uncirculated or otherwise. The grade of the banknotes are as important as the special prefix numbers. The higher the grade, the better price for the banknotes.
Bank Negara Malaysia and MNP Auctioneers Sdn Bhd also don't understand that pictures doesn't help collectors to decide what are the grade for the banknotes. In their latest statement, MNP Auctioneers Sdn Bhd said that the banknotes to be auctioned will not be available for viewing at their office or during auction. Image of selected banknotes can be viewed at MNP Auctioneers Sdn Bhd website. They don't do any public viewing for the banknotes that they want to auction, its like they want to force collector to gamble for their purchase.
Do they think normal people will buy special prefix for their collection?
I myself never buy any special prefix banknotes for my collection. Special prefix banknotes have their own fan, not everyone collect that kind of banknotes. General Public don't want to waste their money buying a 1 Ringgit notes for RM200, only collectors will do that kind of thing.
Collectors who want to buy the notes need to expect that most of the notes might not be in Uncirculated condition.
Another issue that they might be looking for is that the starting price for some of the notes are very high compare to the current market price but since this is their 1st auction, the result after the auction ended on September 27 will give us the answer.
At this moment, some collector also see this auction as a way to flood the market with special prefix numbers. Do you know how much special prefix numbers in Bank Negara Malaysia Collection? Have you go to Sasana Kijang before and walk under the 1 Million Ringgit tunnel? Can you count how many special prefix numbers in that tunnel itself? Most of the special prefix notes in the tunnel are the 4th series banknotes. Can you guess how much such notes in Bank Negara Malaysia vault?
Other important issue that they need to look at is how their staff handle the banknotes? Do they teach their staff the right way to handle banknotes and do their staff follow what was taught to them?
Bank Negara Malaysia and MNP Auctioneers Sdn Bhd should learn from Mavin International and Monetary Authority of Singapore. Bank Negara Malaysia should make sure the auction are done properly and not only focus on selling special prefix banknotes in their collection.
This is just a free advice from a normal numismatic blogger. I know they don't listen and they don't care because they're expecting people will be buying their items.
Good Luck for the 1st public auction of Malaysian banknotes with special serial numbers to Bank Negara Malaysia and MNP Auctioneers Sdn Bhd.
