Buying Gold Coins from Singapore , Malaysia, Brunei or the Far East? READ THIS !!
I've been a collector of stamps and coins since I was a kid and always check out on coins,stamps and banknotes, with their valuation and prospective return investments achievable. eBay makes me more prouder as I can easily get hold of what I want and missed out while I was younger.
However, in my previous review of this matter, I've come across a few unscrupulous sellers whom perceive themselves as Reliable Sellers floging Gold Bullion Coins from Singapore. Unknown to alot of buyers, is that the ASEAN States (Singapore,Malaysia,Brunei and the post war colonies known as MALAYA & Borneo ) minted their own bullion coins and all these coinage are struck in Proof condition with Currency Value , such as 250 Dollars for a 1 OZ gold coin from the Singapore Mint.
The relevancy of this fact is that it is ILLEGAL and a criminal offence to Sell, Obtain and In Possession of Coinage from these States that are Fakes. A recent find shows that a few coins were minted by the US Mint *(Claimed by the Seller) with respect to the Chinese Lunar Calender, of 1/20 oz bearing REPUBLIC OF SINGAPORE and 5 SINGOLD as the monetary value. This was indeed not authorised by the currency boards.
Such coinage by the governments bear the coat of arms with the words Singapore in English, Malay, Mandarin and Tamil with inscriptions of Republic of Singapore on the Rim of the coin. The coat of Arms for Singapore bear the Lion and Tiger with words MAJULAH SINGAPURA (MAY SINGAPORE PROGRESS) on the motto.For Malaysia, it will bear the Cresent Moon and 13-studded Sun and words bearing Bank Negara Malaysia either on the Rim or on the face with a Monetary Value.
What makes things more interesting is that the History of the States, upon Independence from the British, $10 Singapore Dollars was pegged to 1 Gram of Gold. In other words, the monetary value of the currency in Singapore for Ten Dollars must equate to more than a gram's worth of Pure Gold. Thus the 1 oz has no more than $250 Currency Value.
Buyers of coinage that are suspected fakes can contact the Monetary Authority of Singapore , Bank Negara Malaysia or the Brunei Minitry of Finance. Penalties for keeping a fake coin can range up to 25 years of custodial sentencing in addition to caning.
In Light of that, Bank Negara Malaysia have recalled all RM1 / $1 (ONE RINGGIT) coins that look like a gold coin as there were more than 50,000 pieces found to be fakes in circulation, thus the cancellation of the Currency Coinage. In the Economic recession, the Bank also cancelled all currency notes higher than RM100 *(One Hundred Ringgit / Se-ratus Ringgit) making the RM500,RM1000,RM10,000 in VERY HIGH DEMAND from collectors. These notes are NOT LEGAL TENDER.The Bank Negara Malaysia (www.BNM.Gov.My) may exchange the notes at par value at their own discretion.
Kerajaan Brunei ( Sultanate of Brunei ) uses Dollars and Ringgits in their wordings of their coinage and Currency Notes and are AT PAR VALUE TO THE SINGAPORE DOLLARS. You may exchange and use Brunei Notes and Coins in Singapore without exchanging as Brunei have no currency board or stock exchange, all their currency issued were backed by the Singapore Government.
Some Lovely History of the Notes of Singapore
Orchid Series (First Issue)
notice there is No $20 bill? During those days,alot of people got confused with the $10 and $50 as the colorage and look-alike of the $25 bill. Some were shortchanged or over-changed.
Bird Series (Second)
See the change from $25 to $20 bill?
The $20 bill shows a concorde and is highly sought after by Concorde enthutiast.
The New currency are $2,$5,$10,$50,$100,$500,$1000,$10000
Special Editions of the $25 are issued along with new Polymer $10 with the Prime Minister's Signature who is also the Minister for Finance.
$1 notes have been out-moded and there are only 3 types of $2 notes, Orange Ship, Purple Ship and Purple portrait, with some limited editions of 2000 millenium notes ( millenium logo in red on the serial number in lieu of the alphabets)
Some idiotic rip-off sellers try to cut the 40-in-1 sheets which have special overprints etc and selling them seperately. These are NOT LEGAL TENDER. By Cutting them up, the notes are Defaced. Don't be duped by these con-artists. Excellent Specimen Notes such as the $10,000 Ship Series are also sought after and must not be taken off the case that is provided for by the MAS/BCCS.
Known Notes that are sold uncut are $2,$10,$25 Special Editions, $50, and $100 ...but I only saw a few of them worldwide.
The Brunei Govt / Sultan can't seem to keep his mind straight as some of the currency in use has $20 and also $25 bill that is in NORMAL Circulation.
Brunei Also uses the early issues of Polymer notes.
Malaysia Government don't use the RM20 anymore...so the Blindman's series RM20 (Brown in color) is very sought after with a few signatures.
Notes in use are RM1,RM2 (no more in circulation), RM5 (also in Polymer), RM10, RM50 and RM100.
Replacement Series are known to be ZZ or ZA.
In My Opinion, having a guide book to the coinage and notes by publishers like Taisei, Sphinx, Stanley Gibbons are worth my mention.
Check the scans properly for any signs of washing etc as alot of sellers are known to do it..and they don't do a good job out of it..leaving the note brownish. These are tell tale signs.
I'll put more up on my website @ www.EbayTrust.Info.
One more thing if you are buying something from EBAY Singapore/Malaysia, get their IDENTITY CARD DETAILS, like birthday,address etc.....for should you get problems, the seller are still liable and if they don't, report them to the POLICE and the Embassy as they take Fraud Seriously. A Reputable Seller won't mind emailing you the front copy of his NRIC/IC/11B. Don't pay them thru Western Union or TT to their POSB/DBS/MAYBANK ACCT!!
For Malaysian Seller, pay using a local Malaysian Cheque obtainable from MAYBANK or your local bank.
Local banks in Malaysia Charge RM5 to clear a cheque and takes anything up to 14 days to clear. When Paying the Malaysian Seller, write down his FULL NAME AND NRIC NUMBER ON THE PAYEE NAME.
MY COMPANY NAME Sdn Bhd , Co No 123456-x ONLY
ALI BIN MAT , IC No YYMMDD-01-5xxx ONLY where the new IC number has his birthday in front, followed by where he was born (start with 0 normally) and 5xxx where the xxx is his/her register number. A male has ODD end Digit and Even for Woman.
Mark the Cheque A/C PAYEE ONLY, Not Negotiable , Non-Transferable
This is to protect anyone from pinching the cheque.Do Not Pay to anyone without those details.
A point I would like to make is that, if you are buying over £35, you may be liable for CUSTOMS CHARGE. Pay the extra tenner *(RM80/S$35) for EMS Express Mail Service which is the equivalent to International Recorded as these are tracked all the way, and delivered by Parcelforce UK. Make sure the Seller don't overstate the value, just leave it as a gift as monetary currency are exempt from charges. However, Gold and Silver Bullion are Taxable unless they are struck with Monetary Value.
Rule of thumb is, you pay $2.5 / RM6 for £1 and you may send them small amounts of cash if you wish at your own risk. The posties there a bit much more reliable ( bit lazy for the rural Malaysian).
ALSO AVOID ANY PURCHASES TO/FROM CHINA!!! YOU HAVE NO REPERCUSSIONS!! Even their Feedback service have been known to be rigged.