I came across this article today talking about how much one can legally pay in coins.
http://uk.finance.yahoo.com/news/how-much-can-you-legally-pay-in-coins.html
The article (from UK) gave the following figures:
What coins can you pay with:
- 1p - for any amount not exceeding 20p
- 2p - for any amount not exceeding 20p
- 5p - for any amount not exceeding £5
- 10p - for any amount not exceeding £5
- 20p - for any amount not exceeding £10
- 50p - for any amount not exceeding £10
- £1 - for any amount
- £2 - for any amount
We have came across situations where some shops refuse to accept multiple 5 cent coins or even coins in higher denominations. Some of us may argue that the coins are legal tender and the shops have to accept them. However, what most of us do not know is there is a "limit" to how much one can pay in coins to be considered "legal tender".
After reading this article, one question came into my mind: What about Singapore?
We can go on to ask similar questions:
Can I pay for a copy of The Straits Times using all five cent coins?
Can I pay for my $4 chicken rice with twenty cent coins only?
How about paying that 42" LED TV with one dollar coins?
I did some searching and found the following information on the MAS website:
http://www.mas.gov.sg/en/Currency/Act-and-Regulations.aspx
(click on "
Currency Act, Currency Regulations and Penal Code")
Extracted from the currency act:
Coins issued by the Authority, if the coins have not been illegally dealt with, shall be legal tender up to their face value in Singapore as follows:
(a) in the case of coins of a denomination exceeding 50 cents — for the payment of any amount;
(b) in the case of coins of a denomination of 50 cents — for the payment of an amount not exceeding $10; and
(c) in the case of coins of a denomination lower than 50 cents — for the payment of an amount not exceeding $2.
Applying these "rules" on the above scenarios, we have:
Can I pay for a copy of The Straits Times using all five cent coins?
Yes. See part c above.
Can I pay for my $4 chicken rice with twenty cent coins only?
No. See part c above.
How about paying that 42" TV with one dollar coins?
Yes. See part a above.
Applying my own common sense on the above examples, I find some of the answers ridiculous. I guess we should still apply some common sense when making payment with lots of coins to prevent rude stares and unnecessary conflicts.
