Never underestimate the value of 1 cent

by ChingFoo Lieu on 09/03/2013

I wonder do you save coins in a jar? I had done it for my kids. Last 2 weeks ago, I decided to deposit my coins into kid’s saving account but i was told by H__C bank that they will not help me to deposit 1 cent coins (which comprises nearly 11% of my total coins deposit), they even asked me to take these coins to Bank Negara.

I was so uncomfortable after hearing their excuses, why do they treat 1 cent coins as if they’re not money? And who will make an effort to go there simply to deposit 1 cent coins? Have you ever wonder how this little stuff can set back our currency flow?

Let’s assume, Mr. A have 20 pieces of 1 cent coins in his pocket but it neither can be used during shopping nor deposit into his bank account.  This poor little RM0.20 will not be able to circulate and become ‘dead’ money. Apparently he will be the one whom has to bear the loss.

Well this RM0.20 might not be a big deal, but then think again…

If there are 8,000,000 of residents keep 20 pieces of 1 cents like Mr. A, then there will be RM1,600,000 worth of money ‘evaporated’ from our nation.

My thoughts are:
1) If 1 cent has so little meaning/value, then why the hell our Bank Negara making an effort to mint it in the first place?
2) It is really a waste of earth resources, copper can be well off producing more usable stuff.

CF, I really feel the urge to write you my thoughts after being rejected by the bank. I think their excuse is quite ridiculous and unreasonable. It makes no sense at all.  My blood is boiling at the point of writing.

Lastly, i would be very grateful if you could share it with all our friends who really appreciate money.

This is an article from Helen, one my reader and member of my REITMethod course, after an incident which happened to her recently.

{ 2 comments… read them below or add one }

royce March 10, 2013 at 11:43 am

Hi KC, do you really have so much 1 sen? can you exchange with me? =D

Reply

LCF March 10, 2013 at 12:52 pm

Hey Royce, its LCF here in this site, not KC. And this article is contributed by one of my reader. Thanks for dropping by!

Reply

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