S$20 frenzy: Even the Singapore Mint’s S$280 bicentennial notes sets are oversubscribed

Five banks said that at least 40 per cent of their overall stocks had been depleted due to overwhelming demand on the first day that the notes were launched.
The Monetary Authority of Singapore

If you’re thinking of getting your hands on the commemorative S$20 bicentennial notes, you’re late to the game.

On Monday (June 10) – the first day that the notes were launched – they were snatched up  and sold out at many banks, The Straits Times reported on Tuesday.

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In total, two million pieces were made available for exchange at face value at the branches of nine major retail banks, and each individual is allowed to exchange 20 notes per transaction.

According to The Straits Times, five of the banks said that at least 40 per cent of their overall stocks had been depleted due to overwhelming demand on the first day.

Meanwhile, many people who have the bicentennial notes on hand are selling them for up to three times their face value or S$60 on online marketplaces such as Carousell.

Notes with running numbers are also being sold for around S$100.

Screengrab from Carousell

Over at The Singapore Mint, which put up 5,000 limited edition sets of an uncut sheet of three commemorative notes for S$280 (US$205), demand has also outstripped supply.

Although the sets are listed as “in stock” on the website, the Monetary Association of Singapore (MAS) confirmed to Business Insider that the special sets are already oversubscribed ahead of Thursday, the closing date.

The Singapore Mint

MAS told Business Insider: “The Singapore Bicentennial Numismatic Currency Set has been very well-received by the public. The note set will be allocated by balloting as it has been oversubscribed.”

Once orders close, the ballot results will be released on June 18, and collection will be held on June 20, The Singapore Mint said.

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