Crime to mutilate coins
THE Monetary Authority of Singapore (MAS) has warned that it is an offence to mutilate any Singapore notes or coins.
In a Facebook post on its The Singapore Third Series Coins page, it said that police are investigating a photograph of a new $1 coin with its centrepiece dislodged.
The photograph started circulating online on platforms such as Facebook and Twitter last weekend.
The new series of Singapore coins went into circulation on June 25. The new $1 coin is bi-metallic, sporting a gold-and-silver look.
MAS said that the new coins have undergone stringent tests. The $1 coin, in particular, was put through numerous tests to ensure the durability of its bi-metallic components.
It said: "As with other bi-metallic coins, the centre piece of the one-dollar coin may be forcibly dislodged when extreme force is deliberately applied to it."
Under the Currency Act, it is an offence to mutilate any Singapore notes or coins.
Mr Anthony Tan, the director of Monetarium, a coin dealership in The Adelphi, said that he has not encountered any instances where a bi-metallic coin has split into two.
The British £2 coin, Canadian $2 coin and the 1- and 2-euro coins are also bi-metallic.
Mr Tan said: "If the coin is being used for its intended purposes, there is no reason it should break."
The MAS encourages the public to come forward if they are aware of any deliberate acts of currency mutilation.
To report such cases, call 6349-4670 or 6349-4615.
Anyone found guilty of violating the Currency Act may be fined up to $2,000.
To raise public awareness and address any misconceptions of the new coins, go to www.facebook.com/newcoins