Malaysians Are Selling Old RM2 Banknotes For Up To RM50,000 Online

Sell RM2, get RM50,000.

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The RM2 note was issued in 1996 to commemorate 'Wawasan 2020' introduced by former PM Tun Dr Mahathir bin Mohamad

Image via Banknote World

With its striking purple tint, the RM2 banknote was in circulation from 1996 til 2002. Bank Negara then introduced the new RM1 banknote, citing security reasons on the RM2 note's paper quality. 

Due to its limited run, the RM2 note is worth so much more as a collector's item as compared to using it for day to day purchase

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Just how much do they go for on the resell market? 

We did a quick check on local online marketplace and found that RM2 notes are currently up for sale with prices ranging from RM10 to RM50,000!

Why do some RM2 notes command such high prices?

Image via Ringgit Plus

Steven Tan, the owner of International Stamp & Coin Sdn Bhd and author of Standard Catalogue of Malaysia-Singapore-Brunei Coins and Paper Money, told The Edge Markets that RM2 notes with the signature of Governor Tan Sri Dato' Ahmad Bin Mohd Don are among the most expensive notes.

Governor Tan Sri Dato’ Ahmad Bin Mohd Don, aged 69 this year, was the fifth central bank governor from May 1994 to August 1998.

The serial numbers of a note play a huge part in deciding the price as well

"The most common serial numbers of these banknotes begin with the prefix AA, which can cost RM10 to RM60 each. Those with the prefix DF can be priced at RM30 to RM80 apiece. The banknotes that come with the prefix ZB are the most expensive - commanding RM1,500 to RM3,500 each - because they are the scarcest," Tan added.

It's good to remember that other factors could contribute to the overall price of a banknote

Image via Carousell

"For example, the Government of the Straits Settlements 10 Dollar note, used from 1931 to 1935, was worth RM370 in 1985. In 2000, it was worth RM3,400. And in 2008, it was worth RM50,000," said Dickson Niew, a numismatist and owner of Dickson Niew Collection, a shop that specialises in rare coins and banknotes.

That means, if you’re thinking of preserving RM2 banknotes and selling them 30 years later, remember to keep them in mint condition!

Malaysian banknotes have gone through multiple changes since it was introduced in the 1960s:

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