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The Singapore dollar (
sign A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to its object—for instance, thunder is a sign of storm, or ...
: S$;
code In communications and information processing, code is a system of rules to convert information—such as a letter, word, sound, image, or gesture—into another form, sometimes shortened or secret, for communication through a communicati ...
: SGD) is the official
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...
of the
Republic of Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country, island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Pen ...
. It is divided into 100
cent Cent may refer to: Currency * Cent (currency), a one-hundredth subdivision of several units of currency * Penny (Canadian coin), a Canadian coin removed from circulation in 2013 * 1 cent (Dutch coin), a Dutch coin minted between 1941 and 1944 * ...
s. It is normally abbreviated with the
dollar sign The dollar sign, also known as peso sign, is a symbol consisting of a capital " S" crossed with one or two vertical strokes ($ or ), used to indicate the unit of various currencies around the world, including most currencies denominated "p ...
$, or S$ to distinguish it from other dollar-denominated currencies. The
Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
(MAS) issues the banknotes and coins of the Singapore dollar. As of 2019, the Singapore dollar is the 13th-most traded currency in the world by value. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in
Brunei Brunei ( , ), formally Brunei Darussalam ( ms, Negara Brunei Darussalam, Jawi: , ), is a country located on the north coast of the island of Borneo in Southeast Asia. Apart from its South China Sea coast, it is completely surrounded by th ...
according to the Currency Interchangeability Agreement between the
Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
and the
Autoriti Monetari Brunei Darussalam The Brunei Darussalam Central Bank (BDCB; ms, Bank Pusat Brunei Darussalam), formerly known as Monetary Authority of Brunei Darussalam (, AMBD) is the central bank of Brunei. It was established under the Monetari Brunei Darussalam Order, 2010, ...
(Monetary Authority of Brunei Darussalam). Likewise, the
Brunei dollar The Brunei dollar ( sign: B$, Malay: ''ringgit Brunei'', currency code: ''BND''), has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from o ...
is also customarily accepted in Singapore.


History

The Spanish-American silver dollar brought over by the
Manila galleon fil, Galyon ng Maynila , english_name = Manila Galleon , duration = From 1565 to 1815 (250 years) , venue = Between Manila and Acapulco , location = New Spain ( Spanish Empir ...
s was in wide circulation in Asia and the Americas from the 16th to 19th centuries. From 1845 to 1939 the
Straits Settlements The Straits Settlements were a group of British territories located in Southeast Asia. Headquartered in Singapore for more than a century, it was originally established in 1826 as part of the territories controlled by the British East India Com ...
(of which
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
used to be part of) issued its local equivalent, the
Straits dollar The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo. H ...
. This was replaced by the
Malayan dollar The Malayan dollar ( Malay: ''ringgit'', Jawi: رڠڬيت) was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings ...
, and, from 1953, the
Malaya and British Borneo dollar The Malaya and British Borneo dollar ( ms, ringgit; ms, رڠڬيت, label= Jawi, script=arab, italic=unset) was the currency of Malaya, Singapore, Sarawak, North Borneo, Brunei and the Riau archipelago from 1953 to 1967 and was the successo ...
, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo. Singapore continued to use the common currency upon joining
Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...
in 1963, but only two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and
Brunei Brunei ( , ), formally Brunei Darussalam ( ms, Negara Brunei Darussalam, Jawi: , ), is a country located on the north coast of the island of Borneo in Southeast Asia. Apart from its South China Sea coast, it is completely surrounded by th ...
broke down. Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the
Malaysian ringgit The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; Malay name: ''Ringgit Malaysia''; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 ''sen'' (formerly ''cents''). The ringgit is issu ...
until 1973, and interchangeability with the
Brunei dollar The Brunei dollar ( sign: B$, Malay: ''ringgit Brunei'', currency code: ''BND''), has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from o ...
is still maintained. Initially, the Singapore dollar was pegged to the
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...
at a rate of two shillings and four pence to the dollar, or £1 = S$60/7 or S$8.57; in turn, £1 = US$2.80 from 1949 to 1967 so that US$1 = S$3.06. This peg to sterling was broken in 1967 when the pound was devalued to US$2.40 but the peg to the
U.S. dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
of US$1 = S$3.06 was retained. This peg remained for a short time after the Nixon Shock of the early 1970s. 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. 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, the
Parliament of Singapore The Parliament of Singapore is the unicameral legislature of the Republic of Singapore, which governs the country alongside the president of Singapore. Largely based upon the Westminster system, the Parliament is made up of Members of Parlia ...
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. 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 The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
(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. On 1 October 2002, the Board of Commissioners of Currency Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.


Currency in circulation

As of 2012, the total
currency in circulation In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the country’s monetary authority less the amount that has been removed. More broadly, money in ci ...
was S$57.278 billion. All issued Singapore currency in circulation (notes and coins) are fully backed by external assets in its Currency Fund to maintain public confidence. Such external assets consists of all or any of the following: (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 The president of Singapore is the head of state of the Republic of Singapore. The role of the president is to safeguard the reserves and the integrity of the public service. The presidency is largely ceremonial, with the Cabinet led by the prime ...
, considers suitable for inclusion. In 2017, the government, in the second reading of the Monetary Authority of Singapore (Amendment) Bill 2017, announced that the Currency Fund will be merged with other funds of the MAS, because the currency in circulation is effectively backed by the full financial strength and assets of MAS, which is much larger than the Currency Fund. As at 31 March 2017, MAS's assets (S$395 billion) were more than seven times larger than the assets of the Currency Fund (S$55 billion). The proposed amendment will merge the Currency Fund with the other funds of MAS and streamline MAS's operations. The Government has said that its support for the currency in circulation, as set out in the Currency Act, remains unchanged. Singapore's foreign reserves officially stood at over US$288.2 billion, as of July 2022 according to the MAS.


Coins

In 1967, the first series of
coin A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order ...
s was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. These coins depicted wildlife and other images relating to the island nation and were designed by Stuart Devlin, the same artist credited for the 1966 designs on Australia's decimal coin series. The sizes were the same as those used for the
Malaysian ringgit The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; Malay name: ''Ringgit Malaysia''; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 ''sen'' (formerly ''cents''). The ringgit is issu ...
and based directly off the old coinage of the former
Malaya and British Borneo dollar The Malaya and British Borneo dollar ( ms, ringgit; ms, رڠڬيت, label= Jawi, script=arab, italic=unset) was the currency of Malaya, Singapore, Sarawak, North Borneo, Brunei and the Riau archipelago from 1953 to 1967 and was the successo ...
. The 1-cent coin was bronze while the other denominations were copper-nickel. Later, in 1976, the 1-cent coin was changed to copper-clad steel. The production of the first series was phased out by 1985. In 1985, the second series of coins were introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. The reverse of these coins were designed by Christopher Ironside. The new series offered smaller coins depicting a floral theme. One-dollar banknotes were discontinued and gradually replaced with an aluminium-bronze coin. The 5-cent coin was also changed to aluminum-bronze while the 10, 20, and 50 cents remained copper-nickel. Limited numbers of commemorative bimetallic 5-dollar coins with scalloped edges were also periodically issued later during this series. This series is still in circulation. The 1 cent coin was taken out of circulation in 2004. On 21 February 2013, the Monetary Authority of Singapore announced a new series of coins in denominations of 5, 10, 20, 50 cents and 1 dollar, which went into circulation on 25 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 }) is the mint of Canada and a Crown corporation, operating under the ''Royal Canadian Mint Act''. The shares of the Mint are held in trust for the Crown in right of Canada. The Mint produces all of Canada's circulation coins, and manufacture ...
and comes with enhanced features to differentiate from fakes. The coins also feature new designs, the one-dollar, now a
bi-metallic coin Bi-metallic coins are coins consisting of two (''bi-'') metals or alloys, generally arranged with an outer ring around a contrasting center. Common circulating examples include the €1, €2, United Kingdom £1 and £2, Canadian $2, South ...
featuring the Merlion, the fifty cents coin featuring the
Port of Singapore The Port of Singapore refers to the collective facilities and terminals that conduct maritime trade and handles Singapore's harbours and shipping. It has been ranked as the top maritime capital of the world since 2015. Currently the world's se ...
, the twenty-cent coin depicts Changi International Airport, the ten-cent coin featuring
public housing Public housing is a form of housing tenure in which the property is usually owned by a government authority, either central or local. Although the common goal of public housing is to provide affordable housing, the details, terminology, de ...
and the five-cent coin featuring the
Esplanade An esplanade or promenade is a long, open, level area, usually next to a river or large body of water, where people may walk. The historical definition of ''esplanade'' was a large, open, level area outside fortress or city walls to provide cl ...
. The second and third series of Singaporean coins have
medallic orientation Coin orientation (or coin alignment or variations of these) is the relation of the vertical orientation of the images on the obverse and reverse sides of coins to one another. The two basic relations are called ''medallic orientation'' and ''coi ...
.


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, $1,000, and $10,000. Each note has an
orchid Orchids are plants that belong to the family Orchidaceae (), a diverse and widespread group of flowering plants with blooms that are often colourful and fragrant. Along with the Asteraceae, they are one of the two largest families of floweri ...
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 coat of arms is a heraldic visual design on an escutcheon (i.e., shield), surcoat, or tabard (the latter two being outer garments). The coat of arms on an escutcheon forms the central element of the full heraldic achievement, which in its ...
, 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 coat of arms is a heraldic visual design on an escutcheon (i.e., shield), surcoat, or tabard (the latter two being outer garments). The coat of arms on an escutcheon forms the central element of the full heraldic achievement, which in its ...
, 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

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 Orchids are plants that belong to the family Orchidaceae (), a diverse and widespread group of flowering plants with blooms that are often colourful and fragrant. Along with the Asteraceae, they are one of the two largest families of floweri ...
, to symbolise the country's national flower. Standard on each note, is the
Coat of Arms A coat of arms is a heraldic visual design on an escutcheon (i.e., shield), surcoat, or tabard (the latter two being outer garments). The coat of arms on an escutcheon forms the central element of the full heraldic achievement, which in its ...
, 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.


Portrait series

The current Portrait series was introduced in 1999, with the one- 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. The S$10,000 and B$10,000 note are the world's most valuable banknotes (that are officially in circulation). As of August 2011, it is worth over seven times as much as the next most valuable, the 1,000-
Swiss franc The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) issues banknotes and the ...
note. On 2 July 2014, the
Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
announced that it would stop printing $10,000 notes starting from 1 October 2014 to reduce the risk of money laundering, with all banks instructed to exchange the notes with MAS and not recirculate them. This is a trend in many countries like
European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
's discontinuation of the 500-
euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
banknote in 2016 and AMBD's announcement to stop the production and issuance of the B$10,000 (the largest banknote) in 2020 amid the
COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
. MAS would also stop producing the S$1,000 banknote as well from 1 January 2021 onwards, but banks would be allowed to recirculate existing notes with customers. The MAS said that the higher denomination notes (beyond $100) will continue to remain legal tender.


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, three 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. 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. 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 18 August 2015, to commemorate Singapore's 50 years of nation-building, the Monetary Authority of Singapore launched a set of six commemorative notes. These commemorative notes comprise five S$10 polymer notes and a S$50 note. 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. 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 colour 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: 'Caring Community, Active Citizenry', 'Opportunities for All', 'Safe and Secure', 'Strong Families' and '...regardless of race, language or religion...'. In 2017, to commemorate the 50th anniversary of its Currency Interchangeability Agreement between
Brunei Brunei ( , ), formally Brunei Darussalam ( ms, Negara Brunei Darussalam, Jawi: , ), is a country located on the north coast of the island of Borneo in Southeast Asia. Apart from its South China Sea coast, it is completely surrounded by th ...
and
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
, both the
Monetary Authority of Brunei Darussalam The Brunei Darussalam Central Bank (BDCB; ms, Bank Pusat Brunei Darussalam), formerly known as Monetary Authority of Brunei Darussalam (, AMBD) is the central bank of Brunei. It was established under the Monetari Brunei Darussalam Order, 2010, a ...
and the
Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
issued $50 polymer banknotes to commemorate that event. On 5 June 2019, a $20 note commemorating the Singapore Bicentennial was issued.


Exchange rates


Current exchange rates


Exchange rates charts


See also

* Economy of Singapore


Notes


References


Citations


Sources

* *


External links


Images of the four note series
{{Portal bar, Asia, Money, Numismatics, Singapore Dollar Currencies of Asia Circulating currencies Currencies of the Commonwealth of Nations Currencies introduced in 1967 Fixed exchange rate