Coins and wealth they imply…

This is my first ‘wisdoms’ post in many weeks. Lately, I was talking coin collecting and how different countries issue different styles of coinage. My theory is that the form these takes underlines the way the country derives its income / revenue / GDP etc.

For example, the American Quarter is (from appearances) cheaply struck and crammed with text and details. My specimen even has a rim of coppery material uncovered by the nickel outer coat but it is neat tho.

Then there are countries which issue aluminum alloy(?) coins like China’s 1 Yuan. It feels like plastic and may be plastic, IDK.

Malaysia used to have a 1 Ringgit coin which was well-designed but tended to tarnish easily with handling. It was somehow soon discontinued and replaced with a plastic 1RM note which unfortunately tears too easily.

The powerhouse of coinage (to my mind) is the UK whose former 1 Pound coin was a stout and proud standard bearer of their former empire. It was usually untarnished even after much circulation. Under financial pressures, the Royal Mint introduced a new, bimetallic hi-tech 1 pound. This indicates the status of London as a trusted financial hub.

Contrasting, is the US, whose coins look dated and a little cramped / squarely designed. A country with much symbolism and Masonic roots. A spiritual nation where paying sometimes means less than a generous tip.

Back to my country of residence, Malaysia. If I may comment a little bit, it seems that coins are being ‘eaten’ from the bottom up as well as the top down. 1 sen gone, 1RM gone, 5 sen seemingly regarded as worthless. What’s next, 10 sen too? Will people pay by the half Ringgit in the near future?

Like China, Malaysia is fast adopting e-payments in an effort to command people’s purchasing power after the 1MDB debacle saddled the country with massive debts. Newly introduced taxes on the rich and middle classes combined with a generous new minimum wage and significant inflation mean that efficiency is paramount. That the government is using the country’s / rakyat’s collective savings to offset a redistribution of wealth -the Madani initiative. 

The face of the Ringgit may soon be forgotten and with it the identity of a nation and its financial role in the globalized world.