More hawker stalls and shops rejecting 5-cent coins: Is it time to phase them out?
More hawker stalls and shops rejecting 5-cent coins: Is it time to phase them out?
Welcome to Stomping Ground - a space where Stompers share reflections, personal essays and social commentaries that spark conversation and insight.
Have your 5-cent coins been rejected before?
Stomper Madam Sim certainly has.
She told Stomp that more and more hawker stalls and mom-and-pop shops are now rejecting 5-cent coins, with notices displayed at payment counters.
"Businesses have the discretion to decide how they wish to receive payments," she acknowledged, "but they must provide a display notice before people make purchases."
She shared a photo of one such notice, reflecting a growing trend in Singapore as small-denomination coin usage declines.
"Just like the 1-cent coin that was discontinued, the 5-cent denomination is also on the way out," said Madam Sim.
"The Monetary Authority of Singapore (MAS) should consider stopping the minting of 5-cent coins, otherwise, it may cost more to produce than their actual face value."
"This also reduces carbon emissions in minting such small coins.
"We should stop producing 5-cent coins and allow the existing circulation to run out.
"MAS should do a review of the actual decline.
"If it is in decline, this should be the opportunity for us to look and see what the next 10 years will look like minting this coin on cost and emissions.
"By any measure, getting rid of coins that now cost more to make than they are worth would be a logical step.
"This can also ease the supply chain for brass-plated metal used to mint such coins."
According to her, the shift towards digital and cashless payments is another reason for change.
"While it is still feasible to pay in cents digitally, physical small-value coins are time-consuming to count and deposit," the Stomper said.
"Merchants refuse them primarily because they're annoying to handle.
"The only places that still accept them are some self-checkout machines at supermarkets -- and even those are going cashless."
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