The Singapore Dollar Currency
The Singapore dollar is the official legal currency issued by the Republic of Singapore. The country’s economy has become one of the strongest in the world, making the Singapore dollar one of the most widely traded currencies. The country’s central bank, the Monetary Authority of Singapore, closely monitors the foreign exchange rates for the Singapore dollar.
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 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$1,000 and S$10,000.
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.
Singapore to stop issuing S$10,000 notes
Singapore S$10,000 note to be discontinued. Source: MAS
From Oct 1, S$10,000 notes will no longer be issued in a move to lower the risk of money laundering, the Monetary Authority of Singapore (MAS) said today (July 2).
Speaking at the ABS Financial Crime Seminar, MAS Deputy Managing Director Ong Chong Tee said the development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions. Mr Ong added that the discontinuation of the note is not expected to create any major inconvenience. “Existing S$10,000 notes in circulation will remain legal tender, including all notes under the Currency Inter-changeability Agreement with Brunei. However, we expect the stock of such notes to dwindle over time, as worn notes are returned to us and not replaced,” he said.
In his speech, Mr Ong also said the MAS plans to launch a public consultation on proposed amendments to its regulatory framework to tighten checks against money laundering and terrorist financing. Proposed amendments include requiring banks to screen customers, tightening the threshold for enhanced measures on cross-border wire transfers, and providing a risk-based approach for “politically exposed persons”, he said.
Circulation Currency: Notes
4th Series - The Portrait Series Currency Notes (1999- Present)
The Portrait Series notes are the fourth series of currency notes launched on 9 September 1999. This series has only seven denominations as the $1 and $500 denominations were excluded from this series. It marks the first time a portrait is featured as its main design theme.
The portrait of Singapore's first President, the late Encik Yusof Bin Ishak, was chosen to honour his invaluable contribution towards nation-building. Portraits are used in the note designs to act as an effective security feature for the protection of currency notes against counterfeiting. Unlike animals or inanimate objects, the distinctive fine lines of the facial expressions on portraits are instantly recognisable and difficult to reproduce. Any slight change (such as a line, a dot or even a slight variation in colour) when producing a portrait, will alter the expression of the portrait.
The Portrait Series strikes a balance between simplicity and clarity in design on one hand, and sophistication in security features on the other. At the same time, the security features must be effective and easy for people to recognise and remember. To help meet these requirements, a standard design approach was adopted across all denominations of the Portrait Series.
3rd Series - The Ship Series Currency Notes (1984 - 1999)
Similar to the Bird and Orchid Series, the Ship Series also has nine denominations. The denominations are similar except that the previous $20 note was discontinued and a new $2 note denomination was introduced.
The pictorial and aesthetic themes of this series are based on maritime vessels and the modern development of Singapore. The vignettes on the front of the Ship notes depict vessels that have plied the waters of Singapore over the centuries.
The series pays tribute to the contributions of merchant shipping to the development of Singapore from an entrepot trading centre to the busiest port in the world. It starts with the merchant craft of bygone days and progresses to the modern bulk carrier which is featured on the highest denomination.
2nd Series - The Bird Series Currency Notes (1976 - 1984)
This series has nine denominations except that a $20 note was introduced to replace the $25 note of the Orchid series. The dominant feature is a bird on the left side of the front of each note. The birds depicted on the notes are noted for their strength, adaptability and independence which characterise the young Republic of Singapore with the potential of soaring to greater heights in its progress.
1st Series - The Orchid Series Currency Notes (1967 - 1976)
The Orchid Series has nine denominations. The dominant feature is a spray of orchids in the centre of the front of each note.
Circulation Currency: Coins
Third Series (2013 - Present)
The Third Series coins, comprising five denominations, were issued into circulation on 25 June 2013. The coins mark Singapore’s progress as a nation.
The Third Series coin designs depict well-known icons and landmarks of our nation, economy and society that Singaporeans, young and old, can identify easily.
Second Series (1985 - 2013)
There are six denominations in the Second Series. Four denominations, namely the 5-cent, 10-cent, 20-cent and 50-cent coins, were the first to make their appearance on 2 December 1985, followed by the 1-cent and 1-dollar coins on 28 September 1987.
The Second Series coins bear the flora theme and feature local plants and flowers. It aims at enhancing Singapore's image as a garden city.
MAS stopped issuing the 1-cent coin from 1 April 2002 as the denomination was not actively used by the public. The 1-cent coins that are in circulation remain legal tender in Singapore and can continue to be used as a means of payment for goods and services.
First Series (1967 - 1985)
The First Series coins, comprising six denominations, were issued into circulation on 20 November 1967.
The First Series coins were a reflection of the new status which Singapore had gained as an independent republic in 1965.
The designs represented a dramatic break from the past as coins issued by previous currency commissions had borne only the effigy of the reigning British monarch on the obverse.
Singapore Currency Notes
The changing face of the Singapore Dollar
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.
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.
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.
The Tanglin Halt flats & a 1-dollar note
A 1-dollar note
The Tanglin Halt flats
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.
The world's most beautiful currencies
The Singapore Dollar SGD
The Singapore dollar (sign: S$; code: SGD) is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.
As of 2022, the Singapore dollar is the 10th 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 according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore.
Banknotes Series:
- Orchid series 1967 - 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 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 BCCS, 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 1976 - 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 BCCS, 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 1984 - 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 BCCS, on the front of the note. As an added security feature, all notes have a vertically embedded security thread.
- Portrait series 1999 - 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.
Singapore Currency Notes
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