Monday, November 10, 2014

Currency Act - the legal tender limit for coins of denomination

In light of multiple cases whereby payments were attempted with coins amounting in thousands, the Monetary Authority of Singapore (MAS) has released a statement on the legal tender limit for coins of denomination.

According to the Currency Act, the legal tender limit for coins of denomination:
  1. Below 50-cents is S$2 per denomination.
  2. For 50-cent coins, the limit is S$10.
  3. There are no limits for S$1 coins.
A payee has no obligation to accept coins beyond the legal tender limits set out in the Currency Act.

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