MALAYSIA 50 RINGGIT 1998 POLYMER COMMONWEALTH GAMES
Limited Edition 50 Ringgit Commonwealth Games Polymer.
The Only Commemorative Banknote Issued.This one is without the folder
Grade: Please refer picture
Price:RM100
Staged at 26 venues in and around Kuala Lumpur and on Langkawi Island, the Games were held between 11-21st September 1998. Athletes competed in 15 sports, being traditional ones of athletics, badminton, boxing, cycling, gymnastics, lawn bowls, shooting, squash, swimming, and weightlifting. Team sports of cricket, hockey (men and women), netball and rugby were introduced for the first time and ten pin bowling was the "host's choice". Langkawi is the largest of a group of 99 islands, on the western side of the Malay Peninsula where the Indian Ocean meets the Straits of Malacca. It is a very popular tourist destination with many resorts. Langkawi, amongst other responsibilities, hosted the cycling events.
The note was issued in co-operation with the Games authority, "SUKOM NINETY EIGHT BERHAD". All notes were issued in folders (singly or in small sheets of 3) intended as a souvenir of the Games. Special number notes were withheld and these were advertised widely in the international press.
Despite suffering in the "Asian economic crises", necessitating the introduction of severe exchange and financial controls only months previously, the Games were heralded as an "economic showcase" for Malaysia. As such, the Games were designated a National Event.
Whilst the note is signed by the Governor of BNM, Tan Sri Dato' Ahmad bin Mohd Don by the time the Games commenced, Mohd's term had expired Tan Sri Dato' Seri Ali Abul Hassan bin Sulaiman was the new Governor.
History of the Malaysian Ringgit
Etymology
The word ringgit means "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although currencies such as the U.S. and Australian dollars are dolar), hence its official abbreviation RM for Ringgit Malaysia.
The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. For example, in Malaysia one ringgit is "one dollar" in English.
History
On June 12, 1967, the Malaysian dollar, issued by the new central bank, Bank Negara Malaysia, replaced the Malaya and British Borneo dollar at par. The new currency retained all denominations of its predecessor except the $10,000 denomination, and also brought over the colour schemes of the old dollar. Over the course of the following decades, minor changes were made on the notes and coins issued, from the introduction of the M$1 coin in 1967, to the demonetisation of M$500 and M$1000 notes during the 1990s.
The use of the dollar sign "$" (or "M$") was not replaced by "RM" (Ringgit Malaysia) until the 1990s, though internationally "MYR" (MY being the country code for Malaysia) is more widely used.
As the Malaysian dollar replaced the Malaya and British Borneo dollar at par, the new dollar was originally valued at 8.57 dollars per 1 British pound sterling. In November 1967, five months of the introduction of the dollar, the pound was devalued by 14.3%. The new currency was not affected but earlier notes of the Malaya and British Borneo dollar were still pegged to pound at 8.57 dollars per 1 pound and, consequently, these notes were reduced in value to 85 cents per dollar.
Despite the emergence of new currencies in Malaysia, Singapore and Brunei, the Interchangeability Agreement which the three countries continued to adhere to as they were originally parts of a currency union meant the Malaysian dollar was also exchangeable at par with the Singapore dollar and Brunei dollar until May 8, 1973, when the Malaysian government pulled out of the agreement. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the interchangeability of their two currencies, as of 2009.
Banknotes
Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 in $1, $5, $10, $50 and $100 denominations. The $1000 denomination was first issued in 1968. Malaysian banknotes have always carried the image of Tuanku Abdul Rahman, the first Yang di-Pertuan Agong of Malaysia.
ATMs normally dispense RM50 notes, or more rarely, RM10 notes in combination with RM50 notes.
Malaysian banknotes have long followed a colour code originating from colonial times. In the lower denominations this pattern is followed by Singapore and Brunei, and when Bank Negara first introduced the RM2 note it copied the lilac of the Singapore $2 note.
First series (1967)
The front features Tuanku Abdul Rahman and the back features the traditional design of the Kijang Emas.
Second series (1982)
The second series was issued with Malaysian traditional ornamental designs in 1982–1984, in $1, $5, $10, $20, $50, $100, $500, and $1000 denominations. The $20 was generally relatively uncommon. The second series notes are still occasionally encountered.
The mark for the blind on the upper left hand corner was removed on the second revision in 1986.
In 1999 the RM500 and RM1000 notes were discontinued and ceased to be legal tender. This was due because of the Asian monetary crisis of 1997 when huge amounts of ringgit were taken out of the country to be traded in these notes. In effect the notes were withdrawn out of circulation and the amount of ringgit taken out of the country in banknotes was limited to RM1000.
In 1993, $1 notes were discontinued and replaced by the $1 coin.
Third series (1996)
The current and third series was issued with designs in the spirit of Wawasan 2020 in 1996–1999 in denominations of RM2, RM5, RM10, RM50 and RM100. The larger denomination RM50 and RM100 notes had an additional hologram strip to deter counterfeiters.
In 2000, the RM1 note was reintroduced, replacing the RM2 note, which remains legal tender, and the RM1 coin. The RM1 coin was eventually withdrawn from circulation and demonetised on December 7, 2005.
In 2004, Bank Negara issued a new RM10 note with additional security features including the holographic strip previously only seen on the RM50 and RM100 notes. A new RM5 polymer banknote with a distinctive transparent window was also issued. Both new banknotes are almost identical to their original third series designs. According to Bank Negara, all paper notes will eventually be phased out and replaced by polymer notes.
Fourth series (2008)
In early 2008, the Bank released a newly-designed RM50 banknote, which according to the Bank, were to enter general circulation beginning January 30, 2008. Earlier, 20,000 more such notes with special packaging were distributed by the bank on December 26, 2007. There is currently no official word on new designs for notes of other denominations.
The newly designed RM50 banknote retains the predominant colour of green-blue, but is designed in a new theme, dubbed the "National Mission", expressing the notion of Malaysia "[moving] the economy up the value chain", in accordance to Malaysia's economic transformation to higher value-added activities in agriculture, manufacturing and services sectors of the economy. The dominant intaglio portrait of the first Seri Paduka Baginda Yang di-Pertuan Agong, Tuanku Abdul Rahman, is retained on the right and the national flower, the hibiscus, is presented in the center on the obverse of the note. Design patterns from songket weaving, which are in the background and edges of the banknote, are featured to reflect the traditional Malay textile handicraft and embroidery. The first 50 million pieces of the new RM50 banknote features Malaysia's first Prime Minister, Tunku Abdul Rahman, at the historic declaration of Malaya's independence, and the logo of the 50th Anniversary of Independence on the reverse.
Security features on the banknote include a watermarked portrait of the Yang di-Pertuan Agong, a security thread, micro letterings, fluorescent elements visible only under ultraviolet light, a multi coloured latent image which changes colour when viewed at different angles, and a holographic stripe at the side of the note and a image that is visible only via a moiré effect to prevent counterfeiting using photocopiers.
In the late year 2007, this new RM50 banknote was curtailed by the Central Bank due to the various Malaysia banks' automatic teller machines unable to accept this banknote. This problem remains undisclosed to the public, therefore today it remains as collectible items. There are no further circulation of the banknote made by the Central Bank.
The bank begin to re-release the new series for general circulation beginning July 15 2009. The new notes is basically the same as the one released earlier by without the 50th Independence Day logo and new enhanced security features such as two color number fluorescents and security fibers.
Commemoratives
To commemorate the 1998 Commonwealth Games in Kuala Lumpur, a commemorative RM50 polymer banknote was issued. This note is hardly ever seen in normal usage, its use being a collector's commemorative.
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