Singapore, 29 July 2004...The Monetary Authority of Singapore (MAS) today announced that it will gradually introduce new portrait notes into circulation from early August 2004 onwards.  The design of the new notes is similar to the current portrait notes, except that MAS' symbols replace those of the Board of Commissioners of Currency, Singapore (BCCS).

2   MAS took over the currency-issuance function after merging with BCCS on 1 October 2002.  While notes issued under BCCS remain legal tender and continue to be issued, the first reprint of the portrait notes gives MAS the opportunity after the merger to update the design and reflect the change. These notes are stock replenishment to replace soiled ones withdrawn from circulation, and to meet any increase in demand for notes. 

3   The key changes are:

a)  The BCCS logo and text "BCCS" in the optical variable device (octagonal foil) are updated to the MAS logo and Singapore Lion symbol respectively. In addition, the new foil has a new security feature in the form of demetallised text corresponding to the denomination at the bottom left hand corner eg the $50 has the text "SINGAPORE 50 DOLLARS".

b)  Issuing authority is updated to "MONETARY AUTHORITY OF SINGAPORE".

c)  Micro-text "BOARD OF COMMISSIONERS OF CURRENCY, SINGAPORE" is updated to "MONETARY AUTHORTIY OF SINGAPORE".

d)  The denomination numeral at the centre of the note is filled with the letters "MAS" instead of "BCCS".

e)  Latent image of the BCCS logo is updated to the MAS logo.

Please refer to Annex A (125.9 KB) for illustrations and explanations on the key design changes. 

4   The new notes retain all the security features of the existing portrait notes, including the octagonal foil, multi-tone and highlight watermarks, security thread, intaglio (raised ink) printing, invisible fluorescent fibres, fluorescent ink, latent images and serial numbers.

5   Two denominations, $5 and $50 will go into circulation in August 2004.  The $2 and $10 notes will be issued in January 2005.  The design for $100, $1000 and $10000 denominations will be updated at the next reprint.

6   All existing portrait notes with symbols of BCCS will continue to circulate alongside the new portrait notes.  MAS will not make special arrangements to withdraw the existing portrait notes from circulation. 

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