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money cowrie

Singapore dollar

The dollar (sign: $; code: SGD) is the currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

History

Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.

Singapore continued to use the common currency upon joining Malaysia in 1963 but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, although interchangeability with the Brunei dollar is still maintained until now.

Initially, the Singapore dollar was pegged to the British pound sterling at a rate of S$60 = £7. This peg lasted until the demise of the Sterling Area in the early 1970s, after which the Singapore dollar was linked to the US dollar for a short period of time. As Singapore's economy grew and its trade links diversified to many other countries and regions, Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973-1985. From 1985 onwards, Singapore adopted a more market-oriented exchange regime - classified as a Monitoring Band - in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This in theory allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive. All issued Singapore dollar currency in circulation is fully backed by international assets to maintain public confidence.

The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the MAS.

Coins

In 1967, the first series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. Except for the bronze 1 cent, these coins were struck in cupro-nickel. In 1985, a second series of coins was introduced in the same denominations. The sizes of the coins were reduced (most substantially for the larger denominations) and the 5 cents was struck in aluminium-bronze. In 1987, the 1 dollar coin was further reduced in size and switched to being struck in aluminium-bronze.

First Series (1967 - 1985)
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent 17.780 mm 1.118 mm 1.940 g Bronze Plain Value and Year A high - rise public housing block with a fountain in front and clouds in the background June 12, 1967
1 cent 1.240 g Copper-clad steel 1976
5 cents 16.26 mm 1.02 mm 1.410 g Cupro-nickel Milled Value and Year A snake-bird sitting in its nest and preening its feathers. June 12, 1967
5 cents 1.260 g Cupro-nickel clad steel
5 cents (FAO) 21.23 mm 1.27 mm 1.240 g Aluminium A fish and the phrases "INCREASE PRODUCTION" and "MORE FOOD FROM THE SEA." 1971
10 cents 19.41 mm 1.40 mm 2.83 g Cupro-nickel A seahorse with a stylized piece of seaweed. June 12, 1967
20 cents 23.60 mm 1.78 mm 5.66 g A swordfish against a background symbolizing water.
50 cents 27.76 mm 2.03 mm 9.33 g A lionfish from tropical waters.
$1 33.32 mm 2.39 mm 16.85g A stylized Singapore lion symbol flanked by two stalks of paddy.

The current series of coins feature the Coat of Arms of Singapore on the obverse, and a floral theme on the reverse.

Second Series (1985 - present)
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent 15.9 mm 1.1 mm 1.24 g Copper-plated zinc Plain Coat of Arms, "Singapore" in 4 official languages Value, Vanda Miss Joaquim September 28, 1987
5 cents 16.75 mm 1.22 mm 1.56 g Aluminium bronze Reeded Coat of Arms, "Singapore" in 4 official languages Value, Monstera deliciosa December 2, 1985
10 cents 18.5 mm 1.38 mm 2.6 g Cupronickel Reeded Coat of Arms, "Singapore" in 4 official languages Value, Jasminum multiflorum December 2, 1985
20 cents 21.36 mm 1.72 mm 4.5 g Value, Calliandra surinamensis
50 cents 24.66 mm 2.06 mm 7.29 g Reeded Value, Allamanda Cathartica December 2, 1985
50 cents Inscribed "REPUBLIC OF SINGAPORE" and the lion symbol May 28, 1990
$1 22.40 mm 2.4 mm 6.3 g Aluminium bronze Inscribed "REPUBLIC OF SINGAPORE" and the lion symbol Coat of Arms, "Singapore" in 4 official languages Value, Lochnera rosea September 28, 1987
Note:

  • 6.81 million 1 cent coins are in circulation as at 1 December 2006, but are no longer issued since 2003.
  • 5.86 million 5 cent coins are still in circulation as at 1 December 2006, but are no longer issued.

Banknotes

On June 12, 1967, the first series of notes, known as the Orchid series, was introduced in denominations of 1, 5, 10,50, 100 and 1000 dollars. 25 and 500 dollar notes were introduced in 1972, followed by 10,000 dollars in 1973. Between 1976 and 1980, the Bird series was introduced, including a 20 dollar note introduced in 1979. This series did not include a 25 dollar note. The Ship series was introduced between 1985 and 1989 in the same denominations except for the absence of a 20 dollar note. Notes for 2 dollars were introduced in 1990.

4th Series - Portrait Series (1999 - present)
Image Value Dimensions Main Colour Description Date of issue Status Remark
Obverse Reverse Obverse Reverse
$2 126 × 63 mm Purple Yusof bin Ishak, Money Cowrie Education September 9, 1999 Circulation paper
January 12, 2006 polymer
$5 133 × 66 mm Green President Yusof bin Ishak, Gold-Ringed Cowrie Garden City September 9, 1999 paper
May 18, 2007 polymer
$10 141 × 69 mm Red President Yusof bin Ishak, Wandering Cowrie Sports September 9, 1999 paper
May 4, 2004 polymer
$50 156 × 74 mm Blue President Yusof bin Ishak, Cylindrical Cowrie Arts September 9, 1999 paper
$100 162 × 77 mm Orange President Yusof bin Ishak, Swallow Cowrie Youth paper
$1000 170 × 83 mm Purple President Yusof bin Ishak, Beautiful Cowrie Government paper
$10000 180 × 90 mm gold President Yusof bin Ishak, Onyx Cowrie Economics paper
The current Portrait series was introduced in 1999, with the 1 and 500 dollar denominations omitted. These notes feature the face of Yusof bin Ishak, the first president of the Republic of Singapore, on the obverse, and the reverse depicts a feature of civic virtue. There are both paper and polymer notes in circulation. The designs of the polymer notes are very similar to the corresponding paper note except for the slightly slippery feel and a small transparent window design in the corner of the banknote. Polymer notes are progressively replacing the paper banknotes in circulation. On 27 June 2007, to commemorate 40 years of currency agreement with Brunei, the $20 note was launched; the back is identical to the Bruneian $20 note launched concurrently. A circulation version of the $20 note can be exchanged at banks in Singapore beginning July 16, 2007, limited to two pieces per transaction.

Singapore Portrait Series comemorative banknote
Image Value Dimensions Main Colour Description Date of issue Remark
Obverse Reverse Obverse Reverse
$20 145 × 69 mm yellow/brown President Yusof bin Ishak,“Dendrobium Puan Noor Aishah” orchid text “BRUNEI DARUSSALAM ∙ SINGAPORE and CURRENCY INTERCHANGEABILITY AGREEMENT 1967 - 2007” and national landmarks of Singapore and Brunei. 27 June 2007 commemorative Portrait series

See also

References

External links

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