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Frequently Asked Questions

A) Polymer Notes

B) 1-Cent Coins

C) Acceptance of Brunei Currency

D) Miscellaneous

Polymer Notes

Why is MAS issuing $2 polymer notes?

MAS received favorable feedback from the public, banks and note handling machine operators for the $10 polymer notes introduced in 2004. The polymer notes proved to be more durable, cleaner and cost effective. They are suitable for lower denomination notes like the $2, which are subject to more wear and tear and are replaced frequently.

What should the public do with $2 paper notes?

The public is encouraged to deposit old and soiled $2 paper notes with banks. They should also use the $2 polymer notes that they receive for their day-to-day transactions.

Will MAS continue to issue $2 paper notes?

The $2 paper notes will continue to be legal tender and we anticipate that there will still be some demand for them. MAS will monitor the situation and continue to re-issue $2 paper notes from those in circulation.

Are machines able to accept $2 polymer notes?

MAS has worked closely with banks, transport companies and note handling machine operators to recalibrate the various machines. Unlike $10 notes, the range of machines that accept $2 is limited. Most of the banks' Cash Deposit Machines only accept notes above $5, while some operators have converted, or are already in the process of converting, their note-accepting machines to card-based ones. Others are in the process of adopting cashless means of payment and so do not intend to recalibrate their machines to accept polymer notes.

Is the $2 polymer notes issuance a limited one, like the $10 polymer notes?

No. Going forward, new $2 notes will be issued in polymer.

What are the new security features on $2 polymer notes?

As with the $10 polymer notes, the $2 polymer notes have the following security features unique to polymer technology:

Two see-through windows: one on the top-left hand side, and the other at the bottom-right corner.
A stylized gold Singapore Lion symbol with a hidden image, beside the top-left hand window. An image of the Singapore Arms will appear at varying angles.
The security thread now takes the shape of theSingapore island instead of a straight line.

What are the security features on $2 paper notes that have been retained for the polymer notes?

The conventional security features retained are:

Engraved portrait of President Yusof bin Ishak.
Perfect registration of the Singapore Lion symbol.
Intaglio (raised) prints on the engraved portrait, the word "SINGAPORE " and other areas on the front and back of the note.
Lithographic prints on both sides of the note.
Micro-printing of the text "Monetary Authority of Singapore".
Asymmetrical serial numbers (horizontal and vertical).
Fluorescent ink on the serial numbers and on the seal of Chairman, MAS.
Anti-colour copying line structures.

What is the cost of printing $2 polymer notes?

The cost of $2 polymer notes is only marginally higher when compared to paper. As polymer notes are expected to last 3 to 4 times longer, they are more cost effective over the lifespan of the notes.

Will the $2 polymer notes be arranged in sequential order in each packet of 100 pieces?

The $2 polymer notes will generally be in sequence, although some notes may have been automatically sieved out by machines as part of the quality control process. A packet of 100 pieces may thus not start with "001" or end with "100". However, the public can be assured that the packets are stringently controlled and packed accurately.

Q10

Why is a new design not adopted for the $2 polymer notes?

A10

MAS has continued with the portrait series for the $2 polymer notes as the public is familiar with the series. By doing so, modifications to note handling machines can be minimized.

Q11

Will there be any commemorative $2 polymer notes?

A11

Unlike the limited edition commemorative $10 polymer notes which were printed to mark the first issue by MAS, the $2 polymer notes will be issued as circulation notes only.

Q12

Will MAS issue other denominations in polymer?

A12

Each denomination has unique considerations (e.g. security features, lifespan, usage) and we would need to consider each on a case-by-case basis. In addition, we need to assess the counterfeiting threats, the effectiveness of the notes in circulation and the cost-benefits of doing so.

Q13

Why are $10 polymer notes not available at all ATMs?

A13

Selected ATMs were configured for $10 polymer notes as only 10 million pieces were issued in 2004. It would have been costly for banks to recalibrate their entire ATM networks for this quantity of polymer notes.

Q14

Will MAS issue more $10 polymer notes?

A14

As the feedback from the public and machine operators was favorable, we would consider issuing more $10 polymer notes when the current stocks of $10 paper notes are depleted.

Q15

How are unfit polymer notes destroyed?

A15

For the time being, polymer notes will be shredded and incinerated like paper notes. It should be noted that paper notes are difficult to recycle at the end of their useful life. However, polymer notes can be granulated and recycled into useful plastic products like plumbing fittings and other household/industrial products. We will evaluate the environmental factors and cost effectiveness of adopting such an approach.

Q16

What has become of the $50 polymer notes issued in 1990?

A16

The $50 polymer notes were issued to mark Singapore 's 25th year of independence and to test the new technology then. About 5 million of such $50 polymer notes were issued. To date about half that quantity is still in circulation, although they are mainly kept by the public as souvenirs.

Q17

How does MAS intend to raise public awareness (e.g. retailers) of the new note?

A17

As part of our continuing currency education and awareness efforts, MAS will disseminate relevant information to help the public and businesses familiarize themselves with $2 polymer notes. This will be done via online publications, brochures and the MAS website, and released in due course. Posters will also be put up at appropriate locations, such as banks, bus interchanges, MRT stations, shopping malls, supermarkets, etc. There will be workshops/seminars for major cash handlers like banks, security couriers, etc, to provide handling tips and better knowledge of the notes.

Q18

What are the key properties of polymer notes?

A18

Polymer notes are:

Non-porous - they do not absorb water and other liquids.
Non-fibrous - they do not break-down physically with repeated folding.
Sturdy - it is difficult to initiate a tear.
Heat/Cold resistant - they remain robust and there is no effect at temperatures between -40 degree Celsius and 120 degree Celsius in laboratory trials and note usage situations. For temperatures above 120 degree Celsius, they will begin to shrink slightly, and will eventually melt at significantly higher temperatures.
Dirt/Bacteria resistant - they do not stain or accumulate dirt easily, and there is also a lower propensity for bacterial growth.

Q19

Are polymer notes difficult to count by hand?

A19

No. Initially, there may be adhesion between the notes, but this occurs to some extent for new paper notes as well. To count any stack of paper or polymer notes, one can separate the notes by shuffling and fanning out the pieces first.

Q20

Are polymer notes difficult for cash handlers to manage?

A20

No. Although polymer notes tend to be harder to fold, by adopting slightly different handling techniques, initial inconveniences can be overcome. Polymer notes should preferably be stored flat. If they need to be unfolded, place the notes under slight pressure on a flat surface, and this will help smoothen them out.

Q21

How should one handle polymer notes that have been soaked in water?

A21

As polymer notes are non-porous, one can wipe and dry a wet note with a normal cloth. Although polymer notes can withstand heat, it is not advisable to dry them directly or indirectly with a hot iron.

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1-cent coins

Why is the MAS stopping the issue of 1-cent coins?

The 1-cent coin is not actively used by the public. Every year, more than 50 million pieces of new 1-cent coins are issued but only 3 million of these coins are returned to MAS. The low return rate for 1-cent coins means the public is not recirculating the coins. Other coin denominations are much more actively used. In 2001, 70 million pieces of 10-cents were issued and 40 million pieces were returned to MAS. For the 20-cent coin, 52 million pieces were issued and 32 million pieces were returned to MAS.

Who are the main users of the 1-cent coins?

The bulk of the 1-cent coins have been drawn by supermarkets, fast food outlets, restaurants and departmental stores.

Will businesses and the public have problems adjusting to the change?

Both the Singapore Retailers Association ("SRA") and the Consumer Association of Singapore ("CASE") support the move.

There are currently 700 million 1-cent coins in circulation. This is the total number of 1-cent coins that have been issued over the years but have not been returned to MAS.

The Executive Director of SRA has said that businesses will have to make initial pricing adjustments, but the move should benefit both consumers and retailers in the long run. SRA would encourage retailers to round off their prices to make it easier for their customers.

The President of CASE has said that consumers find it inconvenient to handle 1-cent coins. He urged businesses to round off the odd cents to the benefit of consumers.

Why doesn't the Government pass a law to require businesses to round off their prices to the nearest 5 cent ?

Pricing is a commercial decision best left to businesses to decide. Some retailers have not been collecting the odd cents from their customers for some time. For example, if the total bill comes up to $30.78, these retailers have been collecting $30.75 from the customer. The retailers include Golden Bamboo Supermarket, McDonalds, NTUC Fairprice, OG Departmental Store, Seven Eleven, Shing Song Supermarket, and Shop & Save Supermarket.

Why doesn't MAS decide to demonetise the 1-cent coin?

We have chosen not to demonetise the 1-cent coin so that the public can still use their 1-cent coins as they choose.

Since 1967, MAS has discontinued one series of coins and three series of notes. Four note denominations, namely, $1, $20, $25 and $500 are also no longer issued. These exercises have all gone smoothly without demonetisation.

What about other countries? Do they phase out their lowest denomination coins and do they demonetise the coins?

Several countries have phased out their lowest denomination coins since 1961. Some chose to demonetise the coins while others have allowed the coins to remain legal tender.

Examples of countries that have not demonetised their discontinued coins
Australia stopped issuing the 1-cent and 2-cent coins in 1989 but the coins are still legal tender today. India has discontinued with their 1, 2 and 3 paise coins but these coins remain legal tender.

Examples of countries that have demonetised their discontinued coins
New Zealand ceased issuing the 1-cent and 2-cent coins on 31 Mar 1989 and demonetised them on 30 April 1990. Denmark stopped issuing the 5 and 10 ores in July 1989. These coins were demonetised but they were exchangeable until July 1992.

Will the discontinuation of the 1-cent coin lead to inflation?

MAS has consulted the Ministry of Trade and Industry and CASE. Both are of the view that stopping the issue of 1-cent coins would have negligible effect on the Consumer Price Index. Australia and New Zealand found little inflationary impact when they stopped issuing their lowest denomination coins.

How long will it take for MAS to collect back all the 1-cent coins?

There is no need for MAS to collect back all the 1-cent coins. MAS expects the number of 1-cent coins in circulation to reduce to a trickle within one year.

Would the change affect the way the Goods and Services Tax (GST) is computed?

There will be no change to the way GST is computed. The GST component is 4/104 of whatever is the final amount shown on the bill. The law requires that a GST registered trader display, advertise, publish and quote GST-inclusive prices to the public.

Q10

Is it legal for shopkeepers to refuse accepting 1-cent coins as part payment for goods or services?

A10

Under the Currency Act (Chapter 69), coins issued by MAS shall be legal tender up to their face value in Singapore as follows:

a)	in the case of coins of a denomination exceeding 50 cents - for payment of any amount;
b)	in the case of coins of a denomination of 50 cents - for the payment of an amount not exceeding $10; and
c)	in the case of coin of a denomination lower than 50 cents - for the payment of an amount not exceeding $2.

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Acceptance of Brunei Currency

Is the Brunei currency acceptable at par with the Singapore currency?

Yes, the Brunei currency is acceptable at par with the Singapore currency. This is provided for under the Currency Interchangeability Agreement (CIA) between Singapore and Brunei that came into effect on 12 June 1967.

Under the CIA, all banks in Singapore are obliged to accept the Brunei currency at par for deposit. This means that banks will accept from the general public, including retailers, Brunei currency at par for deposit. Hence, members of the public and businesses can safely accept Brunei currency received for payment.

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Miscellaneous

Why is there no '$' sign on the Portrait Notes?

It was a deliberate decision by MAS to do away with the dollar sign for the following reasons:

a)	Redundancy - The words "THIS NOTE IS LEGAL TENDER" together with another word "DOLLAR" printed on the face of the note are more than adequate to convey its currency status, hence the $ sign is redundant;
b)	Trend - Most of developed countries such as Australia, Belgium, Canada, Denmark, Finland, France, Germany, USA etc do not incorporate the dollar sign on their new currency notes and the trend is not to incorporate the currency sign; and
c)	Design consideration.

Why print such a large-faced portrait on the portrait series notes?

The large-faced portrait was adopted for the following reasons:

a)	it acts as a primary public recognition feature; and
b)	it is in line with modern currency notes of today, for example, the Swiss Notes.

What is the rationale of issuing the $1,000 and $10,000 denominations when the Western Countries do not issue such big denominations?

The $1,000 and $10,000 denominations were first issued when Singapore was a crown colony under the British Government. In those early days, these denominations were primarily for the banks' daily inter-bank settlements. Over time, these big denominations became very popular for businesses such as the car dealers, money changers etc. The $1000 and $10,000 denominations constitute about 40% or more than $4 billion in terms of value of the total notes in circulation. These denominations continued to be issued in the Portrait series due to the demand for them in Singapore.

How do MAS select and decide on what theme to put on each denomination? Does it mean that less emphasis is placed on education that the education theme was featured on the $2 note?

The allocation of selected themes to various denominations is one of the many difficult processes in the development of the new currency notes. It is more an art than science. Among others, factors taken in considerations are the popularity of the theme, the progression of the notes and the colour of the notes.

For example, the garden city theme is most apt for the $5 denomination, given its green colour. The red of the $10 denomination renders vibrancy and robustness of sports. The education theme is appropriately put on the $2 denomination because education starts in everyone's earlier years. It is the aspirations of all Singaporeans to have a life-long education in acquiring new skills and knowledge to make them relevant in meeting the demanding knowledge-based economy. It is easily affordable for all school children undergoing the education system to pocket the $2 denomination.

Why confuse the public by incorporating so many security features in the portrait notes?

Security features are designed to make counterfeiting immensely difficult since what man makes, man can imitate. These are similar to hurdles so that the counterfeiters would have to overcome one feature after another before they could get any closer to the genuine notes. Many security features are put into the notes to help the public to authenticate the notes. Authentication of notes is not based on one feature but on several features. Whenever, one feature is in doubt, the public can then verify on other features to confirm the genuineness of the note.

What are the guidelines to the public on handling counterfeit notes?

The public should adopt the following courses of action:

a)	In the event when counterfeit notes are received, the public should not pass it on as it is a criminal offence;
b)	Take down the particulars of the person tendered the counterfeit note;
c)	Do not cut the note or write anything on it;
d)	When you are in doubt as to its currency status, you may authenticate it with MAS; and
e)	Lodge a report at any police station.

What are the public's expectations and considerations when designing the new currency note?

Ten ideals were established as guiding principles in designing the Portrait Series:

a)	Dignified design that promotes our national identity and aspirations;
b)	Security against counterfeiting;
c)	Practicality and ease of handling;
d)	Easy recognition by users;
e)	Easy differentiation by the visually impaired;
f)	Economic production;
g)	Durability;
h)	Suitability for currency-handling equipment;
i)	Acceptance by all users regardless of race, religion and culture; and
j)	Upgrading of currency notes without basic design changes.

Why change the "lion head" watermark on the portrait notes when the lion has always been a national symbol of Singapore?

The portrait is a more effective and useful feature. The watermark in the form of a portrait made it easier for the verification by the public. The 3-dimensional face of President Yusof bin Ishak could be readily recognised and distinguished from any face but not in the case of the lion's head. Although the lion's head is not used for the watermark on the Portrait notes, the Singapore Lion is featured as a front/back registration security feature next to the watermark. The Singapore 's identity is still retained.

Why are some $2 Portrait notes being printed with a red squarish symbol?

MAS launched the $2 Millennium 2000 note on 8 December 1999 as part of the Millennium 2000 celebration programme. Five million pieces of notes are printed with the Millennium 2000 logo in place of the prefix of the serial number. These notes are legal tender in Singapore.

Q10

How come the sudden radical change in using the portrait on the new currency notes?

A10

Portraits are more effective security features for the protection of currency notes against counterfeiting. Unlike animals or inanimate objects, differences in facial expression on the portrait notes are easily discernible. The distinctive fine lines are individual characters of an engraved portrait which are instantly recognisable and difficult to reproduce. Any slight change ie a line, a dot or even a slight variation in colour when producing a portrait would alter the expression. Portraits also provide an opportunity to honour national figures who have made valuable contributions to Singapore.

Q11

Where to purchase new crisp uncirculated mint condition currency notes?

A11

For Local Purchase
Mint condition notes of the current Portrait series may be purchased from the MAS Currency Department at the following address:

MAS Currency House
109 Pasir Panjang Road
Singapore 118536

The mint condition notes are sold at face value plus a premium of 5% of the face value and GST (applicable on the premium), but subject to a minimum of S$30. If you wish to purchase any new notes, please call MAS at 6349-4655, and indicate the quantity and denomination of the notes to be purchased. At least 2 working days' notice is required to process the order. Payment is in cash upon collection.

For Overseas Purchase
There is a postal restriction to send currency notes overseas in Singapore. However, overseas purchasers can make arrangements for a courier service provider to collect the currency notes from us and hand deliver to them. Purchasers are advised to take up insurance cover, as MAS is not liable for any loss or damage to the notes once they are handed over to the appointed agent.

Q12

Where to purchase specimen notes?

A12

MAS does not sell specimen notes.

Q13

Where could one exchange mutilated notes?

A13

Under the Currency Act, mutilated notes and dirty/damaged coins command no value. Any award for mutilated note and dirty/damaged coin is an act of grace by MAS.

Customers may deposit the notes at any commercial bank instead of direct one-for-one exchange. The assessed value will be awarded by the bank according to the guidelines from MAS, and where necessary banks may refer the notes to MAS for a more thorough assessment.

Should you encounter problems in the exchange, please call MAS at 6349-4655 or 6349-4615 for assistance.

Q14

What are auspicious numbers that are up for auction and how can we purchase them?

A14

Commonly known as "golden numbers", they are not fixed and may change over time, depending on feedback from note dealers and auction houses. But the 24 "golden numbers" presently identified are sure to appeal. They include notes with the first 10 numbers of each batch. And there's always the favourite "888888" number, viewed by Chinese as being an auspicious number.

"Golden number" notes are picked out from the rest of the notes and packed separately. For each prefix/batch of 999,999 notes, there are only 24 "golden numbers" identified by the MAS:

1	000001	11	111111	21	000088
2	000002	12	222222	22	000888
3	000003	13	333333	23	008888
4	000004	14	444444	24	088888
5	000005	15	555555
6	000006	16	666666
7	000007	17	777777
8	000008	18	888888
9	000009	19	999999
10	000010	20	123456

So called "golden number" notes are not sold. Twice a year, such currency notes go under the gavel to the highest bidder.

Q15

What is the value of commemorative/old series currency?

A15

The market value of commemorative/old series currencies depends on its present condition, theme, rarity, metal composition and uniqueness of design, as well as the demand and supply among collectors. The public may approach any of the coin and banknote dealers to ascertain the market value of commemorative coins. A non-exhaustive list of coin dealers is available on our website: Sale of Currency Souvenir. or commercial listings such as the Yellow Pages.

As a currency issuing authority, MAS does not participate in the secondary market to buy and sell commemorative/old series currencies at the market value. MAS would however stand ready to redeem them at their face value as provided for in the Currency Act.

Q16

Where could one exchange coins for notes?

A16

You may exchange coins for notes at any commercial bank, or the Singapore Mint during office hours.

The Singapore Mint
20 Teban Gardens Crescent
Singapore 608928
Tel: 6895 0276 or 6895 0364

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Last modified on 19/3/2007