COE Crashed to $50
Monday, 17th November 1997
When the Asian financial crisis started, and premiums for big cars fell to $50 on this day. That was when COE bidding was conducted in a closed tender system in which bidders could not see the prevailing rate of other bids. The $50 COE was then described as “just a fluke” and COE prices bounced back to previous levels of about $64,000.