Mavin News - 2004

10 November 2004 - US$18,000 for MAS 000001

Frenzied bidding saw the first note of the Monetary Authority of Singapore's first Commemorative issue hit a record US$18,000 before buyer's premium and GST in Mavin Auction 7 on 6 November 2004. This is the second time a new record price for a post independence Singapore banknote has been achieved in less than 4 months. MAS 000002 realized US$1,450. All in, the results show strong demand for Golden Number notes of the $10 Polymer and $50 BCCS Lee Hsien Loong series, no doubt reflecting their very limited issue. The $50 and $2 Hu Tsu Tau same Golden Number pairs continue to achieve steady sales, albeit mostly at opening prices. This is perhaps due to the perception that there remains a large supply of $50 Hu Tsu Tau notes. It is not likely that this phenomenon will last long with the release of the new MAS Lee Hsien Loong $2 and $50. At just US$43.47 inclusive of Buyer's Premium and GST or just under S$72 a pair, we have a feeling that they will disappear before collectors realize that MAS' stock is exhausted, much like the $5 and $100 Hu Tsu Tau Golden Number sets. After all, the face value is already S$52. Where else can one get new notes of different denominations with exactly the same Golden Number right down to the prefix? Other numimatic items also achieved good sales with a higher proportion of lots sold than in August and March. Notables include a Government of India 1,000 Rupees King George V Calcutta, which fetched US$3,900 and a Sarawak 1841 "Badger" Keping which realized US$2,200.

18 August 2004 - $10 Polymer 0AA 000001 Fetches US$12,000 in Mavin Auction

The first banknote of the new Polymer $10, serial no. 0AA 000001 realized US$12,000 in Mavin Auction 6 before buyer's premium and GST. This is believed to be a new record for a post independence Singapore $10 banknote. Then again, it is not surprising that a new record be set. After all, with the merger of the Board of Commissioners of Currency, Singapore and the Monetary Authority of Singapore, the $10 Polymer was MAS' first currency issue. Being the first note of the first currency issue by MAS, it is really unique. Mavin congratulates the buyer for a far-sighted decision and a great purchase. Other $10 Polymer golden numbers also fetched good prices substantially above estimates perhaps reflecting the very limited size of the issue. It is likely that the balance of the golden numbers will reach even higher hammer prices.

1 August 2004 - MAS Announces new Banknote Issues

The Monetary Authority of Singapore has announced new banknote issues bearing the name of MAS. They will carry the signature of Mr Lee Hsien Loong, Chairman MAS. The new $50 and $5 will be released first, followed by the $2 and $10 in January 2005. With this announcement, it must mean that the $50 notes with Mr Lee's signature as Chairman, BCCS will indeed be a very small issue. In fact, hardly any has been spotted in circulation. With these new issues, 2004 is turning out to be a very interesting year for Singapore banknote collectors.

2 May 2004 - MAS Issues New $10 Polymer Banknotes

The Monetary Authority of Singapore has announced the issue of a new $10 polymer banknote. It is understood that this is a trial issue of about 10m notes. There will also be 10,000 commemorative notes issued to remember this occasion by. The issue price for the commemorative notes is S$35. Circulation notes can be obtained from selected automated teller machines. It appears from the notes available that the serial number prefixes start from 0AA, followed by 1AA, 2AA and so on, then repeats 0AB, 1AB and apparently ends with 2AB. But this means a print run of 13m. Mavin understands that this is because there will not be replacement notes for defective prints, which will simply be removed. Guess that explains the gaps in serial numbers even when the new notes are obtained from the bank. Another interesting development is that there will not be a serial no. 1000000. The last number of each prefix series is 999999.

1 April 2004 - Mavin Auction 5 Realizes over US$200,000

Mavin Auction 5 held on 27 and 28 March 2004 realized over US$200,000 before buyer's premium. Highlights include a set of Malaya working specimens that fetched US$7,400. Straits Settlements and British North Borneo coins continue to experience strong bidding interest, as did the India proofs. As usual, detailed results can be found in the archives.

2 February 2004 - Forthcoming March 2004 Auction

Mavin will be holding a two-day auction on 27 and 28 March 2004. On auction will be coins, medals, banknotes and postcards. There will be a wide range of items to suit all budgets. Highlights include Special Number Singapore banknotes sold on behalf of the Monetary Authority of Singapore and a scintillating selection of high grade Britsh Trade Dollars. Visitors to the Asia Money Fair in Singapore from 12 to 14 March 2004 may wish to make arrangements for private viewing of the lots to be offered when they are in Singapore. Catalogues will be available in late February and as usual, will be posted on our website.

15 January 2004 - Replacement Notes?

Some Singapore banknote collectors will by now have come across $50 President series notes signed by Dr Hu Tsu Tau but with serial numbers beginning with 1JJ. The problem is that notes with the new Mr Lee Hsien Loong signatures start with prefixes 1HL. So the question most have been asking is are the 1JJ notes replacement notes, much like the famous "Z" series? The answer in short is: "Yes! Yes! Yes!" Are there other replacement notes out there? Of course there are because notes will continue to be spoilt during printing, but they are not saying which prefixes they are. Time to go through your new banknote bundles to find out?

1 Jan 2004 - Increase in GST Rate

We regret to say that the Government has increased the GST rate from 4% to 5% effective from 1 January 2004. Bidders are kindly requested to take note of this. On the other hand, bidders outside Singapore may wish to be reminded that they are not charged GST if the lots are exported, even if only as far as across the causeway to Malaysia.