However, the rise of digital payments has gradually eroded the role of coins in daily life.
As the use of coins continues to decline, questions are being raised over whether the five-sen coin remains relevant.
Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour said the use of five sen coins has declined, but there is still demand for them, particularly in the retail sector.
"We want to ensure inclusivity, so we need to meet the demand as long as there is still a need to use five sen coins.
"So, we will continue to issue five sen coins for now and monitor the situation based on the needs of the economy," he said in an interview with BuletinTV3.
Malaysian Retailers Association (MRA) president Datuk Andrew Lim Tatt Keong, meanwhile, expressed concern that withdrawing five sen coins from circulation could lead to higher prices for goods, effectively reducing consumers' purchasing power.
"So, will there come a day when we no longer have 20 sen coins and only use 50 sen coins?
"Then, perhaps one day, the 50 sen coin could also be discontinued, leaving us to use only ringgit denominations.
"In such a situation, there would be a tendency for costs to rise because smaller coin or cash denominations would no longer be available," he said.
HELP University economist Prof. Chung Tin Fah, however, takes a different view, arguing that the five-sen coin no longer offers significant economic value.
"You can still price something at five sen, but we no longer need the physical coin.
"There would be no inflationary impact because payments could still be made through e-wallets. It is only the physical five-sen coin that would no longer be available," he said.
He also believes that the cost of producing five sen coins is higher than their face value.
Meanwhile, Bank Negara Malaysia Numismatic Gallery curator Wan Muhammad Danial Wan Omar said Malaysian coins had undergone three major changes or evolutions since they were first introduced in 1967.
"The evolution of Malaysian coins has shown a trend towards smaller sizes and lighter weights to reduce production costs. Secondly, this improves efficiency in terms of handling," he said.
He said the first and second series of Malaysian coins comprised six denominations, ranging from one sen to one dollar and one ringgit.
However, the one sen and one ringgit coins were withdrawn from circulation in 2012, leaving the Third Series, which remains in use today, with only four denominations. - NST
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