Media Release by the Board of Commissioners of Currency, Singapore
No More 1-Cent Coins from BCCS
The Board of Commissioners of Currency, Singapore ("BCCS") will stop issuing 1-cent coins from 1 April 2002. However, the public can continue to use their 1-cent coins, as the coins will remain legal tender.
2 The 1-cent coin is not actively used by the public. Every year, more than 50 million pieces of new 1-cent coins are issued but only 3 million of these coins are returned to BCCS.
SRA and CASE Support the Move
3 BCCS has consulted the Singapore Retailers Association ('SRA') and the Consumer Association of Singapore ('CASE'). Both SRA and CASE support the move.
4 The Executive Director of SRA, Ms Lau Chuen Wei, said that businesses will have to make initial pricing adjustments, but the move should benefit both consumers and retailers in the long run. She encouraged retailers to round off their prices to make it easier for the consumer.
5 The incoming President of CASE, Mr Yeo Guat Kwang, said that consumers find it inconvenient to handle 1-cent coins. He urged businesses to round off the odd cents to the benefit of consumers.