Since 1989 ( when Malaysia minted the first RM1 coins and till 1996, fake coins of the RM1 were discovered to be circulating rampantly in the market and many users were caught unaware. Even the BNM (Central Bank Of Malaysia) did not say anything about it. The denied there is an existing fake RM1 coins. The public only realised the fake when police were kept busy catching people doing fake coins. However, BNM withdrew these coins circulation in 1997. The BNM's reason? " BNMfurther said the withdrawal of the RM1 coins was due to the low demand and increasingly unpopular usage of RM1 coins for purchases of goods and services in Malaysia, unlike those reported by a local daily , which claimed that about 50 % of the 34 millions RM1 coins circulated are fake"... Surprisingly, The Malaysia Royal Mint closed down later in the 2000's due to losses in operation. I can even tell you that since Royal Mint started minting, even the 50 sen Malaysian coins which have fake from 1989 to 2009.
Nowaday, these fake coins are popular with collectors in educating themselves to identify how fake coins look like. " Rings of Fire", "Weak Strike", "Off centred strike", "thinner or thicker planchets" and so on.
I believe that the same mould used by syndicates were the same one used by the Royal Mints. So, how do these mould ended up there, your guess is as good as mine. Funny also, these syndicates did not do any fakes in the years when certain year coins were not minted by the Royal Mint.
I listed here some images of these fake coins known to exist. I just take the year 1993 RM1 ( there were 2 varieties for the year):-
WEAK STRIKE "RINGS OF FIRE AND WEAK STRIKE" "RINGS OF FIRE AND WEAK STRIKE" WEAK STRIKE ( FLOWER AND WORDINGS) FROSTY CASTING WEAK STRIKE AND RIM OFF CENTRED "RINGS OF FIRE" AND WEAK STRIKE "FROSTY AND WEAK STRIKE" "FROSTY AND WEAK STRIKE" "FROSTY AND WEAK STRIKE"
The second series of RMB was issued on 3/1 1955 based on the unified first series. With the termination of war, agriculture and industry began to boom, economy began more active, and price level were stabilized. For many years, the government revenue exceeded expenditure, gold reserve and inventories increased. However, the inflation did not end for a few years after the Liberation. The largest domination of the first series was 50000 Yuan. With lower values, people tend to use 10000 Yuan as the basic unit for payment, which is inconvenient to the public and economic growth. Besides, due to physical condition and technological condition, the paper quality of the first series was lower; there were as many as 60 different designs; and the notes wore off more quickly.
In order to improve the quality and reduce the zero's on the banknotes, the State Council promulgated the executive order of the issuance of the second series of RMB on 2/21 1955. The order stated that in order to meet the need of national economy, the wish of the people, the stabilization of prices, and having a healthy currency system, PBC decided to issue the second series of RMB (new RMB) in 11 different values on 3/1 1995. All notes of the new RMB carry text in Chinese, Tibetan, (traditional) Mongolian, and Uighur. The first RMB (old RMB) shall be exchanged at the rate of 1 new RMB = 10,000 old RMB. After the issuance of the second series, all cash trading, pricing, lease, contract, debt, and balance shall be written in the new RMB. All previous debt, private or public, shall be paid in the new RMB at the appropriate exchange rate.
10 of the 11 value were issued on 3/1 1955, they were 1 Fen, 2 Fen, 5 Fen, 1 Jiao, 2 Jiao, 5 Jiao, 1 Yuan, 2 Yuan, 3 Yuan, 5 Yuan. 10 Yuan was issued on 12/1 1957. At the mean time, the State Council also promulgated the order of coin issuance for the convenience of circulation. The new coins 1 Fen, 2 Fen, and 5 Fen (aka Fen coins) were issued on 12/1 1957, and would be circulated concurrently with the Fen banknotes. Later, they altered the color and the guilloche of 1 Yuan and 5 Yuan. The black 1 Yuan and brown 5 Yuan were issued on 3/25 1961 and 4/20 1962 respectively. Therefore the number of types in the second series of RMB increased from 11 to 16. On 4/14 1964, PBC declared the "notice about withdrawing 3 types of banknotes", the 3 Yuan, 5 Yuan, and 10 Yuan dated 1953 cease to be legal tender on 5/15 1964.
The ¥3, ¥5(brown) and ¥10 notes of 1953 series were printed in the Soviet Union. As a result of the Sino-Soviet split, the use of them was halted on April 15, 1964 to be withdrawn and these banknotes were recalled completely on the May 15, 1964. Except for the ¥3, ¥5(brown), ¥10, ¥0.01, ¥0.02, and ¥0.05 banknotes , all banknotes were recalled completely on the January 1, 1999. The use of the three ¥0.01, ¥0.02, and ¥0.05 banknotes was halted on July 1, 2003 to be withdrawn and these banknotes were recalled completely on the April 1, 2007.
The design and production of the second series was highly valued by the leaders such as Zhou En-Lai or Chen Un. They personally review the whole case. During the course of design, Prime Minister Zhou provided some concrete and precious opinion, so that the theme stands out. The theme represents a new socialist China, revolution of the Communist Party of China, and the united people.
Note: The Sino–Soviet split was the gradual worsening of relations between the People's Republic of China (PRC) and the Union of Soviet Socialist Republics (USSR) during the Cold War (1945–91). Since 1956, the countries had (secretly) been diverging ideologically, and, beginning in 1961, the Chinese Communists formally denounced “The Revisionist Traitor Group of Soviet Leadership." In the 1960s, this intellectual divergence became critical, continuing until the late 1980s — yet was rendered moot with the USSR’s disestablishment in 1991. Their doctrinal divergence owed as much to Chinese and Russian national interest, as with the régimes’ interpretative Marxist ideologies.
Bank of China issued proof sets of circulated coins from 1981 to 1986, consisting of seven coins (1, 2, 5 Fen and 1, 2, 5 Jiao and 1 Yuan) and one lunar year medal. The Fens were made with Al-Mg alloy, Jiaos with Cu-Zn alloy, and Yuan with Cu-Ni alloy. The planned mintages were 10,000. Those sets were not for sales but as gift to foreign VIP ( actually, these proof set was given to an uncle of mine when he followed our previous Prime Minister " Tun Mahathir" during a trade mission to China on that year). The actual mintage is believed to be lower than the planned mintages. For example, the actual mintages of 1985 and 1986 proof sets are 4,825 and 660 respectively. The current value for 1985 is about $600-$750 and 1996 is more than $6,000.
There are UNC mint sets for 1979, 1980, 1981, 1983 and 1985. Again UNC sets have a very low mintage. 1979 UNC set has three coins (1, 2, 5 Fens) only, in a blue PVC wallet with a planned mintage of 10,000, while 1980 set has 7 coins and 1 medal in a blue or a black wallet with a planned mintage of 10,000. Both 1979 and 1980 were produced at Shengyang Mint. 1981 UNC set was also produced at Shengyang Mint, housed in a red wallet, with a planned mintage of 13,400, while 1981 proof set was produced at Shanghai Mint. 1982 and 1983 proof sets also were produced at Shanghai Mint. There are two different 1984 proof sets. Shanghai Mint produced a small date 1 Yuan, while Shengyang Mint had a large date 1 Yuan. The medal (rat) of Shanghai Mint is made of red copper while Shengyang is Cu-Zn alloy.
The following circulated coins, between 1979-1986, are very rare, regardless proof or UNC; 1979 5 Fen, 1980 2 Fen & 5 Fen, 1981 1 Fen & 5 Fen, 1982 1,2,5 Jaio & 1 Yuan, 1984 1, 2, 5 Jaio & 1 Yuan, 1985 2 Jaio, 1986 1, 2, 5 Jaio & 1 Yuan. It is my understanding that very limited UNC 1, 2, 5 Jaio & 1 Yuan minted in 1982 and 1984. It is also my understanding that no 1, 2, 5 Jaio and 1 Yuan UNC coins were minted in 1986.
Bank of China also issued proof and UNC sets from 1991 to 2000. The planned mintages for proof sets are 20,000. There is no mintage information available for UNC sets.
This Proof set should be valued at about US$xxx,xxx.00
So sorry that I have not yet update my blog lately (nearly 2 months). But I will still try my best to do the updating soon once I have cleared my work backlog.
I have been thinking... The Malaya JIM notes are getting very boring to do.. just talking about Prefix and minor variation... so my next updating could be that I will switch from these JIM notes to a more but confusing banknotes:- THE PUPPET GOVERNMENT OF CHINA BANKNOTES AND COINS, WITH REGARD TO MANCHUKUO, MONGOLIA, THE HUA HSING BANK, THE FEDERAL RESERVE BANK OF CHINA AND THE CENTRAL RESERVE BANK OF CHINA AND SOME OF THE PROPAGANDA BANKNOTES TOPICS.
These banknotes are of such of great historically value, especially in all kind of varieties and the reasons why Japan wanted to conquer China so desperately.
Lately, these banknotes are getting momentum of interests. From my observation, and also my late trip to China in October 2009, these banknotes quality and quantity is dwelling and getting expensive. I just couldn't find good quality in China, meaning someone, somewhere and somehow are collecting them.
iii)Same as in (i) but with face plate deep purple in colour. (Scarce)
3. 2nd Variety
i) Brown and gray; back brown; design as in 1st Variety (i); No Watermark but with Silk threads; block
MT. Block letter “M” is with splayed sides.
4.3rd Variety
Obverse:-Brown and gray-green, rubber plantation right;
Reverse:- Green with native houses and seashore: no watermark, paper with silk threads; Block letters in Red
i)As above. Obverse plate 154 – 156mm, with un
derprint in dark green; Reverse :- fine details vignette.(Note:- The underprint of this note has a ribbon of “00”s ascending from lower left.)
ii)As above: Obverse plate is 158 – 159mm, with underprint pale and more gray. Reverse:- Vignette in crude print.(Note:- The underprint of this note has a ribbon of “100”s ascending from lower left)
WEAK STRIKE AND RIM OFF CENTRED
