Malaysian really don't know their money very well and Bank Negara always make funny statement about the new RM50. I read in Malaysia Star newspaper about how Bank Negara advise people not to be fooled when someone tells you that a new RM50 bank note bearing the 50th anniversary logo can be traded in for more money. People misunderstood because Bank Negara produced 50 million pieces RM50 with Malaysia 50th years independence anniversary an thinking that batch of banknote is the special one. Most of Malaysian is not a collector, only few realize that only 20,000 pieces with special packaging are the special one.
Bank Negara make this statement after a guy Mohd. Faizal Abdullah from Kuala Lumpur, write a letter to New Straits Times. Here is the actual letter:
IN 2007, Bank Negara Malaysia issued limited edition RM50 notes to commemorate the 50th anniversary of the country's independence. The notes had the figure "50" printed on the top right-hand corner and on the reverse side there was the 2007 Independence Day logo.
Bank Negara and all commercial banks sold the RM50 limited notes at RM100 a piece.
Lately, my bank's automated teller machine (ATM) dispensed a few of these particular notes together with the normal ones. I compared a note with that belonging to my colleague, an avid coin and currency collector, who had bought one of the "original" limited edition note with the serial number AA0344613 (mine was AA9293475). We did not detect any differences.
I then asked my other friends whether they had any RM50 notes with the logo. Most of them did.
I am curious as to why these RM50 notes are in circulation. I do not understand how a RM50 limited edition note is no longer "limited".
Collectors who had bought the limited edition notes would feel cheated on finding out that these notes -- which are supposed to be a rare collector's item -- are aplenty in the market now.
Here is a news report by Star.my on 2 June 2010:
“On Dec 21, 2007, a total of 50 million pieces of the new RM50 bank notes with the logo were produced to commemorate Malaysia’s 50th independence anniversary.
“Out of these, only 20,000 pieces – bearing serial numbers AA0000001 to AA000000 – were issued in special packaging, and was sold solely by BNM at RM60 to the public on a first come first serve basis,” a Bank Negara spokesperson said.
She said the remaining 49,980,000 pieces bearing the logo with serial numbers from AA0020001 to AE10000000 were issued as normal circulation bank notes.
“Only the first 20,000 has collectors value and may cost more but not the remaining notes. There is no point keeping the anniversary notes as they do not have extra value,” she said.
Security guard Yasmiral Mohd Sabri, 29, said he started collecting the RM50 notes a few months back when a friend, who works as a bank officer, told him about the rumour.
“I tried not to use the notes and I have 30 pieces. I’ve been keeping more than 30 pieces so far. However, all was not lost as he was able to save some money in the process.
Housewife Jennifer Quah, 51, laughed it off when told about Bank Negara’s response.
“I exchanged some notes with a fishmonger in the market and my husband and daughter scolded me.”
“They said I should have kept the notes, but the bank’s response showed that they were wrong,” she said.
Bank Negara, it is not rumour but Malaysian misunderstood what you're saying about the new banknote. They heard that a 50 ringgit with 50 years anniversary sold for a high price, they also want to try get the same thing. But only few of them can get information about what RM50 notes that can get a high price. Like that guy Mohd. Faizal, he got frustrated that he cannot sell the new RM50 higher then its face value. This statement in the newspaper should be easily available in Bank Negara website. I check it today, and what I can see is that two different RM50 banknotes under circulation banknotes title. As what I know, the banknotes with the gold side is the special one not meant for circulation. When I click that banknote, I can only find so little information about its security and features.
Photo by BNM: Normal banknote.
Photo by BNM: Special RM50 banknote?Another wrong information by Bank Negara, again?
Source: Bank Negara, Star.my, New Straits Times
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