Over at the website of Bank Negara Malaysia — the central bank of Malaysia — there is an inconspicuous survey. The survey begins as it should: it informs readers of the purpose of the survey. The purpose is quite simple: to gauge public’s opinion on some possible changes to the Malaysian coins.
A redesigned coin series!
Oh so I thought until I went through the survey. The real objective of the survey is to gauge public’s opinion of the possibility of reintroducing RM1 coins in the market.
Reading through the survey, there is one possible rationale for such reintroduction because one question asks: If the replacing of the RM1-banknotes with the proposed RM1-coin would result in substantial cost savings to the country, which of these statements best describe your preference?
Hard to disagree with reintroduction if that is the rationale but I am wary of flip-flopping policy. Frequent changes to the coins and banknotes can be confusing for mere mortals on the streets.
Not too long ago in this very decade, the RM1 coins were taken out of circulation in favor of RM1 banknotes. If coin-form enjoys cheaper production cost compared to banknote-form, why were the coins phased out of the market?
If the cost of metal vis-Ã -vis paper or plastic contributes to the answer, I prefer to stick with the current banknotes. Once the economy is out of the woods, prices of metal are likely to go up again. That will again push coins out of circulation in favor of banknotes, if cost is the sole consideration.
But this may be a weak argument on my side. Cost should be a consideration and if BNM can adapt to changing variables, the users should too. Surely for a libertarian like me, opportunity cost is of concern. Furthermore, adaption or re-adaption of RM1 coins is likely to be painless anyway, probably with the exception of those teller machines.
So, adaption is not my main argument against RM1 coins.
The main argument is the weight of the coins. RM1 is probably the most popular denomination for the common people. Having a bagful worth of coins maybe a good idea if the BNM plans to force those lazy bastards who get on the elevator to get to the immediate next floor to do some extra physical movement. For those of us who are less gluttonous in their diet, the extra weight will be a drag.
But that is just me. How about you?
You can help the BNM decides by visiting their website[1] (it is under the Updates section on the right) or directly to a third party website[2] where the survey is actually hosted.
[1] — Bank Negara Malaysia is at www.bnm.gov.my.
[2] — [Public Opinion Survey: Third Malaysian Circulation Coin Series Project. Bank Negara Malaysia. Assessed April 21 2009]