|KNOW YOUR COINS|
|Written by Admin|
|Thursday, 09 August 2012 23:55|
MANY people do not know really about the coins that they use in their daily life. The KK MP Hiew King Cheu took the trouble to research into and disclosed herewith some the basic data of our Malaysian coins which is of public interest.
The Malaysian always thinks that our coins are made out of precious metals, but in the real fact is that none of our coins are made from the precious metal, and even no way near the grade of pure silver and gold like those in the olden days.
The coins that we use today are bi-metal alloy made from a mixture between Nickel, Brass, copper and Zinc. The latest new coins are the Third Series of Malaysia Coins which comprising of the gold colored RM 0.50 and RM 0.20 and the silver colored RM 0.10 and RM 0.05 face value coins.
The new Third Series 50 cents coin is made from Nickel Brass Clad Copper, and the 20 cents coin is made from Nickel Brass, while the new 10 cents and 5 cents coins are both stainless.
When compared to the old coins, the new series coins are actually much cheaper because of the metal used and the weight involved. The comparison on the metal cost indicates that the face value deferred by a lot as Nickel costs USD 0.02405/g, Copper costs 0.00970/g and the cheapest if stainless steel 0.0045/g. So the new coins are actually not having the true or higher face value when compared to the old coins. The following chart indicated the differences:-
Although the face value remained the same, but in the real fact our coins have lost its actual worth due to the reduced size, weight, and on the changes of the material especially on the use of stainless steel. It is significant that these coins have also reflected on the well being of our monetary and financial standing of our country.
The Malaysian currency (paper note) is needed gold reserve to secure, and the coins are similarly based on the metal value to guarantee its value. For this matter MP Hiew had approached the Bank Negara Malaysia (BNM) for more information and data.
For more information out of interest, the BNM has advised to surf into their website at www.bnm.gov.my to see for details required. MP Hiew will give out more details regarding the implication and signification of the Third Series of Malaysian coins on the economy and the financial standing of the country under the BN government rule.
|Last Updated on Thursday, 09 August 2012 23:57|