Sunday, July 3, 2011

The RM500 and RM1000 Note

Interesting facts on RM500 and RM1000 notes to share with collectors.

On May 1999, Bank Negara Malaysia had issued an reminder to the public that effective on 1 July 1999 the currency notes of RM500 and RM1000 denominations (2nd Series of Malaysian Banknotes) will be demonetized and shall cease to be legal tender. This was mainly due to the Asian monetary crisis of 1997 whereby huge amounts of Malaysian currency were taken out of the country to be traded in these notes.

In the recent answer given by the Deputy Finance Minister to the Parliament, he has pointed out that there are still 150,599 and 26,018 pieces of RM500 and RM1000 still have yet to be "recalled" by BNM. In other words, a total amount of RM75,299,500.00 of RM500 and RM26,018,000.00 of RM1000 have been ceased to be legal tender.

As of 30 January 2011, BNM has withdrawn 92.4% of RM500 and 99.4% of RM1000 note.

2nd Series of RM500

2nd Series of RM1000


profwacko said...

sorry for my shallow knowledge, what do legal tenders mean when these money were demonetized??

Anonymous said...

It means that they can no longer be used in regular daily circulation, but they may be exchanged at the Central Bank at their discretion.

profwacko said...

thank for the info

Anna said...

I visited Malaysia long time ago, but I still have some RM bank notes, which are RM50 with the hibiscus flower image next to Tuanku Abdul Rahman image, the back side of it is a palm tree and a person raising his right hand (if I'm not mistaken). I'd like to know if they are still valid now. Sorry for the inconvenience.

Anonymous said...

That's the current series (4th series) of Malaysian banknotes.

Leslie Go said...

i have rm1000 here in the philippines. i got this from my aunt just got past away. where can i change this for philippine money?