Sunday, July 29, 2012

one ringgit coin not legal tender

A reader of my blog message me via Facebook, "is one ringgit malaysia coin still legal tender?" I am not sure which 1 ringgit coin he meant because he don't reply my message when I ask him. I assume he is talking about Malaysia 2nd series RM1 coin. That coin has been cease to be legal tender since 7 December 2005. In 2005, public were given a three-month period to exchange the RM1 coins at face value without any charges at all branches of commercial banks, the main branches of Bank Simpanan Nasional and Bank Negara Malaysia's branches at Kuala Lumpur, Pulau Pinang, Johor Bahru, Kuala Terengganu, Kuching and Kota Kinabalu.

1 ringgit

On 4 September 1989, a second series of sen coins entered circulation. On the reverse is a Keris with a songket background. On the obverse show a hibiscus (bunga raya) with $1 sign, year of mintage and a letters -BANK NEGARA MALAYSIA. The edge of the coin is reeded. Most collectors called this coin as a 1 ringgit bunga raya 'gold' coin. On 14 November 1993, RM1 coins bearing the symbol “RINGGIT” were introduced, following the adoption of the ringgit as Malaysia’s currency symbol. You can read more about Malaysia 1 ringgit coin here; Malaysia 1 ringgit coin story.

They're also 1 ringgit commemorative coins, I believe all Malaysia commemorative coins are still legal tender since BNM don't announce anything about it but I also believe a normal person don't buy something with a commemorative coins face value. You can only use Malaysia legal tender coin within Malaysia. According to Wikipedia, the origin of the term "legal tender" is from Middle English tendren, French tendre (verb form), meaning to offer. The Latin root is tendere (to stretch out), and the sense of tender as an offer is related to the etymology of the English word extend (to hold outward). You can read more about it here; What is legal tender coin?