Ranting: Malaysian Coins, the new EDITION

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• published: 04 Jul 2016
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Malaysian ringgit "MYR" redirects here. For other uses, see MYR (disambiguation). "Ringgit" redirects here. For other uses, see Ringgit (disambiguation). Malaysian ringgit Ringgit Malaysia (Malay) ISO 4217 code MYR Central bank Bank Negara Malaysia  Website www.bnm.gov.my Symbol RM Coins 5, 10, 20, 50 sen Banknotes RM1, RM5, RM10, RM20, RM50, RM100 The Malaysian ringgit (/ˈrɪŋɡɪt/; plural: ringgits; symbol: RM; currency code: MYR; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 sen (cents). The ringgit is issued by the Bank Negara Malaysia. Third series (16 January 2012) The third series of coins were announced on 25 July 2011, first being issued as commemorative coins to mark their release in early 2012. The third series carry a theme named "Distinctively Malaysia" and are inspired from motifs of flora and fauna drawn from various cultures in Malaysia to "reflect the diversity and richness of Malaysia's national identity". The denominations issued are 5, 10, 20 and 50 sen. On 24 October 2011, Deputy Finance Minister Datuk Donald Lim named Poogsan Corporation of South Korea as the series' coin suppliers and the coins are minted at the Bank Negara Mint in Shah Alam.[30] According to Lim, costs in producing the coins will be reduced by 49% due to the change in metal composition. Other changes in the series include the diameter, the colour on the 20- and 50 sen coins (from silver to yellow) and a redesign on the obverse (featuring different motifs for each denomination), fourteen dots symbolising the thirteen states and the collective Federal Territories, and five horizontal lines indicating the five principles of Rukunegara.[31] The 50-cent coin is more distinctive than the other denominations. The round shape of the coin has nine indentations, forgoing the original "BANK NEGARA MALAYSIA" lettering. The obverse does not feature the five horizontal lines, but instead a latent image security feature is placed over the coin, where lettering of the denomination "50" and "SEN" can be seen when the coin is tilted slightly. The 20 sen and 50 sen coins look similar to €0.20 and €0.50 coin in size,design and colour,however they are only worth at €0.047 and €0.12 respectively. The edges of the coins however, are similar to €0.20 for 50 sen coins and €0.50 for 20 sen coins to distinguish it with €0.20 and €0.50 euro coins. Etymology The word ringgit is an obsolete term for "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era. In modern usage ringgit is used almost solely for the currency. Due to the common heritage of the three modern currencies, the Singapore dollar and the Brunei dollar are also called ringgit in Malay (currencies such as the US and Australian dollars are translated as dolar), although nowadays the Singapore dollar is more commonly called dolar in Malay. To differentiate between the three currencies, the Malaysian currency is referred to as Ringgit Malaysia, hence the official abbreviation and currency symbol RM. Internationally, the ISO 4217 currency code for Malaysian ringgit is MYR. The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. In the northern states of Peninsular Malaysia, denominations of 10 sen are called kupang in Malay ("poat8" in Hokkien, "Jiao" 角 in Mandarin), e.g. 50 sen is 5 kupang ("5 poat8" in Hokkien, "wujiao" 五角 in Mandarin). History[edit] On 12 June 1967, the Malaysian dollar, issued by the new central bank, Bank Negara Malaysia, replaced the Malaya and British Borneo dollar at par.[10] The new currency retained all denominations of its predecessor except the $10,000 denomination, and also brought over the colour schemes of the old dollar. Over the course of the following decades, minor changes were made on the notes and coins issued, from the introduction of the M$1 coin in 1967, to the demonetisation of RM500 and RM1000 notes during the 1990s. As the Malaysian dollar replaced the Malaya and British Borneo dollar at par, the new dollar was originally valued at 8.57 dollars per 1 British pound sterling. In November 1967, five months of the introduction of the dollar, the pound was devalued by 14.3%. The new currency was not affected but earlier notes of the Malaya and British Borneo dollar were still pegged at 8.57 dollars per 1 pound; consequently these notes were reduced in value to 85 cents per dollar. Ranting: Malaysian Coins, the new EDITION Like and SHARE-IT-AROUND and you will help me a lot Support Gerryko Malaysia: https://www.patreon.com/gerrykomalaysia