The European Central Bank (ECB) said yesterday that the switch from the Cyprus pound and Maltese liri to the euro is completed.
During the transition period, the euro or legacy currencies could be used in making payments. Feb. 1, 2008 marked the date where the euro became the only allowed legal tender currency for both countries.
The world’s first pyramid shaped coin makes its debut today. The three-sided coin is so uniquely shaped that you wouldn’t carry it around in your pocket.
You certainly could, if you didn’t mind the pointed edges poking your thighs. And the new coin is legal tender by the Isle of Man government. However, it’s not meant for general circulation.
It’s a Sen-sible move. The cost of the Malaysia one Sen coin is too much to bear compared to the value of its use.
Similar to the U.S. Lincoln penny, Malaysia’s smallest coin costs more to make than its worth and its buying power has made the coin less attractive in day-to-day usage.
While the U.S. is considering metal composition changes to reduce the penny cost and is ramping up a Lincoln commemorative coin program starting in 2009, the Malaysian government, like so many others already have, is phasing their smallest coin out.
The one sen will continue to be legal tender. However, by April 1, 2008, Malaysian retailers will begin rounding up or down the total payment due on any over-the-counter transactions. By rounding to the nearest five sen, the usage of the one sen and the need to produce it will evaporate.
Once that’s accomplished, a future decision can be made on whether to demonetize it.
|
||||||||||||||||||||||||||||||||
