- The Currency History of Singapore
Introduction
MAS maintains a collection of currency items that were used in Singapore since the 17th century. Currency notes and coins issued by MAS form part of the collection known as the MAS Heritage Collection (HC). Although it is an important part of Singapore's national heritage, it is by no means exhaustive and is intended as a guide for reference only.
The HC is primarily a reference collection for future generations as part of our heritage and it is not intended for public viewing. The purpose of building up the collection is for posterity and renders information about a variety of subjects pertaining not only to current issues but also to the early currencies and coinages used in Singapore. The scope of the Collection comprises tokens, coins and banknotes.
Brief History of Singapore
Singapore was founded by Sir Stamford Raffles in February 1819, and was administered from Fort Marlborough, Bencoolen, Sumatra, until June 1823. Thereafter Singapore was a dependency of Bengal until 1826, when it was amalgamated with Malacca and Penang to constitute the Presidency of the Straits Settlements.
In 1946, the Straits Settlements was dissolved and Singapore became a Crown Colony and included the dependencies of Cocos Keeling Islands and Christmas Islands. On 15 September 1963, Singapore joined Malaya, Sarawak and British North Borneo to form Malaysia. On 9 August 1965, Singapore left Malaysia and became an independent Republic.
The Currency History of Singapore
(I)
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Period 1600-1826
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| a) |
Local Money |
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Singapore has its own rich currency heritage that can be traced back to time before it was founded by Sir Stamford Raffles in 1819. Coins found from sites such as Fort Canning Hill and the new Parliament House Complex, dating back as early as 10th and 11th centuries proved that Singapore was already a busy trading centre long before the establishment of the British East India Company in the region.
Research has shown that from 8th century AD, Chinese copper cash imported by Chinese merchants became the main currency for trade in the Malay Peninsula. A local indigenous version, pitis, cast from tin eventually evolved from this model during the last two decades of the 18th century.
By the 15th century, currencies made from native materials such as gold, tin and pewter were used. These included tampang or money cast in shapes of pagodas and pyramids and tin-animal money. The tampang developed into the lighter hollow 'tin-hat' shape and was used up to 1893. Some states such as Johore, Kelantan and Trengganu also issued gold coins from the 15th to 18th centuries, while conventional shaped tin coins appeared in Malacca in the 15th century. Pewter coins were issued in Trengganu and Kelantan in the 18th century.
Please refer to Annex for illustration of an array of local money.
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| (b) |
Foreign Coins Used in the Malay Peninsula and Borneo |
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The Malay Peninsula was a central emporium of trade between the Chinese merchants in the east and the Indian as well as Arab traders. A variety of other currencies were issued in the Malay Peninsula by the 15th century. There was no dominant native currency. The Spanish dollar was the main unit of account and other coins were also in circulation. The early days of the Straits Settlements of Singapore were marked by an acute shortage of currency. Indian and Penang coinage were the official standards, but merchants preferred the Spanish and Mexican silver dollars because of the high quality silver in these coins. Owing to the wide and varied trade in the island, a much greater range of silver dollars such as the Peruvian, Bolivian, Hong Kong and American dollars and the Japanese Yen were also in circulation. Under those circumstances, a problem of an established exchange medium arose.
Please refer to Annex for illustration of foreign currencies.
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| (c) |
Trade Coinages -Portcullis Money (1600 - 1601) |
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The Portcullis trade coins were struck at the command of Queen Elizabeth I to be used for trade by the East India Company in the East Indies in the same that the British Trade Dollar circulated in the Far East some 300 years later. These were the first coins issued for the British Empire outside the normal coinage that were issued for England. These coins show no denomination, but they were issued to be equivalent to the 1, 2, 4 and 8 Spanish reale coins. Their denominations were usually referred to as testerns.
The coins were struck for the first and last time in January 1601 and they formed a part of the money supply in the East Indies in 1602. But the East Indies did not readily accept these English trade coins.
Please refer to Annex for illustration of currency.
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| (d) |
First Coin of Singapore (1819- 1848) |
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In 1824 the Calcutta Mint in India designed a copper 1/3-cent and silver 1/30th dollar for circulation in Singapore. The 1/30th dollar was not produced as the dies were damaged. The silver and copper coins were struck from the pair of 1/3-cent dies. However, as a result of certain objections and difficulties raised by the Calcutta Mint master, the coinage failed to mature.
Please refer to Annex for illustration of the first coin of Singapore
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(II)
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Period 1826 - 1867
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| (a) |
Singapore Merchant Tokens (1828 -1853) |
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Merchant tokens were "imitation" coins produced by Singapore Merchants in the 19th century to facilitate trade and commerce in the Malay Archipelago. These tokens owed its origin to the phenomenal growth of Singapore as a center of trade in the region. The Singapore Merchants felt that they should not be dependent on the Dutch for the subsidiary coinage and asked the English East India Company to provide the suitable coinage. This failed and the merchants resorted to the issue of their own doits which became known as 'Merchant Tokens'.
The initial tokens were imitations of the East India Company 1-keping coins, which were the predominant currency, used in the Sumatra Trade. In 1830, the Singapore merchants commenced the issue of tokens imitating the Dutch quarter stiver. The initial issue of tokens proved to be successful as they easily gained the acceptance of the native traders. By 1832, the tokens were firmly established and with the increasing development of trade, they were in constant demand.
Subsequently, tokens of a more varied type were introduced. A series was produced for the States in the Malay Peninsula. Further issues were struck for Sumatra States and the Celebes. These tokens were in general use in Singapore. The official Dutch doits were generally replaced by the tokens in the native states. However, with the protest by the Dutch on the imitation of the Dutch doits, the British government began to intervene and minting of the tokens was suppressed. The Singapore merchants however, refused to be deterred as they had no intention of leaving the supply of copper coinage in the hands of the Dutch which would deprive them of a share in the very lucrative trade. The merchants promptly placed new orders for tokens not imitating any official coin. This resulted in the general extension of the 'cock' tokens that became the standard design. The Soho Mint in Birmingham, UK, produced the 'cock' tokens. There were numerous die variations of the 'cock' tokens.
These tokens continued to circulate until the demand fell after 1847 when the East India Company introduced the first copper coinage for the Straits Settlements.
Please refer to Annex for illustration of currency.
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| (b) |
First Paper Money of Singapore (1860 - 1936) |
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In 1824, Singapore secured its position as a permanent trading settlement as a result of the Anglo-Dutch Treaty. One of the most urgent needs of Singapore as the rapidly expanding commercial centre was an efficient banking system. The first paper currency used in Singapore was issued by private commercial banks in the 18th and 19th centuries. They were issued by a number of private banks such as the Asiatic Banking Corporation, The Oriental Bank Corporation, The Chartered Mercantile Bank of India, London & China and The HongKong and Shanghai Banking Corporation.
Please refer to Annex for illustration of currency
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(III)
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Period 1867 - 1962
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| (a) |
Tokens |
| i) |
Cocos Keeling Islands (1882 - 1955) |
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The Cocos Keeling Islands, named after Captain William Keeling who discovered them in 1609, consist of 27 small coral islands with an area of about 5 miles. They are situated in the eastern part of the Indian Ocean, south of Sumatra. The islands were declared a British possession in 1857. In 1903, they were annexed to the Straits Settlements and incorporated within the settlement of Singapore. Token note currency made of sheepskin was issued for circulation sometime in 1875. In 1913, the note issues were replaced with tokens made of ivory or bone which circulated until after the islands were transferred to the Australian administration on 3 November 1955. The Australian authority gradually replaced the tokens with Australian currency.
Please refer to Annex for illustration of currency.
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| ii) |
Pulau Bukom (Asiatic Petroleum Company 1920 - 1921) |
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Pulau Bukom was a British owned Island about 7 miles from Singapore. It contained an important oil depot of the Asiatic Petroleum Company. The Asiatic Petroleum Company introduced ?? and 1¢ token in 1920 for use by its employees in Pulau Bukom due to a shortage of small coinage. These tokens were produced by the workshops of the Singapore Harbour Board, which also paid its coolies with tokens.
Please refer to Annex for illustration of currency.
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| iii) |
Rubber Export Coupons (1922 - 1941) |
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During the depression of the First World War, the natural rubber in South East Asia suffered falling prices due to over production. To protect the rubber industry, the British and the Dutch impose a restriction on the export of natural rubber. A fixed quota was allowed to each plantation in Malaya. Rubber coupons were issued to control each sale to exporters. These coupons specified different weights from katis to piculs.
Please refer to Annex for illustration of currency.
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| (b) |
Unofficial Subsidiary Currencies |
| i) |
British North Borneo (1877 - 1941) |
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On 12 May 1888, British North Borneo became a Crown Colony and was placed under British protection. The currency ties between the two States went as far back as the later part of the 19th century when the coinage of the Straits Settlements circulated freely in British Borneo. Later in 1914, when the Straits Settlements introduced their own coinage, they were declared legal tender in the State of North Borneo.
The first local coinage instituted by the British North Borneo Company for the State was the one cent copper coin struck in Birmingham, UK by Heaton and Sons in 1882. This was soon followed by an issue of currency notes in denominations of $1, $5 and $25. Other denomination of coins and notes were issued later.
British North Borneo or Sabah as it is now known, had shared a common currency with Singapore from 1952 to 1967 when it was part of the currency union under the Board of Commissioners of Currency, Malaya and British Borneo. The currency of the British North Borneo was demonetized on 1 September 1953. After which, the currency of the Board of Commissioners of Currency, Malaya and British Borneo became the sole legal tender currency.
Please refer to Annex for illustration of currency.
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| ii) |
Sarawak (1840- 1946) |
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Sarawak is a state in north-west Borneo and originally a part of the Sultanate of Brunei. Sir James Brooke obtained from the government a part of the present territory on 24 September 1841 from the Sultan of Brunei. On 1 July 1946 Sarawak came under the British Crown. The currency has been based on the dollar standard of Singapore, and since 1863, Sarawak currency history has followed, in principle, that of the Straits Settlements.
Sarawak issued its own coinage from 1841 to 1941. It also issued its own banknotes from 1929 to 1945. They were circulated freely in Singapore until legislative action was taken in Singapore to prevent the circulation of foreign currencies.
Please refer to Annex for illustration of currency.
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| (c) |
Official Currencies of The Straits Settlements (1826-1939) |
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In 1826, the 3 settlements of Malacca, Penang and Singapore were brought together under the rule of the British East India Company in Calcutta. Attempts to make the rupee the official currency were met with protests by the merchants. There was no official coinage until 1844 when the British East India Company relented and decided to introduce its own coinage in denominations of ??, ?? and 1¢ for use in the Straits Settlements.
In 1858, the Straits Settlements became part of the British India and coinage in denominations of ??, ?? and 1¢ were issued in 1862 bearing the inscription 'India Straits'.
In 1867, the Straits Settlements was transferred from the Indian Government to the Imperial Government and became a Crown Colony. With its new status, the first coins in 5¢, 10¢ and 20¢ bearing the inscription 'Straits Settlements' were issued in 1871.
The Straits Settlements currency notes were first issued in 1898. The first note of the Straits Settlements was the $5 note bearing the year- date 1898.
Please refer to Annex for illustration of currency
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British Trade Dollars (1895-1935)
Although the 1845 copper coinage was eventually introduced in the Straits Settlements, nothing transpired as far as the British dollar was concerned until the later part of the 19th century. Between 1875 and 1895, a rapid rise on the price of silver lead to a scarcity of the Mexican dollar and threatened a currency famine. To overcome this shortage, approval was finally given in 1894 for the issue of a British dollar for general use in the Far East Trade. In 1895, this coin was given legal tender status in the British colonies of Straits Settlements, Hong Kong and Labuan.
The British Trade dollar which carried no designation of the country of issue was struck at the Bombay Mint, Calcutta Mint and Royal Mint between 1895 and 1935. However, the circulation of the coin in the Straits Settlements was for a short duration. In 1903 the Straits Settlements introduced their own special dollar coin and the British dollar was gradually withdrawn from circulation.
Please refer to Annex for illustration of currency
Currencies of the Board of Commissioners of Currency, Malaya (1939-1951)
The Malayan currency was under review in September 1933 and in October 1938, the Board of Commissioners of Currency, Malaya was formed to issue a Pan Malayan currency. Coinages for Malaya bore the effigy of King George VI. On 8 December 1941, the Japanese attacked Malaya and started issuing their "Banana Money"
After the war in 1945, no value was accorded to the Japanese 'banana' notes then in circulation. New currency notes comprising 1¢, 5¢, 10¢, 20¢, 50¢, $1 and $10 notes dated 1 July 1941 and $50, $100, $1,000 and $10,000 dated 1 January 1941 which had been printed in Britain before or during the occupation were put into circulation. In addition, the 1940 $10 note issued by the Board of Commissioners of Currency, Malaya and the old Straits Settlements notes except the $1,000, $10,000, 10¢ and 25¢ were declared legal tender. The end of the war also saw the dissolution of the Straits Settlements, with Penang and Malacca transferred to the Malayan Union and Singapore designated as a British Crown Colony. The Board of Commissioners of Currency, Malaya ceased to exist on 1 January 1951 and a new agreement was negotiated with the governments of the Federation of Malaya, the colonies of Singapore, Sarawak, North Borneo (Sabah) and the State of Brunei.
Please refer to Annex for illustration of currency
Japanese Invasion Currency (1942-1945)
Japanese forces invaded Malaya on 17 December 1941 and completed their conquest of the Peninsular in February 1942 when Singapore surrendered. The Japanese Army brought with them serially numbered $1, $5 and $10 notes. These notes, with a code letter 'M' bore the inscription 'The Japanese Government Promises To Pay The Bearer On Demand'. The currency notes were intended to circulate at par with the existing British Malayan currency notes. Later, when the British Malayan currency notes were withdrawn, minor notes in denominations of 1¢, 5¢, 10¢ and 50¢ were issued in place of coins.
Please refer to Annex for illustration of currency
Currencies of the Board of Commissioners of Currency, Malaya and British Borneo (1952-1957)
The Board of Commissioners of Currency, Malaya and British Borneo was established on 1 January 1952 as the sole currency issuing authority for the Federation of Malaya, Singapore, Brunei, British North Borneo and Sarawak. With the accession of Queen Elizabeth II to the throne, all currency notes and coins issued by this Board bore her portrait. These notes bore the year-date 21 March 1953.
Please refer to Annex for illustration of currency
Currencies of the Independent Malaya (1957 -1963)
The Federation of Malaya gained its independence on 31 August 1957 while Singapore achieved self-government on 3 June 1959. Reflecting the changes, the Board of Commissioners of Currency, Malaya and British Borneo issued new $1 and $10 notes. A 1¢ coin was also released. No new currency was released during this period when Singapore became a member of Malaysia on 1 September 1963.
Please refer to Annex for illustration of currency
On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued its own currency. The currencies of the 3 countries were interchangeable at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day.
Information Extracted From:
i. The Encyclopaedia of The Coins of Malaysia, Singapore and Brunei 1400-1986 by Saran Singh
ii. Standard Catalogue of Coins and Banknotes of Malaysia, Singapore and Brunei, 1700-1976 by Saran Singh, Mohd Kassim Haji Ali, CCLow and Tony Lye Fong Nge
iii. Coins and Coinages of the Straits Settlements and British Malaya , 1786-1951 by F Pridmore
iv. The Guidebook and Catalogue of British Commonwealth coins -3rd Edition, 1649-1971 by Jerome Remick, Somer James, Anthony Dowle & Patrick Finn
v. Coins of the British Commonwealth of Nations, Part 2 by F Pridmore
vi. "Making Cents of History" exhibition held at Singapore History Museum
