Singapore dollar
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| Singapore dollar 新加坡元 (Chinese) Dolar Singapura (Malay) சிங்கப்பூர் வெள்ளி (Tamil) | |||
| |||
| ISO 4217 Code | SGD | ||
|---|---|---|---|
| User(s) | Image:Flag of Singapore.svg Singapore Image:Flag of Brunei.svg 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, $20, $50, $100, $1000, $10 000 | ||
| Monetary authority | Monetary Authority of Singapore | ||
| Website | www.mas.gov.sg | ||
| Mint | Singapore Mint | ||
| Website | www.singaporemint.com | ||
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.[1] This was replaced by the Malayan dollar,[1] and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.[1]
Singapore continued to use the common currency upon joining Malaysia in 1963[1] but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down.[1] Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1967[2] and issued its first coins and notes.[1] Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973.[1] Interchangeability with the Brunei dollar is still maintained.[1] Consequently, the dollar was initially pegged to the British pound at a rate of $60 = £7.
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.[3]
[edit] 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.
The current series of coins feature the Coat of Arms of Singapore on the obverse, and a floral theme on the reverse.
| Currently Circulating Coins [1] | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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 |
| For table standards, see the coin specification table. | ||||||||
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.
[edit] 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 dollars 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 dollars note. Notes for 2 dollars were introduced in 1990.
The current Portrait series was introduced in 1999, with the 1 and 500 dollars 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 design 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.
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[edit] Trivia
| Trivia sections are discouraged under Wikipedia guidelines. The article could be improved by integrating relevant items and removing inappropriate ones. |
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.[citation needed]
[edit] See also
[edit] References
- ^ a b c d e f g h The Currency History of Singapore. Monetary Authority of Singapore (2007-04-09). Retrieved on 2007-12-28. “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.”
- ^ Low Siang Kok, Director (Quality), Board of Commissioners of Currency, Singapore [2002-06-22]. "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 on 2007-12-28. “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.”
- ^ BCCS Merges with MAS on 1 October 2002. Monetary Authority of Singapore (2002-09-30). Retrieved on 2007-12-28. “The official merger of the Board of Commissioners of Currency, Singapore (BCCS) with the Monetary Authority of Singapore (MAS) will take effect from 1 October 2002. Currency service will continue as usual and will be provided by the new Currency Department in MAS located at Currency House.”
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - Singapore
- Ron Wise's World Paper Money - Singapore Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Singapore
- Global Financial Data data series - Singapore Dollar
- Global Financial Data currency histories table (Image:Crystal 128 kspread.png Microsoft Excel format)
- 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
| Preceded by: Malaya and British Borneo dollar Reason: Independence Ratio: at par | Currency of Singapore, Brunei 1967 – Concurrent with: Brunei dollar | Succeeded by: Current |
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