The gold-coloured LKY100 coin is minted in aluminium bronze. - MAS.GOV.SG
SINGAPORE (The Straits Times/Asia News Network): The Monetary Authority of Singapore (MAS) on Monday (May 15) launched a $10 coin to commemorate the 100th birth anniversary of Singapore’s founding prime minister Lee Kuan Yew.
The coin pays tribute to Lee’s “strategic vision, boldness and indomitable spirit that transformed Singapore from a regional trading port to a global manufacturing, business and financial hub”, MAS said in a release.
The gold-coloured LKY100 coin is legal tender and minted in aluminium bronze. It has a diameter of 30mm, making it larger than the current Third Series coins in circulation, MAS said.
The authority added that the coin is being issued in this particular material to keep it affordable for those who wish to own it as a keepsake.
One side of the coin features a portrait of Lee, accompanied in the foreground by the Marina Barrage. It represents his vision to build a freshwater reservoir in the city, strengthening Singapore’s water resilience.
The background shows the skyline of the Raffles Place financial district, along with two heritage buildings that have witnessed significant milestones in Singapore’s history, MAS said.
These are Fullerton Hotel, formerly the Fullerton Building/General Post Office, and National Gallery Singapore, which currently occupies the sites of the former Supreme Court and City Hall.
The other side of the coin has Singapore’s coat of arms.
Right below it is a dual latent image which features Mr Lee’s birth year of 1923 viewed from one angle, and his 100th birth anniversary “2023” viewed from another.
Applications for the coin open on Monday and end on June 9, and can be made online at go.gov.sg/lkycoin-order
Applications are open only to Singapore citizens and permanent residents, MAS said.
Applicants will need to furnish their NRIC and mobile phone numbers, as well as indicate the preferred bank branch to collect the coins from, such as those of DBS Bank/POSB, OCBC Bank, UOB, Bank of China and Maybank.
An SMS notification will be sent once the application is received.
Each person can apply for up to five coins.
However, if demand is high, the quantity requested may not be possible, although the applicant can be assured of being allocated at least one coin, the authority said.
”The online application together with the order limit of five coins per applicant strikes a good balance in ensuring that every Singapore citizen and permanent resident who makes an application can obtain at least one coin,” said MAS, adding that the number of coins minted will be determined after the close of application.
No upfront payment is required. Applicants will pay for the coins, at $10 each, when collecting them at the banks.
Successful applicants will receive an SMS notification from mid-August and the coins will be available for collection from September 2023.
“The SMS notification will include information on the quantity of coins allocated, collection period and bank branch allocated,” MAS said.
It added that all SMS notifications from MAS for the LKY100 coin “will not contain any clickable link nor ask for any upfront payment”.
“LKY100 coins that are not exchanged during the collection window will subsequently be made available for exchange at the banks to the general public, including non-Singaporeans,” MAS said.
Further information on the mintage, allocation and collection of the LKY100 coins will be provided in August or September, it added.
Coin collectors whom The Straits Times spoke to said the coin will likely be collected as a souvenir.
One collector from the Facebook group, Singapore Historical Banknote Collections, said it may even be kept for “the next generation”.
