MAS reviewing legal tender limits for coins

MAS reviewing legal tender limits for coins

We thank Ms Estella Young for her feedback on the legal tender limits for coins in Singapore ("Why no cap for $1 coins?"; Wednesday).

The currency issuing authorities generally set legal tender limits on smaller denominations of currency to minimise inconvenience and cost in handling large quantities of low-denomination currency.

Legal tender limits on coins have been adopted in a number of countries, including Britain, Australia, Canada and Japan. For example, in Britain, smaller denominations below 50 pence are legal tender up to £10, while higher denominations of £1 and above are legal tender for any amount.

In Singapore, when the Currency Act was enacted in 1967, there was a legal tender limit for the $1 coin, up to an amount not exceeding $10. There was no limit for the $1 note, which had coexisted with the $1 coin. However, the legal tender limit for the $1 coin was removed in 1982.

The Monetary Authority of Singapore is currently reviewing the legal tender limits for the various denominations of coins, including the $1 coin, and will keep the public informed of the outcome.

Bey Mui Leng (Ms)

Director (Corporate Communications)

Monetary Authority of Singapore

This article was first published on November 15, 2014.
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