Singapore dollar

Singapore dollar
Ringgit Singapura (Malay) 新加坡元 / 新币 (Chinese) 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	-0.3% at March 2015
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 is sometimes used in banks for exchange.)
Banknotes
Freq. used	$2, $5, $10, $50, $100, $500, $1000
Rarely used	$10,000
Mint	Singapore Mint
Website	www.singaporemint.com

The Singapore dollar or dollar (Malay: Ringgit Singapura, 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 Monetary Authorty of Brunei Darussalam (Autoriti Monetari Brunei Darussalam) 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.

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.

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 depicts the Changi International Airport, the ten-cent coin featuring public housing and the five-cent coin featuring the Esplanade.^[10][11]

Note:

• 6.71 million 1 cent coins are in circulation as of 1 December 2011, but have not been issued since 2003.

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, and $10,000.

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.

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.

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.

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.

On August 18, 2015, to commemorate Singapore's 50 years of nation-building, the Monetary Authority of Singapore launched commemorative S$10 and S$50 notes on August 20, 2015. The note design's draw inspiration from significant milestones and achievements in Singapore's history, the multiracialism that defines the nation and the values and aspirations that underpin Singapore's progress. The front of both the $50 and $10 notes feature a portrait of Yusof Ishak, Singapore's first president, as in the current Portrait series notes. Because of the presidents' addressing mistake, the notes were given a sticker called 'Yusof Ishak' instead of 'Yusok Ishak', and after that notes were reprinted with the rectified Yusof Ishak name permanently from November 11, 2015. Initially it was given to Singaporeans first, but however those permanent residents and foreigners were given the notes with the final version of rectified Yusof Ishak name.

The $50 note highlights Singapore's history, transformation and future. It shows the late Prime Minister of Singapore, Lee Kuan Yew, shouting "Merdeka!" - the rallying cry of Singapore's independence struggle. The note makes distinctive use of the color gold, reflecting Singapore's Golden Jubilee.

The five $10 notes have a common front design and varying back designs depicting the theme 'Vibrant Nation, Endearing Home'. Each note reflects a value or aspiration that defines the theme: '...regardless of race, language or religion...', 'Opportunities for All', 'Safe and Secure', 'Strong Families' and 'Caring Community, Active Citizenry'.^[15]

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. For table standards, see the banknote specification table.

See also

• Economy of Singapore

References

External links

• Images and specifications of the 2013 series of coins in Singapore
• Images of the four note series

Wikinews has related news: Singapore and Brunei issue joint banknote

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