Forum: 5-cent coins being rejected for payment

The Community Chest or other charities could also leave donation tins at hawker centres and wet markets for people to drop in their five-cent coins. PHOTO: ST FILE

There are still some hawker and wet market stalls that display signs saying they do not accept five-cent coins.

This seems to contravene the Currency (Amendment) Act. The Act allows the number of five-cent coins that can be used in a single transaction to be capped at 20, and the cap applies to the other coin denominations as well.

The Monetary Authority of Singapore (MAS) should advise vendors against outright rejection of the coins and to encourage them to include on their signboards the maximum number of coins they will accept.

While the Act mandates the legal tender limits on each coin denomination, it also allows vendors to set a lower limit on the quantity of coins they will accept in a transaction.

Vendors should include this on their signboards to avoid any misunderstanding and unhappiness.

The Community Chest or other charities could also leave donation tins at hawker centres and wet markets for people to drop in their five-cent coins. This gives people a convenient way to put their coins to good use should they encounter difficulties getting stall holders to accept them as payment.

Cheng Choon Fei

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A version of this article appeared in the print edition of The Straits Times on September 07, 2020, with the headline Forum: 5-cent coins being rejected for payment. Subscribe