History of Singapore's $10,000 note
photo taken from wikipedia
The Monetary Authority of Singapore has said it will stop issuing the $10,000 note from 1 October, to prevent money laundering.
Our reporter Fann Sim finds out more about the banknote, which is one of the most valuable in the world.
Singapore and Brunei's $10,000 bills are the highest value banknotes in the world.
The Board of Commissioners of Currency Singapore first issued the $10,000 denomination in 1973 because of demand.
But they make up less than 1 in 5 thousand bank notes currently in circulation (0.02%).
The $10,000 note was released in four different designs from 1973 to 1999.
They are the Orchid, Bird, Ship and Portrait series.
But if you think that they'll be worth more, now that new notes are no longer being produced, think again.
Nat Toh, who's been collecting notes for 15 years, says the $10,000 note is not very popular among collectors.
"Normally people collect the $1k note so for the $10k there's limited number of collectors who keep that because you really have to have some purchasing power and money to spare. Collectors who tend to keep the $10k note only keep one or two pieces."
But that's not the only reason why collectors prefer other notes.
"If you're talking about investment value, it doesn't really go up as the other notes. A Malayan 1953 Buffalo note -- back then it's worth $10 and now it can fetch $1,000. There's more room for appreciation. There's a bigger opportunity for it to appreciate more rather than a 10,000 note."
Another currency collector Bin Hee Jum says a $10,000 note that's mint and uncirculated condition is very rare, especially from the earlier series.
One from the Bird series, issued between the late-70s and early-80s, can fetch up to $25,000.
And one from the even earlier Orchid series is as rare as hen's teeth.
Even if you have $35,000 to spare, you won't be able buy a mint $10,000 note from Singapore's very first-run of the huge bill.
For those who can't afford any, they can look around for a specimen of the most recent $10,000 note, which costs less than $1,000.
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