SUBANG JAYA: Syndicates are tricking Malaysians into spending thousands of ringgit by spinning lies that old coins and bank notes are worth a fortune, using fake documents, intimidation and even threats of “Interpol action” to fool victims.
Malaysia Numismatic Society vice-president Dickson Niew, who has documented more than 50 such cases, told theSun scammers typically reach out via WhatsApp posing as museum officials or foreign collectors.
“They show bogus bank receipts and insist the victim’s account must be ‘activated’ before money can be released.
“The payments may begin at RM200 but quickly climb into the thousands.”
He added that the scam does not stop at financial demands.
“They ask for (personal information) and threaten to report victims to (international authorities) if they refuse. But the reality is, these syndicates are often operating locally.”
He also said fraudsters thrive on public ignorance.
“Most old coins and notes have sentimental or historical value, but are not financial windfalls. Scammers exploit the myth that anything old must be worth millions.”
Behind the fraud, however, lies the real story of Malaysia’s currency, one deeply tied to sovereignty and national pride.
A decade after Merdeka, on June 12, 1967, Malaysia issued its own notes and coins for the first time, replacing the Malaya–British Borneo dollar.
“Every nation needs a currency that reflects its identity. For Malaysia, our notes featured the Yang di-Pertuan Agong. Very few countries place their monarch or head of state on every series, but Malaysia has done so since 1967.”
The first coins, one sen, five sen, 10 sen, 20 sen and 50 sen, were minted at the Royal Mint in London. In 1971, the first one dollar coin was launched, with more than 2.3 million produced.
Niew said early design proposals once featured local animals, including pangolins and storks, but the late Tunku Abdul Rahman rejected the idea.
He added that the coins reflect the democratic foundation of Malaysia.
“That is why the Parliament building became the central motif. Later series incorporated the hibiscus and traditional cultural symbols such as the gasing and wau.”
Collectors value these notes and coins not only for heritage but also their rarity and condition.
“A circulated 1967 50 sen coin may only fetch a few ringgit. But in mint condition, it could be worth up to RM70. Rare minting errors or low-mintage issues, such as the 1971 10 sen coin with only 32,000 pieces made, could (be worth) RM1,200.”
The rarest currency is the 1968 RM1,000 note.
“In mint condition, it could fetch up to RM120,000. But even a single fold or crease would significantly reduce its value.”
Over the decades, Malaysia’s currency has also reflected shifting economic realities.
The word “ringgit” officially replaced “dollar” after the 1972 spelling reforms, while coin sizes were reduced to offset rising metal costs.
“This series highlighted Malaysian culture, with designs inspired by handicrafts, batik, wau and wood carvings, alongside Kuala Lumpur landmarks. Security was also strengthened, tiger watermarks were replaced with the King’s portrait and the notes made smaller for easier handling.”
As the country marks its 68th year of independence, Niew cautioned Malaysians not to fall for too-good-to-be-true promises online.
“Old notes and coins are part of our nation’s story. Their true worth lies in history and heritage, not in scams that rob people of their savings.”
