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SG50 Notes: What Are Singaporeans Queuing For?
Image credit: mas.gov.sg
When Channel NewsAsia reported about the long queues forming outside banks for the launch of the SG50 commemorative notes on August 20, I was not surprised. Neither would you be, I guess, given our infamous 'kiasu' culture.
The set of commemorative currency notes includes a $50 note and five $10 notes with special designs that were inspired by Singapore's historical milestones and achievements. As well, it also showcased the late Mr Lee Kuan Yew, which seemed to be a key reason many Singaporeans wanted the notes – a remembrance of the nation's founding father.
Obviously, the fact that it is a limited edition item further adds to its demand – could it be worth a higher value sometime in the future, perhaps when we reach SG100?
If you are thinking of buying the commemorative notes and coins in the hope that their value could inflate in the future, take a look at some of the factors that can affect the price of collectibles, namely currency notes and coins:
Factors That Affect The Value Of Collectibles
There are three main factors that can affect the value of a coin or a currency note:
1) Supply
2) Demand
3) Physical Condition
1. Supply
The supply refers to the number of notes issued or coins minted and originally produced. It can also refer to rarity for something that has already stopped production – the number in circulation today.
2. Demand
Gauging demand can be tricky, as it can mean both the popularity and the availability of the coin. Take for example, because of the fact that each person can only redeem limited sets of the commemorative notes and two folder packaging, you can already find sellers trying to sell them for a profit on some marketplace sites.
3. Physical Condition
Physical condition refers to how 'mint' the note or coin is.
For a currency note, the best standard will be one that is perfectly preserved or well-kept once it has been issued by the issuing authority.
So if you are looking to collect it for a value, do not use your SG50 commemorative notes or put it in your wallet as there will be a crease on it.
It might be extremely difficult to find old notes that are no longer circulated in a mint condition, so this can affect its selling value. Creases, torn corners or scratches on coins will most likely decrease their value as well.
There is, however, a peculiarity when it comes to defects on notes or coins due to the minting or printing process.
Because these are errors made by the issuing authority and are extremely rare, you can expect them to sell at a very high price.
For instance, a defective $1 Singapore note from the 1980s is now worth around $1,700.
And if we follow the same logic, that spelling error made by the Monetary Authority of Singapore in the packaging of the SG50 commemorative notes (naming late President Yusok Ishak instead of Yusof Ishak) could be worth much more in the years to come compared to if you pasted the rectifying sticker.
If you are still very much in the SG50 mood post National Day and want a piece of our Jubilee history, you can still find other SG50 collectibles such as exclusive stamp sets, watches and even sneakers here.
This article was originally on the GET.com blog at: SG50 Notes: What Are Singaporeans Queuing For? .
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