Currency Legal Tender
What is considered legal tender?
Under the Currency Act , notes and coins issued by the Monetary Authority of Singapore (MAS) are legal tender in Singapore. This means that they are recognised by law to be valid for settling of debt or meeting a financial obligation (e.g. payment for goods and services). It does not, however, mean that all quantities and denominations must be accepted as payment under all circumstances.
Vendors have the discretion to decide how they wish to receive payments, as the payment of goods and services is an agreement between a willing buyer and a willing seller. Under the Currency Act , if a seller does not wish to accept any or all denominations of coins or notes as payment, the seller may provide a written notice to inform potential buyers.
Vendors have the discretion to decide how they wish to receive payments, as the payment of goods and services is an agreement between a willing buyer and a willing seller. Under the Currency Act , if a seller does not wish to accept any or all denominations of coins or notes as payment, the seller may provide a written notice to inform potential buyers.
Are commemorative notes and coins legal tender?
All currency notes and coins issued by the Monetary Authority of Singapore (MAS) since 1967 (including commemorative currency) are legal tender and can be used to pay for goods and services in Singapore.
What is the legal tender limit for notes/coins? Can a vendor or customer use quantities above the legal tender limit to make payment/return as change?
There is no legal tender limit for notes. However, for coins, there is a limit of 20 coins per denomination for each transaction (see Section 13(3) of the Currency Act 1967 ).
A vendor is only obliged to accept payments up to this legal tender limit and can reject any payment exceeding the limit. This is to reduce inconvenience to vendors and their waiting customers should a customer wish to offer a large quantity of coins for payment.
However, if both parties agree before entering into a transaction, a vendor and customer may still use quantities of coins above the legal tender limit.
A vendor is only obliged to accept payments up to this legal tender limit and can reject any payment exceeding the limit. This is to reduce inconvenience to vendors and their waiting customers should a customer wish to offer a large quantity of coins for payment.
However, if both parties agree before entering into a transaction, a vendor and customer may still use quantities of coins above the legal tender limit.
Can a vendor refuse to accept cash or certain denominations (e.g. 5-cent coin) as payment?
As the payment for goods and services is an agreement between a willing buyer and a willing seller, both the seller and the buyer can specify how the payment is to be made.
Vendors usually consider several factors when deciding payment terms, such as the value of transaction, cost of acceptance and convenience to customers. Under the Currency Act , if a vendor does not wish to accept any or certain denominations of coins or notes as payment, he/she can provide a written notice to inform potential customers. This serves to highlight the proposed terms of payment to the customers and help customers make a decision on whether to go ahead with the transaction.
If the vendor displays a written notice stating their payment requirements (for example, stating that cash or 5-cent coins are not accepted), they have acted in accordance with the Currency Act and can reject any form of payment stated in the written notice.
If no written notice is provided, the customer is entitled to make payment in all denominations of currency notes and coins (up to the legal tender limit for coins) to satisfy the debt incurred. Read more information on acceptance of legal tender.
Vendors usually consider several factors when deciding payment terms, such as the value of transaction, cost of acceptance and convenience to customers. Under the Currency Act , if a vendor does not wish to accept any or certain denominations of coins or notes as payment, he/she can provide a written notice to inform potential customers. This serves to highlight the proposed terms of payment to the customers and help customers make a decision on whether to go ahead with the transaction.
If the vendor displays a written notice stating their payment requirements (for example, stating that cash or 5-cent coins are not accepted), they have acted in accordance with the Currency Act and can reject any form of payment stated in the written notice.
If no written notice is provided, the customer is entitled to make payment in all denominations of currency notes and coins (up to the legal tender limit for coins) to satisfy the debt incurred. Read more information on acceptance of legal tender.
Can a vendor refuse to accept Brunei notes or coins?
Under the Brunei-Singapore Currency Interchangeability Agreement (CIA), Brunei Darussalam's and Singapore's currencies can be exchanged at par and without charge at the respective countries’ local banks.
While private entities (including individuals and businesses) cannot be forced to accept the Brunei currency for payment of goods and services in Singapore, the Monetary Authority of Singapore has been educating and encouraging them on the acceptance of Brunei currency in Singapore, in keeping with the spirit of the Agreement.
If you encounter difficulties paying a vendor in Brunei currency in Singapore, you can provide MAS via the online feedback form with the following details so that we can engage the respective vendor accordingly:
While private entities (including individuals and businesses) cannot be forced to accept the Brunei currency for payment of goods and services in Singapore, the Monetary Authority of Singapore has been educating and encouraging them on the acceptance of Brunei currency in Singapore, in keeping with the spirit of the Agreement.
If you encounter difficulties paying a vendor in Brunei currency in Singapore, you can provide MAS via the online feedback form with the following details so that we can engage the respective vendor accordingly:
- Name, full address of the vendor, and if possible, their telephone number.
- Date and time of the incident.
- Details of the purchase and what was said by the vendor.
Are $1,000 or $10,000 notes still legal tender? Where can I obtain them?
MAS stopped issuing $1,000 and $10,000 notes since 1 January 2021 and 1 October 2014 respectively. However, existing $1,000 and $10,000 notes in circulation are still legal tender in Singapore. The discontinuation of the $1,000 and $10,000 notes were a pre-emptive move to mitigate the money laundering and terrorism financing risks associated with large denomination notes. Discontinuing a high denomination note has also been the practice in other jurisdictions.
Banks have ceased the recirculation of $10,000 note since 2014. However, banks can continue to recirculate existing $1,000 notes that are deposited with them. You can approach banks to enquire about the availability of $1,000 notes.
Alternatively, you may consider contacting Mavin International Pte Ltd , which regularly conducts auctions of Singapore currency or contact coin and banknote dealers to enquire about the availability of $1,000 and $10,000 notes.
Banks have ceased the recirculation of $10,000 note since 2014. However, banks can continue to recirculate existing $1,000 notes that are deposited with them. You can approach banks to enquire about the availability of $1,000 notes.
Alternatively, you may consider contacting Mavin International Pte Ltd , which regularly conducts auctions of Singapore currency or contact coin and banknote dealers to enquire about the availability of $1,000 and $10,000 notes.
Mutilated (Damaged) Currency
Where can I exchange my torn or mutilated (damaged) notes?
Under the Singapore Currency Act, mutilated notes command no value. However, MAS may, out of goodwill, award value to mutilated notes provided there is no evidence suggesting that they have been deliberately mutilated.
You can take your torn or mutilated (damaged) notes to any commercial bank in Singapore where you have a bank account. The bank will authenticate and assess the note before award value according to the Monetary Authority of Singapore's guidelines.
If the bank has assessed that your torn or mutilated (damaged) notes are genuine and were not wilfully or deliberately damaged, the assessed value will be credited directly into your bank account.
If the bank is unable to assess the value, the mutilated (damaged) note will be sent to MAS for assessment. After MAS has assessed value, the bank will credit the assessed value to your bank account.
Please let us know details of the bank and name of the counter staff via the online feedback form, if the bank is not willing to accept the notes for assessment.
Where can I exchange my mutilated (damaged) coins?
Under the Singapore Currency Act, mutilated coins command no value. However, MAS may, out of goodwill, award value to mutilated coins provided there is no evidence suggesting that they have been deliberately mutilated.
You can take your mutilated (damaged) coins to any commercial bank in Singapore where you have a bank account or deposit them at MAS' appointed Circulation Coin Operator and Manager (CCOM), Certis CISCO Secure Logistics Pte Ltd (CSL) .
The bank or CSL will assess and award value according to the Monetary Authority of Singapore's guidelines.
If the bank or CSL has assessed that your damaged coins are genuine and were not wilfully or deliberately damaged, the assessed value will be credited directly into your bank account.
If the bank is unable to assess the value, the mutilated coins will be sent to CSL for assessment. After CSL has assessed value, the assessed value will be credited to your bank account.
Exchanging Old Currency
What can I do with past series (old) notes and coins?
All currency notes and coins issued by the Monetary Authority of Singapore since 1967 are still legal tender and can be used to pay for goods and services in Singapore.
Alternatively, you can redeem past series notes and coins over the counter at a commercial bank in Singapore where you have a bank account. You may also deposit past series coins at MAS' appointed Circulation Coins Operator and Manager (CCOM), Certis CISCO Secure Logistics Pte Ltd (CSL) via their self-service coin deposit machines or over the counter.
The bank or CSL will verify the authenticity of your currency before crediting the value into your bank account.
Identifying Genuine Currency
How can I verify if a note or coin is genuine?
Each Singapore note and coin has various advanced security features to minimise the risk of counterfeiting. It is important for you to be aware of these security features to distinguish between genuine and counterfeit currency.
Refer to the following to find out more about the full range of security features of Singapore currency, and ways you can identify if your currency is genuine:
Security Features of Singapore Paper Notes
Security Features of Singapore Polymer Notes
Security Features of Singapore Coins
What should I do if I suspect that a note or coin is not genuine?
Avoid using the currency and keep it in the condition as it was found or received. If applicable, note down the particulars of the person or name of the vendor from whom you received the counterfeit currency.
You should file a report at the nearest police station immediately.
If you have doubts, you may find out how you can verify the authenticity of a Singapore currency or contact us via online feedback form to find out how you can have it verified physically.
If you have doubts, you may find out how you can verify the authenticity of a Singapore currency or contact us via online feedback form to find out how you can have it verified physically.
Distribution and Issuing of Currency
Does the Monetary Authority of Singapore sell or issue uncirculated notes to members of the public?
Monetary Authority of Singapore (MAS) does not sell or issue to, or exchange new notes or coins with, the public. If you wish to have brand new notes or coins, contact a commercial bank in Singapore directly to check if they have any stock available.
When I exchange notes at the bank, why are the new notes I receive not arranged in sequence according to their serial number?
The new notes you received may not be arranged in sequence according to their serial number due to the following reasons:
- Notes are inspected during the printing process and defective notes are rejected.
- The serial numbers of the rejected defective notes will thus be excluded from the new notes you receive.
- Notes are packed by automated packing machines after inspection, where notes from different inspection batches may be packed together.
The inspection and packing process is adopted for the printing of all Singapore notes.
Using Images of Singapore Currency
When do I need to request permission for use of Singapore currency images?
You must seek approval from Monetary Authority of Singapore (MAS) if you wish to import, manufacture, sell, circulate or distribute any merchandise or product containing a reproduction, design, or any part of it, used in or on any currency note or coin and conditions as defined in Using Images of Singapore Currency.
Do I have to follow certain guidelines before I can use images of Singapore currency?
Yes, you must adhere to the conditions for reproduction of currency notes or coins set out in Currency Act Gazette Notification No. 2078 of 11 August 2006 when using images of Singapore currency.
Permission from MAS is required to reproduce any Singapore currency notes or coins, except for certain permissible scenarios. Find out more on how you can use images of Singapore currency.
Commemorative and Numismatic Currency
Where can I purchase past commemorative notes and coins?
Commemorative notes and coins are issued as one-off currency for a limited time only. The Monetary Authority of Singapore (MAS) and commercial banks do not carry any remaining stocks of past commemorative notes and coins. MAS also does not participate in secondary market transactions of commemorative currencies.
You may consider contacting Mavin International Pte Ltd , which regularly conducts auctions of Singapore currency. Alternatively, you may contact coin and banknote dealers to enquire about the availability of past commemorative currencies that you are interested in.
How do I redeem the face value of commemorative or numismatic notes and coins?
For commemorative/numismatic coins, you may approach either of the following organisations:
- Certis CISCO Secure Logistics Pte Ltd (CSL) , MAS' appointed Circulation Coins Operator and Manager (CCOM).
- The Singapore Mint .
Find out more about the redemption of commemorative currency.
I have commemorative and numismatic coins that are rusty. Who can I approach to clean them?
You may contact the Singapore Mint with regards to the cleaning of commemorative/numismatic coins.
General Questions
Where can I find statistical information on Currency in Circulation?
Statistical information on the value of notes and coins relating to Currency in Circulation can be found on our website.
For information on monthly active Currency in Circulation, it can be found in MAS Monthly Statistical Bulletin - I.1 Money Supply (SGD).
Will the Monetary Authority of Singapore issue more new notes during festive seasons?
MAS issues approximately 100 million pieces of new notes to meet the demand each year during festive seasons. These new notes are used once for gifting, and a significant number are returned to MAS shortly after each festive season (e.g. Lunar New Year).
While most of these returned notes are recirculated to meet demand (e.g., replace unfit notes in circulation), the excess will accumulate and are subsequently destroyed before the end of their useful life as they far exceed replacement demand. This impacts the environment negatively, by contributing to unnecessary carbon emissions generated from the production, transportation, and destruction of such notes.
As an alternative, MAS encourages members of public to adopt digital gifting or to use fit notes for those who prefer physical gifting, to reduce wastage of resources and preserve the environment.
While most of these returned notes are recirculated to meet demand (e.g., replace unfit notes in circulation), the excess will accumulate and are subsequently destroyed before the end of their useful life as they far exceed replacement demand. This impacts the environment negatively, by contributing to unnecessary carbon emissions generated from the production, transportation, and destruction of such notes.
As an alternative, MAS encourages members of public to adopt digital gifting or to use fit notes for those who prefer physical gifting, to reduce wastage of resources and preserve the environment.
When will new notes for the festive seasons be available for exchange at the banks?
Why are there only limited new notes available for exchange at the banks during any festive season?
Given the limited supply of new notes, commercial banks may set a quota of new notes issued per transaction to manage its distribution to the public during festive seasons.
Does the material used to produce polymer notes contain animal byproducts?
Independent tests commissioned by the supplier of the base material for Singapore’s polymer notes (such as the Portrait Series $2, $5 and $10 denominations) have shown that it does not have any animal byproducts such as animal DNA, cells, tallow or animal‐derived fats.
What is this Fit-for-Gifting notes (Fit notes) promotion during this Lunar New Year (LNY) all about?
The issuance of new notes to meet the demand for festive gifting wastes resources and generates unnecessary carbon emissions. A large majority of new notes are used only once for gifting, and are returned to MAS shortly after each LNY. While most of the returned notes are recirculated to meet public demand, such as to replace unfit notes in circulation, the volume of such notes far exceeds replacement needs. The excess notes are subsequently destroyed before the end of their useful life. The carbon emissions from the issuance of excess new notes annually are comparable to powering 430 four-room HDB flats. It would require 10,000 new trees to be planted to offset the emissions.
The practice of printing new notes for festive gifting and subsequently destroying most of them is not in line with environmental sustainability and Singapore’s aspiration to achieve net zero carbon emissions by 2050 as part of the global effort to mitigate climate change.
MAS and The Association of Banks are thus encouraging the use of Fit notes, a more sustainable option, during festive gifting to reduce the environmental impact of new notes issuance. Members of the public giving physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes.
For more information on Fit notes, please visit here.
The practice of printing new notes for festive gifting and subsequently destroying most of them is not in line with environmental sustainability and Singapore’s aspiration to achieve net zero carbon emissions by 2050 as part of the global effort to mitigate climate change.
MAS and The Association of Banks are thus encouraging the use of Fit notes, a more sustainable option, during festive gifting to reduce the environmental impact of new notes issuance. Members of the public giving physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes.
For more information on Fit notes, please visit here.
Need more help? Write to us and we will try to resolve your issue.