Someone Bought A Special RM50 Note For RM708,000. What?

That is 14,160 times the face value of the RM50 note.

Cover image via Trigometric Auctions (Facebook) & Free Malaysia Today

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A special edition RM50 note printed in 2007 was sold for a whopping RM708,000 at an auction this year

According to Free Malaysia Today, the note is a 2007 special edition.

The photo published on the online portal says that the note has a '0000001' serial number with the prefix 'AA'.

Trigometric Auctions — a local auction house that specialises in numismatics and philately, among others — said in a Facebook post that the note was sold to a mysterious buyer.

The note is said to be a commemorative issue for the 50th anniversary of the independence of Malaya

In another Facebook post, Trigometric Auctions revealed that the special edition note with the serial number '7' was sold to someone in Singapore, while serial number '9' belongs to Tun Abdullah Ahmad Badawi.

In a 2007 report by The Star, it is learnt that then Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz presented the note with the serial number AA0000009 to the fifth prime minister.

"With the current information available, we know that the top ten numbers were all given to high-ranking state officials, (such as) Sultans and the Agong," Trigometric Auctions wrote in a post featuring the commemorative RM50 note with the serial number 2.

It is said that the special edition has a "yellow" edge, while other editions have grey edges.

This edition features the 50th anniversary logo, which bears the number '50' in colours of the Jalur Gemilang.

Speaking to Free Malaysia Today, Trigometric Auctions director Hann Boom said many of these special notes were bought by numismatists, probably as investment

"They might keep it for some time and re-enter the market later and sell it for a higher price. The RM50 note was a special edition issued in conjunction with the 50th anniversary of Merdeka," Hann said.

At an auction last week, a 1929 Sarawak $25 note was sold for RM212,400, while a 1940 Malayan $1 note issued during the British administration fetched RM188,800.

A recent weekend auction made a total of RM8 million in sales from some 700 purchasers, reported Free Malaysia Today.

Elaborating on the Sarawak note, Hann said there are only 15 of such notes in the world, some of which were graded by a US-based independent firm and a Chinese-Malaysian firm

"We send the coin or notes to this company who will assess and grade them accordingly," he shared.

"The price is also dependent on how the owner has stored it. It's kept encased to ensure it does not come into contact with oxygen or any other things that can damage the notes."

Hann said that there are only about 20 serious numismatists and 600 casual collectors in Malaysia. He said the casual collectors buy notes with hopes of selling them later on.

An auction that took place last month.

Image via Trigometric Auctions (Facebook)

"The Malaysian market is one of the smallest in the region as the appreciation happens over time. It can be a hobby but can eventually turn out to be one that can be used to make huge profits," he said.

There will be an auction of the same kind in January next year.

Learn how to check whether your banknotes are worth more than their face value here:

In 2017, RM2 banknotes made headlines for having a RM50,000 selling price:

Malaysian banknotes have gone through many changes over the years: