The Citizens Coinage Advisory Committee (CCAC) has their next public meeting Jan. 15. CCAC’s main responsibility is to review themes and design proposals for circulating coinage, commemorative coins, bullion coinage, Congressional Gold Medals and other medals.
It’s for this purpose they’ll next meet. According to the announcement, their main objectives in the meeting will be to:
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.
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