Say goodbye to the iconic $10,000 note: MAS

The valuable bill is now redundant.

Singaporeans will now have to say goodbye to one of the world’s most valuable paper bills. The Monetary Authority of Singapore announced today that the $10,000-note will be abolished starting October 2014.

According to the MAS, the discontinuation of the note’s issuance is not expected to cause any major inconvenience.

Existing $10,000 notes will remain legal tender, but the stock of such notes are expected to dwindle over time.

“In a similar vein, given the risks associated with large value cash transactions and high face-value notes, MAS will be discontinuing the issuance of the $10,000 note, starting from 1 October 2014. The development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions,” announced MAS Deputy Managing Director Ong Chong Tee.