Coin boxes’ value goes beyond one’s savings

Teh taking out a metal rhinoceros coin box in its original packaging, surrounded by other metal coin boxes from local and foreign banks, at his service centre in George Town. — Photos: LIM BENG TATT and KT GOH/The Star

THE clink of a coin dropping into a coin savings box brings back memories to many, especially those who grew up in the last century.

Having a piggy bank to store one’s savings is something many can relate to.

It was no different for Teh Lai Heng, who would show his heavy little money box to his parents, eager to put the money into his savings account.

“It’s a fond memory from my primary schooldays. But banks don’t give out such coin boxes now,” he said.

Teh, who is Komtar assemblyman, has since amassed a few hundred such coin boxes issued by banks over the decades.

Ranging from cartoon characters, animals, vaults, heritage buildings, cars and ornamental pieces to globes and even neon-coloured toy-like boxes, they now line showcases at his service centre in George Town, Penang.

“I picked up this hobby a decade ago. The designs and shapes show the trends and cultural history of those times.

“I researched and collected as many as possible, including some from defunct banks or others that later merged with bigger institutions.

“My collection spans decades, from as far back as the 1950s to the 2000s.”

Teh’s collection of coin boxes taking pride of place at his service centre.

Teh said the most he spent on a piece was around RM1,000, while others cost a few hundred ringgit.

“They come in various materials, mostly metal and plastic.

“The older ones were made of metal, then they transitioned to plastic and porcelain.

“I have some wooden ones too,” he said.

Some plastic ones, he added, were bought for between RM10 and RM60.

Teh said he started out collecting stamps, first-day covers and old banknotes as a child.

“I then became fascinated with bank books, cheque books and these coin boxes.

“I bought them from friends, the Lorong Kulit flea market and online.

“In the beginning it was easy to find them, but over the years it has become harder to track down ones I don’t have,” he said.

Unique coin boxes from Teh’s collection in the shape of knight’s helmets

One of the hardest sets to complete, he said, was a series of zodiac-themed coin boxes from the 1990s issued by a local bank.

“It took me seven years to locate and collect all 12.

“Other special ones include three metal boxes issued in 1957, with shapes including one that looks like a bank vault.

“Most of the metal ones are from the 1960s.

“Some were made as such that you had to take them to the bank to open − only the banks had the key − while others came with a key or had a removable plastic base,” he said.

Another favourite is his Proton Wira coin box that also functions as a toy car.

“It was issued in 1994. So many people wanted a Proton Wira then, and mine has a number plate with that year on it.

“I have others that are pretty enough to be used as decorative pieces, including a porcelain lion dance one that can serve as a Chinese New Year ornament.”

Teh is still hunting for other Proton car coin boxes to complete his collection.

“I hope banks will consider giving out coin boxes again; they are meaningful and can encourage children to save,” he said.

Wooden designs with metal finishing.

Childhood keepsakes

Among the items on display at Lim Kee Old Collection Shop in Chowrasta Market are over a dozen vintage coin boxes.

These relics once played a central role in financial management and symbolised more than just the act of saving.

“In the past coin boxes weren’t just about storing loose change, as they represented a disciplined mindset and the cultural value placed on saving for the future,” said shopowner Ken Lim.

He said coin boxes came in many forms, and some were even homemade.

“Many households used everyday containers like empty biscuit tins or even tucked cash between the pages of books to keep their savings.

“There was a strong belief among the older generation that it was safer to keep their money at home.

“Trusting banks or other people with their savings wasn’t always an option, hence it was common to keep cash hidden in drawers, cupboards or even under mattresses.

“Those more serious about saving would invest in sturdier, purpose-made metal coin boxes, often shaped like houses, safes or animals,” he said.

Lim noted that such boxes were usually built to last, often heavy and with a small slot for inserting coins.

There was no easy way to retrieve them without breaking the box or opening it with a key.

“Coin boxes are intentionally designed to make it difficult to retrieve the money, in order to encourage saving and prevent impulsive spending,” he said.

Lim, who has been collecting antiques for over 20 years, said the culture of saving physical money at home began to change over the decades.

“As banks grew more accessible and started offering better interest rates and services, people gradually shifted to keeping money in bank accounts.

“To promote this shift, banks started issuing coin boxes − often branded with their logos − to encourage the habit of saving, especially among children.

“Some of these bank-issued boxes even had locks and could only be opened at the bank, a strategy aimed at ensuring the savings went directly into customers’ accounts.

“It was a clever way to nurture the saving habit and build customer loyalty from a young age,” Lim pointed out.

Over time, the material used for these boxes also changed, he said.

“Metal boxes gave way to cheaper plastic versions.

“They were more colourful and attracted the younger generation.”

Lim views coin boxes as meaningful artefacts of a bygone era.

“They have gone from practical tools to sentimental keepsakes.

“Many collectors now seek them out for nostalgic reasons.

“They remind us of how people once managed money, long before online banking and e-wallets.

“These items carry stories, lessons and values that are worth remembering,” said Lim.