Located on the ground floor of Central Market in Kuala Lumpur is an old money trading shop that has been in business for almost 12 years.
Despite being fairly new to the business, the shop has an expert who appraises the value of currencies.
Old money trader Abdul Hadi Ali Ahmad, 34, also known as Eddy, said he would mostly refer to the Malaysia Banknote and Coins Catalogue to value the coins or notes brought to him for sale.
“A 10-cent coin that was minted in 1971, has a high value because its production that year was low. So, demand for that particular coin is high,” he told theSun.
Eddy said demand for old coins and notes varies with people’s interest.
“To money collectors, the demand for old coins and notes is high. Let’s say a collector has a set of 10-cent coins produced each year except for one, then he would be willing to pay a high price for the coin that’s missing from his collection.
“Throughout my years in this industry, I’ve seen many collectors pay from RM1,000 to RM8,000 just to obtain one particular old coin or note.”
He said at the moment, RM1 with the Aisyah signature and 10-cent coins that were produced in 1971 are in demand.
“Just one note of RM1 with the Aisyah signature will cost RM1,000. However, if a customer is willing to sell the note to us and asks for a higher price, we will consider, providing it meets our criteria.
“For instance, we will first check whether the note is new, not faded or torn before we decide on the higher value that the customer wants,” he said
Eddy added that not all old money has high value and not all new money is worthless.
“A certain coin or note becomes valuable not just because it is old. The same principle applies to new money. If a note is old but everyone has it, then we may not even trade in it.”
His worker, Faris Izzuddin Mohd Zakaria, 25, said a potential customer once attempted to sell him fake coins and notes.
“Usually coins are either in copper or silver and once they are old, the coin will become darker and lose its lustre. If it is rusty, then it is fake.
“Malaysian currency is easier to check because of its watermark and security line. Sometimes, we use a UV light to check the currency. If it is US dollars, we will check how it feels. Fake notes will usually seem smooth to the touch and thinner while original notes feel stiffer.”
Faris Izzuddin said most of his customers are aged between 30 and 70, while some are a little older.
“Sometimes, even school children will come by but we only entertain them if they are accompanied by their parents.”
To avoid problems, Faris Izzuddin said he would determine the origin of the currency first before proceeding to buy it.
“Sometimes, the old coins or notes are handed down by their family members, sometimes customers find them while in some cases, they received the currency from a cleaner or friend.”
Source : The Sun Daily