The humble banknote is an often overlooked representative of a country. Each is meticulously designed to be practical, secure, and showcase a nation's price.
The names of these currencies are also telling; some are similar, others are derivative, and a few are unique.
But is it true that the name Ringgit came from the characteristics of the Spanish silver coin that was widely used long ago?
VERDICT:
TRUE
The term "Ringgit" originates from the Spanish silver coins commonly used in ancient times, particularly its jagged ridges (beringgit).
Ringgit was officially recognised as the name for the Malaysian currency in August 1975. Before that, it was known as the "Dollar" in English and the "Ringgit" in Malay.
However, the symbol “$” was only replaced with “RM” in 1993, a designation that remains in effect today.
At the same time, the name “Sen,” which is 1/100 of a Ringgit, came from the Latin word “centum,” which means “a hundredth,” just like a centimetre is 1/100 of a meter.
References:
https://www.mkn.gov.my/web/ms/2023/05/08/ringgit-malaysia-kebanggaan-kita/
https://www.theibns.org/joomla/index.php?option=com_content&view=article&id=5&Itemid=28
