Niewmismatic Error Coins

The use of one sen coins will soon become fashionable again.

This, according to Deputy Prime Minister Tan Sri Muhyiddin Yassin, was critical since it would truly reflect the actual rise in cost of food items and services.

Citing an example, he said at present drinks vendors would usually round up the prices of their drinks to the next five sen although the increase in their costs was only one sen.

"Lets say if the actual increase in cost for a glass of teh tarik is one sen and if the price was RM1.70 per glass, the seller will then usually sell it for RM1.75 sen.

"Why must they round it up to the higher five sen ... when they only incurred a one sen increase in their costs?

"The additional four sen increase in the price of a glass of teh tarik does not truly reflect the actual increase in cost to the drinks seller and this is an unnecessary burden to consumers," he said here yesterday.

Muhyiddin said he would be meeting with Bank Negara Malaysia officials soon to reintroduce the use of one sen coins, which were withdrawn from circulation after the Government introduced the rounding up mechanism on April 1, 2008.

(The rounding up mechanism was introduced to reduce handling costs for businesses and consumers since it made payments faster and more convenient while the government could also save costs in producing one sen coins).
Source:NST

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