Old money offers high returns, Medan coin collector reveals

Apriadi Gunawan, The Jakarta Post/Medan

Anthony Juanda, a coin collector, carries an old 17th century coin from the Kutai kingdom into a Medan exhibition hall. At first only a few people show any interest, but soon a crowd forms around him. The coin arouses attention as it is very small and covered in Arabic characters. It is also unique in that it has no stated nominal value.

Anthony, the only collector of old money invited to exhibit his collection at the event, says he has rejected many offers to buy the coin. "The last offer was Rp 11 million, but I turned down the offer. This coin is rare and I could sell it for much more than that. Moreover, its value increases year by year," said Anthony. He owns a number of old coins from various ancient Indonesian kingdoms.

"I now have some 2,000 ancient coins and paper money. I used to have much more than that but I've sold hundreds of coins and paper money to interested parties," said Anthony, who has collected coins and banknotes since 1986.

Among his favorite coins or banknotes is a 1890 coin made in Tanah Raja, Simalungun regency, North Sumatra, and a banknote called Oeang Republik Indonesia Regional.

The coin was used as tender on plantations run by the Dutch colonial government in North Sumatra, while the banknote, which was used throughout North Sumatra, was issued by the North Sumatra government between 1947 and 1948 at the approval of the Indonesian central government. The money issuance was aimed at overcoming the lack of money in the regions after communication between central and regional governments was cut by the Dutch, who were trying to regain control of the country. In North Sumatra, the money was printed in many regions such as Pematang Siantar, Asahan and Labuhan Batu.

Anthony said banknotes printed in Aceh in the 1940s could be sold for Rp 1 million each.

Many old coins and banknotes can be viewed at the exhibition, which opened on Thursday and runs through Sunday. Bank Indonesia's Medan office organized the event.

Maulana Ibrahim, deputy governor of the central bank, said the exhibition aimed at providing knowledge on the history, manufacturing and distribution of coins and banknotes. The exhibition also offers tips on recognizing counterfeit money.

Bank Indonesia's Medan office president Hadi Hassim said 188 old banknotes and 111 coins were still on display at its museum (Artha Suaka Museum).