Singapore dollar

"SGD" redirects here. For other uses, see SGD (disambiguation).
Singapore dollar
新加坡元 / 新币 (Chinese)
Dolar Singapura (Malay)
சிங்கப்பூர் வெள்ளி (Tamil)
ISO 4217 code SGD
Monetary authority Monetary Authority of Singapore
 Website www.mas.gov.sg
User(s)

 Singapore
 Brunei

(Alongside the Brunei dollar)
Inflation 4.6%
 Source The World Factbook, 2011 est.
Pegged by Brunei dollar at par
Subunit
 1/100 cent
Symbol S$
Nickname Sing
Coins
 Freq. used 5, 10, 20, 50 cents, $1 (The 1 cent coin is no longer issued and not usable. But sometimes used in banks for exchange.)
Banknotes
 Freq. used $2, $5, $10, $20, $25, $50, $100, $500, $1000
 Rarely used $10,000
Mint Singapore Mint
 Website www.singaporemint.com
Singapore dollar
Chinese name
Chinese 新加坡元
Malay name
Malay Dolar/Ringgit Singapura
Tamil name
Tamil சிங்கப்பூர் வெள்ளி

The Singapore dollar or dollar (sign: $; code: SGD) is the official 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.

The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the historic exchangeability of their two currencies, the Singaporean dollar and the Brunei dollar, respectively. The Singapore dollar is accepted as "customary tender" in Brunei according to the Currency Interchangeability Agreement.[1] Likewise, the Brunei dollar is customarily accepted in Singapore.

History

Between 1845 and 1939, Singapore used the Straits dollar.[2] This was replaced by the Malayan dollar,[2] and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.[2]

Singapore continued to use the common currency upon joining Malaysia in 1963,[2] but only two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down.[2] Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967[3] and issued its first coins and notes.[2] Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973,[2] and interchangeability with the Brunei dollar is still maintained.[2]

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 due to the Nixon Shock in the early 1970s, after which the Singapore dollar was linked to the US dollar for a short 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 to 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.

Before 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore, parliament passed the Monetary Authority of Singapore Act in 1970, leading to the formation of MAS on 1 January 1971. The MAS Act gave the MAS the authority to regulate all elements of monetary, banking, and financial aspects of Singapore.

On 31 March 2003, the Board of Commissioners of Currency Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.[4]

Currency in Circulation

As of 2012, the total currency in circulation was S$29.1 billion.[5] All issued Singapore currency in circulation (notes and coins) are fully backed by external assets in its Currency Fund to maintain public confidence.[6][7] Such external assets consists of all or any of the following:[8] (a) gold and silver in any form; (b) foreign exchange in the form of demand or time deposits; bank balances and money at call; Treasury Bills; notes or coins; (c) securities of or guaranteed by foreign governments or international financial institutions; (d) equities; (e) corporate bonds; (f) currency and financial futures; (g) any other asset which the Authority, with the approval of the President of Singapore, considers suitable for inclusion.

Singapore's foreign reserves officially stood at over US$277.9 billion, as of June 2014 according to the MAS.[9]

Coins

In 1967, the first series of coins was introduced in denominations 1, 5, 10, 20 and 50 cents and 1 dollar. The production of the series was phased out by 1985.

First Series (Marine Series) (1967–1985)
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent17.78 mm 1.118 mm 1.940 g Bronze PlainA high-rise public housing block with a fountain in front and clouds in the background Value and Year 12 June 1967
1 cent 1.744 g Copper-clad steel 1976
5 cents 16.26 mm 1.02 mm 1.410 g Cupro-nickel Milled A snake-bird sitting in its nest and preening its feathers. Value and Year 12 June 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 stylised piece of seaweed. 12 June 1967
20 cents 23.60 mm 1.78 mm 5.66 g A swordfish against a background symbolising water.
50 cents 27.76 mm 2.03 mm 9.33 g A lionfish from tropical waters.
$1 33.32 mm 2.39 mm 16.85 g A stylised Singapore lion symbol flanked by two stalks of paddy.
For table standards, see the coin specification table.

In 1985, the second series of coins were introduced in denominations 1, 5, 10, 20 and 50 cents and 1 dollar. The reverse of these coins were designed by Christopher Ironside. The production of the series will be phased out by 2017.

Second Series (Floral Series) (1985–2017)
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent 15.90 mm 1.10 mm 1.24 g Copper-plated zinc Plain Coat of Arms, "Singapore" in 4 official languages Value and Vanda 'Miss Joaquim' 28 September 1987
5 cents 16.75 mm 1.22 mm 1.56 g Aluminium bronze Reeded Coat of Arms, "Singapore" in 4 official languages Value and Monstera deliciosa 2 December 1985
10 cents 18.50 mm 1.38 mm 2.60 g Cupronickel Reeded Coat of Arms, "Singapore" in 4 official languages Value and Jasminum multiflorum 2 December 1985
20 cents 21.36 mm 1.72 mm 4.50 g Value and Calliandra surinamensis
50 cents 24.66 mm 2.06 mm 7.29 g Reeded Value and Allamanda cathartica 2 December 1985
50 cents Inscribed "Republic of Singapore" and the lion symbol 28 May 1990
$1 22.40 mm 2.40 mm 6.30 g Aluminium bronze Inscribed "Republic of Singapore" and the lion symbol Coat of Arms, "Singapore" in 4 official languages Value and Lochnera rosea 28 September 1987
For table standards, see the coin specification table.

On 21 February 2013, the Monetary Authority of Singapore announced a new series of coins in denominations 5, 10, 20, 50 cents and 1 dollar, which went into circulation on 26 June 2013, featuring Singapore's national icons and landmarks. The coins are struck on a multi-ply plated steel planchet used by the Royal Canadian Mint and comes with enhanced features to differentiate from fakes. The coins also feature new designs, the one dollar, now a Bi-Metallic coin will feature the Merlion, the fifty cent coin featuring the Port of Singapore, the twenty cent coin will depict the Changi International Airport, the ten-cent coin featuring public housing and the five-cent coin featuring the Esplanade.[10][11]

Third Series (Iconic series) (2013–present)
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
5 cents 16.75 mm 1.22 mm 1.70 g Brass plated steel Plain Coat of arms of Singapore, "Singapore" in 4 official languages Value and The Esplanade 26 June 2013
10 cents 18.50 mm 1.38 mm 2.36 g Nickel plated steel Interrupted and reeded Coat of arms of Singapore, "Singapore" in 4 official languages Value and Public Housing 26 June 2013
20 cents 21 mm 1.72 mm 3.85 g Nickel plated steel Reeded Coat of arms of Singapore, "Singapore" in 4 official languages Value and Changi International Airport 26 June 2013
50 cents 23 mm 2.45 mm 6.56 g Nickel plated steel Micro scalloped Coat of arms of Singapore, "Singapore" in 4 official languages Value and Port of Singapore 26 June 2013
1 dollar 24.65 mm 2.50 mm 7.62 g Bi-metallic plating consisting of a brass plated ring with a nickel plated center plug Reeded Coat of arms of Singapore, "Singapore" in 4 official languages Value, The Merlion and a laser mark micro engraving of the Vanda Miss Joaquim 26 June 2013

Note:

Banknotes

Orchid series

The Orchid Series of currency notes is the earliest to be in for circulation in Singapore. Issued in the years 1967 to 1976, it has nine denominations: $1, $5, $10, $25, $50, $100, $500, $1000, $10000.

Each note has an orchid design in the centre of the note's front, the orchid being the national flower of Singapore. A scene of Singapore is depicted on the back, which varies across denominations. Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have at least one vertically embedded security thread, while the $10,000 note has two.

1st Series – Orchid Series (1967–1976)
Image Value Dimensions Main Colour Description Date of issue Printer
Obverse Reverse Obverse Reverse Watermark
$1 121 × 64 mm Dark blue Vanda Janet Kaneali Blocks of flats in a housing estate Lion's head 12 June 1967 BWC
$5 127 × 71 mm Green Vanda T.M.A. A busy scene on the Singapore River
$10 133 × 79 mm Red Dendrobium Marjorie Ho "Tony Pek" 4-clasped hands on a background of a map of Singapore TDLR
$25 140 × 79 mm Brown Renanthopsis Aurora Supreme Court Building 7 August 1972
$50 146 × 87 mm Blue Vanda Rothscildiana "Teo Choo Hong" Clifford Pier 12 June 1967
$100 159 × 95 mm Mid-Blue and mauve Cattleya A peaceful scene along the Singapore Waterfront BWC
$500 160 × 96 mm Green Dendrobium Shangri-La Government Office at Saint Andrew's Road 7 August 1972 TDLR
$1000 159 × 95 mm Mauve and dark grey Dendrobium Kimiyo Kondo "Chay" Victoria Theatre & Empress Place 12 June 1967
$10,000 203 × 133 mm Green Aranda Majulah The Istana 29 January 1973

Bird series

The Bird Series of currency notes is the second set of notes to be issued for circulation in Singapore. Issued in the years 1976 to 1984, it has nine denominations, the same number as in the Orchid Series, albeit the $25 note was replaced by the $20 note.

Each note features a bird on the left side of the note's front, a theme selected to represent a young Singapore "ever ready to take flight to greater heights". Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have a vertically embedded security thread, while the $1,000 and $10,000 notes have two.

2nd Series – Bird Series (1976–1984)
Image Value Dimensions Main Colour Description Date of issue
Obverse Reverse Obverse Reverse Watermark
$1 125 mm x 63 mm Blue Black-naped Tern National Day Parade Lion's head 6 August 1976
$5 133 mm x 66 mm Green Red-whiskered Bulbul Cable cars and aerial view of the harbour
$10 141 mm x 69 mm Red White-collared Kingfisher Garden city with high rise public housing in background
$20 149 mm x 72 mm Brown Yellow-breasted Sunbird Singapore Changi International Airport with the Concorde in the foreground 6 August 1979
$50 157 mm x 75 mm Blue White-rumped Shama School band on parade 6 August 1976
$100 165 mm x 78 mm Blue Blue-throated Bee-eater Dancers of various ethnic groups 1 February 1977
$500 181 mm x 84 mm Green Black-naped Oriole Oil Refinery
$1000 197 mm x 90 mm Purple Brahminy Kite Container terminal 7 August 1978
$10,000 203 mm × 133 mm Green White-bellied Sea-Eagle 2-scenes of the Singapore River 1 February 1980

Ship series

An example of a Singapore $1 note printed with The Ship Series
Singapore $1 showing a picture of a satellite on the reverse side of its note

The Ship Series of currency notes is the third set of notes to be issued for circulation in Singapore. Issued in the years 1984 to 1999, it retains the number of denominations as was in the previous two series of notes, but switches the $20 note for the $2 one.

A maritime theme to reflect Singapore's maritime heritage was adopted, and progressively shows across the various denominations, the different kinds of ships which have plied Singapore's waters as the country developed. These vignettes are located on the front of the note. On the back, various scenes depicting Singapore's achievements are shown, as well as an orchid, to symbolise the country's national flower.

Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have a vertically embedded security thread.

3rd Series – Ship Series (1984–1999)
Image Value Dimensions Main Colour Description Date of issue
Obverse Reverse Obverse Reverse Watermark
$1 125 mm x 63 mm Blue "Sha Chuan" Sentosa Satellite Earth Station Lion's head 12 January 1987
$2 133 mm x 63 mm Red "Tongkang" Chinese people participating in Chinese New Year 28 January 1991
$2 Purple 16 December 1991
$5 133 mm x 66 mm Green "Twakow" View of the Port of Singapore Authority Container terminal 21 August 1989
$10 141 mm x 69 mm Red Barter trading vessel "Palari" View of Public Housing 1 March 1988
$50 156 mm x 74 mm Blue Coaster vessel "Perak" Bird's-eye view of Benjamin Sheares Bridge 9 March 1987
$100 165 mm x 78 mm Brown Passenger liner "Chusan" Bird's-eye view of Singapore Changi International Airport by the fleet Singapore Airlines (B747-400) 1 August 1985
$500 175 mm x 83 mm Green General cargo vessel "Neptune Sardonyx" Group of men & women from the 3-services of the Armed Forces & the Civil Defence Force with the outline map of Singapore in the background 1 March 1988
$1000 185 mm x 88 mm Purple Container ship "Neptune Garnet" and two container quay cranes Bird's-eye view of a Downtown Core & Central Area 22 October 1984
$10,000 195 mm x 93 mm Red General bulk carrier "Neptune Canopus" 1987 National Day Parade 21 August 1989

The latest (portrait) series

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. The notes also have Braille patterns at the top right-hand corner of the front design.

4th Series – Portrait Series (1999–present)
Image Value Dimensions Main Colour Description Date of issue Status Material
Obverse Reverse Obverse Reverse
$2 126 × 63 mm Violet President Yusof bin Ishak, Money Cowrie Education 9 September 1999 Circulation Paper
12 January 2006 Polymer
$5 133 × 66 mm Green President Yusof bin Ishak, Gold-Ringed Cowrie Garden City 9 September 1999 Paper
18 May 2007 Polymer
$10 141 × 69 mm Red President Yusof bin Ishak, Wandering Cowrie Sports 9 September 1999 Paper
4 May 2004 Polymer
$50 156 × 74 mm Blue President Yusof bin Ishak, Cylindrical Cowrie Arts 9 September 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
$10,000 180 × 90 mm Brown President Yusof bin Ishak, Onyx Cowrie Economics Paper

The S$10,000 and B$10,000 note are the world's most valuable banknotes (that are officially in circulation).[12] As of August 2011, it is worth over seven times as much as the next most valuable, the 1000 Swiss franc note. On 2 July 2014, the Monetary Authority of Singapore announced that it would stop printing $10,000 notes starting from 1 October 2014, to reduce the risk of money laundering. Singapore has now officially stopped producing the S$10,000 banknote and has thus begun the process of withdrawing it from active circulation. This is a trend in many countries like Canada withdrawing the C$1000 banknotes last decade and the EU actively considering withdrawing the 500 Euro banknote. The MAS said that the notes will likely remain legal tender until all the notes slowly get returned as they get damaged.[13]

Commemorative banknotes

Commemorative banknotes are also released, usually in limited quantities. The first commemorative banknote was released on 24 July 1990 to celebrate the 25th anniversary of Singapore's independence. Of the 5.1 million $50 polymer banknotes issued, 300,000 came with an overprint of the anniversary date "9 August 1990". This $50 note was the first commemorative note issued by the Board of Commissioners of Currency, Singapore (BCCS) and was also the first polymer banknote in the history of Singapore's currency. In addition, the $50 note was the first note designed in Singapore by a Singapore artist.

On 8 December 1999, to celebrate the coming 2000 millennium, 3 million $2 millennium notes were circulated. The note is similar to the $2 portrait series, except that the prefix of the serial number is replaced with a Millennium 2000 logo. These millennium notes are printed on paper as polymer notes were not introduced yet then.

Wikinews has related news: Singapore and Brunei issue joint banknote

On 27 June 2007, to commemorate 40 years of currency agreement with Brunei, a commemorative S$20 note was launched; the back is identical to the Bruneian $20 note launched simultaneously.[14] A circulation version of the $20 note can be exchanged at banks in Singapore beginning 16 July 2007, limited to two pieces per transaction.

Singapore commemorative banknotes
Image Value Dimensions Main Colour Description Date of issue Material
Obverse Reverse Obverse Reverse
$20 145 × 69 mm yellow/brown President Yusof bin Ishak,"Dendrobium Puan Noor Aishah" orchid Text reading "BRUNEI DARUSSALAM ∙ SINGAPORE and CURRENCY INTERCHANGEABILITY AGREEMENT 1967 – 2007" and national landmarks of Singapore and Brunei. 27 June 2007 Polymer
These images are to scale at 0.7 pixels per millimeter.
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See also

References

  1. ↑ Monetary Authority of Singapore. "The Currency Interchangeability Agreement". Retrieved 23 October 2012.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 "The Currency History of Singapore". Monetary Authority of Singapore. 9 April 2007. Retrieved 28 December 2007. Official Currencies of The Straits Settlements (1826–1939); Currencies of the Board of Commissioners of Currency, Malaya (1939–1951); Currencies of the Board of Commissioners of Currency, Malaya and British Borneo (1952–1957); Currencies of the Independent Malaya (1957 -1963); 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.
  3. ↑ Low Siang Kok, Director (Quality), Board of Commissioners of Currency, Singapore. "Chapter 6: Singapore Electronic Legal Tender (SELT) – A Proposed Concept". The Future of Money / Organisation for Economic Co-operation and Development (PDF). France: OECD Publications. p. 147. ISBN 92-64-19672-2. Retrieved 28 December 2007. The Board of Commissioners of Currency, Singapore (BCCS) was established on 7 April 1967 by the enactment of the Currency Act (Chapter 69). It has the sole right to issue currency notes and coins as legal tender in Singapore.
  4. ↑ Linzmayer, Owen (2012). "Singapore". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  5. ↑ http://www.mas.gov.sg/~/media/Currency/CIC.xls
  6. ↑ http://www.mas.gov.sg/currency.aspx
  7. ↑ International Economics – Historical Exchange Rate Regime of Asian Countries The Chinese University of Hong Kong, Copyright 2000. Retrieved 15 August 2008.
  8. ↑ http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=DocId%3Ab657047e-066c-4c8a-8e5b-2e96ab706aec%20Depth%3A0;rec=0;resUrl=http%3A%2F%2Fstatutes.agc.gov.sg%2Faol%2Fbrowse%2FtitleResults.w3p%3Bletter%3DC%3BpNum%3D2%3Btype%3DactsAll;whole=yes
  9. ↑ Monetary Authority of Singapore – Official Foreign Reserves page Last official data as of 2014-08-13
  10. ↑ Singapore 2013 – New coin family World Coin News (worldcoinnews.blogspot.com). 21 February 2013. Retrieved on 21 February 2013.
  11. ↑ The new coins of Singapore Monetary Authority of Singapore (www.mas.gov.sg). Retrieved on 21 February 2013.
  12. ↑ PARITY DEMOCRACY and MONEY: Annual Meetings Paper 11, COUNCIL for PARITY DEMOCRACY. Retrieved 18 November 2012.
  13. ↑
  14. ↑ "Commemorating the 40th Anniversary the Currency Interchangeability Agreement" (Press release). Monetary Authority of Singapore. 27 June 2007. Retrieved 22 April 2010.

External links

Wikinews has related news: Singapore and Brunei issue joint banknote
Preceded by:
Malaya and British Borneo dollar
Reason: Independence
Ratio: at par		 Currency of Singapore, Brunei
1967 –
Concurrent with: Brunei dollar		 Succeeded by:
Current