Do Malaysia need new coins?

Recently, Bank Negara Malaysia (BNM) had announce that Malaysia will start using new coins for 2012. The announcement by BNM received numerous reaction by Malaysian. Some reject the move because they associated it with a recent BNM Bribe case involving $31 million currency contract for Malaysia RM5 polymer notes. The most reaction that I read via forums, blogs and Facebook is that the new coins design quit similar with Euro coins. Do Malaysia need new coins? Do BNM asked that question before they make a decision to mint Malaysia new coins?

Malaysia coins minted in Malaysia

Many Malaysian don't know that Malaysia coins nowadays are minted in BNM Mint in Shah Alam. Only the coins blank planchet imported from oversea.

Kilang Wang Bank Negara Malaysia ,

Kompleks Kilang Wang,

Lot 2 Persiaran Selangor,

Seksyen 15,

40000 Shah Alam Selangor Darul Ehsan

Some people relate the new coins will only bring bribe opportunity and relate it to the securency case. They said, BNM people printed it at a cheap price oversea and bring the coins back to Malaysia for an easy profits. That is totally not true.

My suggestion to BNM, you should make a Youtube video on how the minting process of Malaysia new coins has been done in your mint and share it with all Malaysian. BNM should be transparent about their duties with a tight security of course. BNM can also invite Bloggers to come and write what happen in BNM (I know many of my collectors friends will like to come).

How old are Malaysia coins?

Malaysia Parliament coins series (1st series) were introduced in 12 June 1967. Malaysia Bunga Raya coins series (2nd series) were issued on 4 September 1989.

Counterfeits coins

Do you know how many counterfeits 50 sen coins are in circulation by now? High counterfeit in circulation will also bring our economy down.

High Metal value then the coins face value

The Metal value of the old coins are also one of the important thing to decide if we need to mint a new coins. A higher metal value will only cost more for BNM to mint a new coins.

Why new coins?

Why do we need a new coins when we already have many coins minted before? Do you know how many coins lost in circulation (people keep them/not using them)? Have you asked market/pasar trader how hard is its for them to find coins for their everyday sales? BNM need to mint new coins and print banknotes according to their availability in circulation.

Another suggestion to BNM; BNM should withdraw from circulation all the old 50 sen coins because that is the highest counterfeit coins in circulation right now. It will be better if they can withdraw all the coins since this will be helpful for all the vending machine trader to calibrate their machine but I think this will take a long time to do and involve a lots of money.

My opinion

Personally, I support the introduction of Malaysia New Coins. But do we actually use our coins? I received many coins when I buy something but most of the time, I will not be using them. What items can be bought using 50 sen coin nowadays?

How about you? What are your personal view on the new Malaysia Coin?