Marketing

Toggle

Article

Bicentennial notes sold on Carousell at inflated prices after banks run out

Several Carousell listings seen by Marketing saw most prices for Singapore’s Bicentennial notes inflated by five times, with each SG$20 note sold for SG$100. This comes after the platform responded to sellers being called out for opportunistic price-setting for Avengers: Endgame tickets, stating that it will create guidelines and community best practices to promote better classifieds experience.

Listings for Singapore’s Bicentennial notes are mostly sold in bundles, with those with auspicious serial numbers being sold at an even higher price, up to SG$988. One seller, in particular, listed SG$88,888 as the price, asking interested buyers to send him a private message with an offer to bid. The price on your listing must reflect the price that you are willing to sell the item or provide the service for. According to Carousell’s current guidelines, displaying a fake price on listings is prohibited.

There have been more than 400 listings for the Bicentennial note on Carousell, said to CNA. In a statement to Marketing, a spokesperson said the company encourages sellers to price their listings accurately and is committed to building an ecosystem that places integrity as priority. However, any buying and selling of items is allowed as long as the transactions do not violate its rules, community guidelines and terms of service.

“We also encourage buyers to do their own research before buying any items, and not to proceed with a transaction if they feel uncomfortable at any point. We have dedicated teams in place to constantly review our marketplace for suspicious listings and respond to reports from the community,” added the spokesperson.

Snaking queues formed at the local banks earlier this week, since the notes were released in denominations of SG$20 at nine local banks on Monday. The commemorative notes are limited edition, with only two million pieces notes were made available. Most of the banks ran out of the notes within a day, according to various media reports.

Besides Avengers: Endgame, sellers were previously discovered taking to Carousell to re-sell Jewel Changi preview tickets and My Melody merchandise by McDonald’s.

Read More News

Trending