Malaysia's circulation coins have three series; Parliament series; Bunga Raya/Hisbiscus series and the latest 3rd series coins. Malaysia coins were originally issued in denominations of 1 sen, 5 sen, 10 sen, 20 sen, 50 sen and 1 ringgit. 1 sen and 1 ringgit coin have long ceased production by Bank Negara Malaysia (BNM). Not many people know about the facts of the Malaysian coins. Today, I will share with you, "coin facts about Malaysia 1 Ringgit".
Where the name ringgit come from
The word ringgit means "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollar which circulated widely in the area during the 16th and 17th century Portuguese colonial era. When other trade dollar began to be used in the region, people also called them Ringgit.
Ringgit Tua/Ringgit Meriam: Spanish Trade Dollar.Ringgit Patong: Spanish dollar silver coins
Ringgit Ketun: Netherlands 2 1/2 Gulden
Ringgit meriam: Syiling 8 Reales Sepanyol
Ringgit Garoda: Mexico 8 Reales & Peso
Ringgit Muda: Japanese Trade Dollar
Read more: Asal-usul nama Ringgit
When the name 1 Ringgit was first used?
If taking into account the use of the name, the words 1 Ringgit has been used during Straits Settlements era with the introduction of British Trade Dollar. The British Trade Dollar introduce in Straits Settlements starting from 1895 with a Malay Jawi characters for "Satu Ringgit" written on the reverse.
Read more: British Trade Dollar History
The 1 Ringgit coin for Malaysia only introduced in 1971, even though other Malaysia coin denomination (1 sen, 5 sen, 10 sen, 20 sen and 50 sen) was launched in 1967. With a diameter of 33.9mm, the 1 Ringgit coin is the biggest Malaysia circulation coins in history.
On 4 September 1989, Bank Negara Malaysia change the design, size and composition of the 1 ringgit coin. On 14 November 1993, a new 1 ringgit coin were introduced with a word "1 RINGGIT", following the adoption of the ringgit as Malaysia’s currency symbol.
How many 1 Ringgit coin designs have there been since 1971?
The 1 Ringgit coin has been introduced in the Parliament series and Bunga Raya Series with 3 different design:
i. 1 Ringgit Parliament, introduced on 1st May 1971.ii. "$1" Bunga Raya, introduced on 4th September 1989.
iii. "1 Ringgit" Bunga Raya, introduced on 14th November 1993.
The only coin which has been demonetised and withdrawn from circulation
On 7 December 2005, the 1 ringgit bunga raya coin was demonetised and withdrawn from circulation by Bank Negara Malaysia. This was partly due to problems with standardisation, different type of coins (1 ringgit & $1) and forgery. According to Malaysia Numismatic records, only 1 Ringgit Bunga Raya coins has been demonetised and withdrawn from circulation so far.
Myth about 1 Ringgit coin
i. Some people believe that the "golden color" 1 Ringgit Bunga Raya are actually a gold coin. The true facts is that the coin made from copper, zinc and tin to make it look like a gold coin.
2. Some people heard that the coin is made from silver and were plated with copper, zinc and tin. The actual facts are Bank Negara has released a 1992 silver proof set for Malaysia 2nd series coins including the 1 Ringgit coin. The set is not for circulation.
3. Many people believe, 1 ringgit 1971, worth thousands of dollars because they rarely seen it but the coin actually only worth around RM15 for UNC condition and their mintage quantity of 2,378,995 pieces is the highest among 1 Ringgit Parliament coins.
