our 1 cents is legal money anymre if not wrong
MAS should has stop sometime back when all supermarket cash
register round up to nest 5 cent,
donate & use as bus fare is best way for now
MEDIA RELEASE
BY THE BOARD OF COMMISSIONERS OF CURRENCY, SINGAPORE
NO MORE 1-CENT COINS FROM BCCS
The Board of Commissioners of Currency, Singapore ("BCCS") will
stop issuing 1-cent coins from 1 April 2002. However, the
public can continue to use their 1-cent coins, as the coins will
remain legal tender.
2 The 1-cent coin is not actively used by the public.
Every year, more than 50 million pieces of new 1-cent coins are
issued but only 3 million of these coins are returned to BCCS.
SRA and CASE Support the Move
3 BCCS has consulted the Singapore Retailers Association
('SRA') and the Consumer Association of Singapore ('CASE').
Both SRA and CASE support the move.
4 The Executive Director of SRA, Ms Lau Chuen Wei, said
that businesses will have to make initial pricing adjustments, but
the move should benefit both consumers and retailers in the long
run. She encouraged retailers to round off their prices to make it
easier for the consumer.
5 The incoming President of CASE, Mr Yeo Guat Kwang, said
that consumers find it inconvenient to handle 1-cent coins.
He urged businesses to round off the odd cents to the benefit of
consumers.
BOARD OF COMMISSIONERS OF CURRENCY, SINGAPORE
27 February 2002
