A $10 Malaya and British Borneo banknote issued in 1961. Photo: Nuria Ling/TODAY
Following years of searching, avid banknote collector Patrick Loh finally got his hands on what he described as one of his most prized possessions: A $10 dollar note issued in 1961 by the Malaya and British Borneo Board of Commissioners of Currency, and pre-dating Singapore’s independence.
“I got my first piece probably about five to six years back. I paid over S$1,000 for it,” the 47-year-old engineer said.
Mr Loh estimates that his collection of more than 1,000 banknotes is worth over S$100,000. It is kept in a safe at home. “In the event of an emergency, besides worrying about my life, the first thing in my mind would be to grab my collection before I run. It’s not so much because of the monetary value but its sentimental value,” said the father of three.
related: The man who designed S’pore’s longest-running currency series
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Singapore Circulation Currency
Singapore first began issuing its own currency in various coin and banknote denominations in 1967. The Singapore dollar was initially pegged to the British pound, then briefly to the US dollar, before becoming pegged to a trade-weighted basket of currencies in the mid-1970s.
Starting in 1985, the Singapore dollar’s been allowed to float within a range of foreign exchange rates closely monitored by the Monetary Authority of Singapore to control inflation and support the value of Singapore exports. The country’s currency is somewhat correlated with the value of China’s yuan, but not nearly as tightly regulated as the yuan. The country’s central bank mints coins in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and one dollar. Banknotes are currently issued in denominations of S$2, S$5, S$10, S$50, S$100, S$500 and S$1,000.
Following the money laundering concerns and financial practices of many other countries, Singapore’s central bank began withdrawing its higher denomination S$10,000 banknotes from circulation in 2014 and plans to stop the printing of the S$1000 banknotes in 2021. Paper banknotes issued are gradually being replaced by polymer banknotes. In addition to the standard currency, the Monetary Authority of Singapore issues several limited-edition commemorative banknotes in denominations ranging from S$2 to S$50. The latest is a 2019 S$20 banknote that commemorates the bicentennial of the country’s establishment as an official trading post of the British Empire.
5 INTERESTING FACTS ABOUT SINGAPORE CURRENCY THAT YOU PROBABLY DIDN’T KNOW
The Singapore currency is one of the 14 economies in the world that has a credit rating of AAA, deeming it a very valuable and reliable currency globally.
You think you know the Singapore currency well, say so again after you are sure you know these 5 facts below:
- The largest denomination
- The face on the notes
- Checking for counterfeit notes
- The $5 note tree still stands
- Polymer (plastic) banknotes are not only for water-proofing purposes
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Singapore Circulation Currency: Notes
Monetary Authority of Singapore (MAS) took over the currency issuance function following the merger with the Board of Commissioners of Currency, Singapore (BCCS) in October 2002.
Since Singapore's independence, four series of currency notes and three series of coins have been issued for general circulation.
The Portrait Series Currency Notes (1999 - Present)
The Ship Series Currency Notes (1984 - 1999)
The Bird Series Currency Notes (1976 - 1984)
The Orchid Series Currency Notes (1967 - 1976)
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The artist of the $50 note
Take a $50 bill and look at the back of it.
Do you see a pair of gibbons swinging through vines?
Most Singaporeans will have missed the painting by the late Chen Wen Hsi, one of Singapore's pioneer artists.
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THE 5-DOLLAR TEMBUSU TREE
We have become so accustomed to cash exchanges in our daily grind that we no longer pay our dollar bills a second look. The next time you fish out the green five-dollar bill from your wallet, do spare a few seconds to examine it. While the front design features the first President of Singapore Encik Yusof bin Ishak as do all bills from the Portrait series, the back design theme is Garden City with a Tembusu tree of a long outstretched low-lying branch.
This is our 5-Dollar Tembusu tree. It is not just a default artist’s illustration. As a matter of fact it is a feature of Singapore’s most famous Tembusu tree. Located near the Tanglin entrance of the Botanic Gardens, it is believed to have existed long before the gardens was officially laid out in 1859. That puts the tree at close to two centuries old!
With its low lying branch to sit on and boundless green backdrop, this old Tembusu has long been a popular site for family portraits and outdoor wedding photo shoots. The tree has been inducted into the Heritage Trees of Singapore, which was launched in 2001 to identify and safeguard mature trees that serve as important green landmarks in our natural heritage.
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The Tanglin Halt flats & a 1-dollar note
Iconic landmarks in Singapore have been commonly used as the back designs of the former and current Singapore currency notes. Examples are the Supreme Court Building, Clifford Pier, Victoria Theatre, The Istana, Benjamin Sheares Bridges and Changi Airport, which have all been used as motifs in the previous Orchid, Bird and Ship series.
The dollar notes’ motif designs sometimes also tell a Singapore’s history. For instance, the back of the Orchid Series’ 1-dollar note, released in mid-1967, features the Tanglin Halt flats, which were built in 1962.
Fondly known as chup lau chu (“10-storey building” in Hokkien), these early HDB flats had existed for more than 50 years but eventually could not stand the test of time. Most of its tenants had moved out since 2008, and the vacant blocks will be demolished by end of 2015.
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The world's most beautiful currencies
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