There's a limit as to how many small coins you may use, per transaction... to ensure people don't pay by bag loads of coins I guess ...rajagainstthemachine wrote:Is there any perceived bias towards accepting 5 cent coins? I have collected a few coins over time and yesterday I went to buy a newspaper and the shop guy said he wont take 20 5cent coins.. Later I tried a 7/11 store where a lady made a face and took 50cents worth. Are 5 cents evil?
Does it bring bad business? If the coins are legal tender they should be accepted by all shops.
Answer by Mr Lawrence Wong, Minister for Culture, Community and Youth on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in Charge of MAS:
1 Coins issued by the Monetary Authority of Singapore (MAS) are legal tender in Singapore for the payment of goods or services, up to the limits set out in the Currency Act. As specified in the Act, the legal tender limit for coins of denomination below 50-cents is two dollars. This means that a vendor is obliged to accept any number of coins of denomination below 50-cents for payment up to two dollars. For 50-cent coins, the limit is 10 dollars. There are no limits for payment by one-dollar coins.
2 Under the Act, if a vendor wishes to set a lower limit on the quantity of coins he will accept in a transaction, he must provide a written notice of this to his customers. This may, for example, be by way of displaying a written notice. Otherwise, all denominations of the coins tendered by a customer as payment up to the legal limits must be accepted.
3 Banks typically charge a deposit or administrative fee for coin deposits because they incur costs in handling coins. This includes sorting, authenticating, packing, and ensuring secure transportation of the coins. The setting of fees and charges for banking services are commercial decisions by the banks. But MAS expects banks to disclose the fees for their services so that consumers can make informed decisions.
Of late you can buy a single stamp on Sam machine and pay by NETS. Unlike before when they said you need to have a minimum purchase ...Strong Eagle wrote:Singpost still gives out pennies in change for stamp purchases... I wonder if they will take larger numbers of coins.
I purchased a couple hundred pennies from SingPost because the place where I bought beer in Batam always added tax to make it come out to $X.06... then they would round up... I started giving them 6 pennies every time.ecureilx wrote:Of late you can buy a single stamp on Sam machine and pay by NETS. Unlike before when they said you need to have a minimum purchase ...Strong Eagle wrote:Singpost still gives out pennies in change for stamp purchases... I wonder if they will take larger numbers of coins.
Not sure about the counter crew though ....
I had that happen to me as well...absolutely shocking...having lived in Europe for a while I cannot believe you can be refused your money because there in a particular denomination...rajagainstthemachine wrote:Is there any perceived bias towards accepting 5 cent coins? I have collected a few coins over time and yesterday I went to buy a newspaper and the shop guy said he wont take 20 5cent coins.. Later I tried a 7/11 store where a lady made a face and took 50cents worth. Are 5 cents evil?
Does it bring bad business? If the coins are legal tender they should be accepted by all shops.
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