Trading’s fundamental concept is “buy cheap, sell high”, however keeping your old currency to be sold off at a higher price is next level of trading because you didn’t even buy it the first place.
A quick search of RM 2 notes on muday.my, we found a piece that costs RM 60,000! There are more selling at 10-thousands, and even more at hundreds.
Coins and notes expert, Steve Tan told The Edge Markets that not all RM 2 notes are worth the same but only RM 2 notes with the signature of Governor Tan Sri Dato’ Ahmad Bin Mohd Don are among the most expensive notes in Malaysia.
The overpriced RM 2 was the 8th edition of its series and it was circulated between 1996 to 1998. The governor’s name on the note was the fifth central bank governor from May 1994 to August 1998 and he is now aged 69.
Due to the short circulation and limited amount, it is priced beyond a stack of RM 100 put together.
Besides, the serial number plays a huge role in determining ones’ price.
“The most common serial numbers of these banknotes begin with the prefix AA, which can cost RM10 to RM60 each. Those with the prefix DF can be priced at RM30 to RM80 apiece. The banknotes that come with the prefix ZB are the most expensive – commanding RM1,500 to RM3,500 each – because they are the scarcest,” Tan added.
Dickson Niew, a numismatist and owner of Dickson Niew Collection said that the price of old or rare Malaysian banknotes and coins depends on the supply-demand chain and trend. He added that the trend is now blooming as he saw that the prices had increased 20% year on year from 1991 to 2010.
“The demand comes especially from the Malay community because as the economy grows, the wealth of the middle-income bracket increases, allowing them to afford such investments. Also, there are now many Facebook groups and blogs on banknotes and coins,” he said.
Collecting old or rare banknotes and coins is a risk-free investment and will remain so in the future, said Tan, who is also the owner of International Stamp & Coin Sdn Bhd and author of Standard Catalogue of Malaysia-Singapore-Brunei Coins and Paper Money.
“In an interview with a Chinese language newspaper in 1986, I said it was a no-risk investment. I still say that today, as the longer you keep a currency, the more it appreciates, especially if it is in mint condition.”
So do you have a 10-thousands Ringgit compressed into a RM 2 note? Make sure you keep a lookout for them in your day-to-day. You don’t want to accidentally use it and lose a fortune unknowingly.