Singapore dollar
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| Singapore dollar 新加坡元 (Chinese) Dolar Singapura (Malay) சிங்கப்பூர் வெள்ளி (Tamil) |
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| ISO 4217 Code | SGD | ||
|---|---|---|---|
| User(s) | Singapore, Brunei | ||
| Inflation | 1% | ||
| Source | The World Factbook, 2006 est. | ||
| Pegged by | Brunei dollar at par | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | S$ | ||
| Nickname | Sing | ||
| Coins | |||
| Freq. used | 5, 10, 20, 50 cents, $1 | ||
| Rarely used | 1 cent | ||
| Banknotes | $2, $5, $10, $50, $100, $1000, $10000 | ||
| Monetary authority | Monetary Authority of Singapore | ||
| Website | www.mas.gov.sg | ||
- SGD redirects here. For other uses see SGD (disambiguation)
The dollar (currency 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.
Contents |
[edit] History
Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and later the Malaya and British Borneo dollar, which were issued by a central Board of Commissioners of Currency.
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 released its first series of notes, the "Orchid" notes, on June 12, 1967. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian dollar until 1973. Interchangeability with the Brunei dollar is still maintained.
The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the Monetary Authority of Singapore.
[edit] Current status
The Singapore dollar is a freely convertible currency which is allowed to float according to supply and demand on the foreign exchange market, but it is monitored by the Monetary Authority of Singapore against a trade-weighted basket of currencies. The currencies involved are not publicised to protect the currency against speculative attacks and other unusual pressures on its value.
Since the Asian financial crisis, various countries like People's Republic of China have adopted Singapore's managed float system.
Before the crisis 1 USD was worth approximately 1.4, falling to 1.8 SGD. As of March 16, 2007, 1 USD is worth approximately 1.52520 SGD. The Brunei dollar is pegged to the Singapore dollar at 1:1 rate [1], and the other's currency is accepted as "customary tender", but not legal tender, in both countries.
[edit] Coins
To date, two series of coins for circulation have been issued.
- First Series (1967–1985)
- Second Series Flora Theme (1985–present)
[edit] Current coins in circulation
The current series of coins feature the Coat of Arms of Singapore on the obverse, and the Flora theme on the reverse.
| Currently Circulating Coins [2] | ||||||||
|---|---|---|---|---|---|---|---|---|
| Value | Technical parameters | Description | Date of issue | |||||
| Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | ||
| 1 cent1 | 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 | Milled | 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 | Milled | 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 | Milled | Value, Allamanda Cathartica | December 2, 1985 | ||
| 50 cents | Inscribed "REPUBLIC OF SINGAPORE" and the lion symbol | May 28, 1990 | ||||||
| $12 | 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 |
| For table standards, see the coin specification table. | ||||||||
[edit] Remarks
- 1 cent coin is currently being decirculated.
- 1 dollar notes exist, but currently it is being rarely used and found.
- 5 dollar coins exist, but are not being circulated.
[edit] Banknotes
To date, four series of currency notes for circulation have been issued.
[edit] Current banknotes in circulation
These notes feature the face of Encik Yusof bin Ishak, the first president of the Republic of Singapore, on one side, and the other side depicts a feature of civic virtue. There are also S$2 notes that are in circulation that are made with a plastic polymer. Both types of S$2 notes are legal tender.
| Portrait series [3] | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Colour | Description | Date of issue | Material | |||
| Obverse | Reverse | Obverse | Reverse | Watermark | |||||
| [4] | [5] | $2 | 126 × 63 mm | Purple | Encik Yusof bin Ishak, Money Cowrie | Education | Encik Yusof bin Ishak | September 9, 1999 | Paper |
| [6] | [7] | January 12, 2006 | Polymer | ||||||
| [8] | $5 | 133 × 66 mm | Green | Encik Yusof bin Ishak, Gold-Ringed Cowrie | Garden City | September 9, 1999 | Paper | ||
| [9] | [10] | $10 | 141 × 69 mm | Red | Encik Yusof bin Ishak, Wandering Cowrie | Sports | September 9, 1999 | Paper | |
| [11] | [12] | May 4, 2004 | Polymer | ||||||
| [13] | $50 | 156 × 74 mm | Blue | Encik Yusof bin Ishak, Cylindrical Cowrie | Arts | September 9, 1999 | Paper | ||
| [14] | $100 | 162 × 77 mm | Orange | Encik Yusof bin Ishak, Swallow Cowrie | Youth | ||||
| [15] | $1000 | 170 × 83 mm | Purple | Encik Yusof bin Ishak, Beautiful Cowrie | Government | ||||
| [16] | $10000 | 180 × 90 mm | Gold | Encik Yusof bin Ishak, Onyx Cowrie | Economics | ||||
| For table standards, see the banknote specification table. | |||||||||
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD MYR CNY IDR |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD MYR CNY IDR |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD MYR CNY IDR |
[edit] Trivia
The one dollar coin is inscribed with an octagon, which looks like a ba gua, a Chinese lucky charm. Feng Shui masters are believed to have said that the construction of MRT tunnels through downtown Singapore would have an adverse effect; they recommended that every household display a bagua to negate this. Bearing in mind that there were many locals who did not adhere to this Chinese belief, this was not possible. Thus the design of the one dollar coin.
[edit] External links
- ^ Orchid Series (1967–1976) at the Monetary Authority of Singapore
- ^ Bird Series (1976–1984) at the Monetary Authority of Singapore
- ^ Ship Series (1984–1999) at the Monetary Authority of Singapore
- ^ Portrait Series (1999–present) at the Monetary Authority of Singapore
- Monetary Authority of Singapore Exchange Policy
- Will's Online World Paper Money Gallery - Images of banknotes from around the world including a large collection of banknotes from Singapore
- Global Financial Data currency histories table
- Tables of modern monetary history: Asia
| Preceded by: Malaya and British Borneo dollar Reason: Independence Ratio: at par, or 60 dollars = 7 British pounds |
Currency of Singapore, Brunei 1967 – Concurrent with: Brunei dollar |
Succeeded by: Current |
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