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Singapore dollar

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"SGD" redirects here. For other uses, see SGD (disambiguation).

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Singapore dollar
新加坡元 Template:Zh icon
Dolar/Ringgit Singapura Template:Ms icon
சிங்கப்பூர் வெள்ளி Template:Ta icon
ISO 4217
CodeSGD (numeric: 702)
Subunit0.01
Unit
SymbolS$‎
NicknameSing
Denominations
Subunit
 1/100cent
Banknotes
 Freq. used$2, $5, $10, $50, $100 & $1,000
 Rarely used$20, $25, $10,000
Coins
 Freq. used5, 10, 20, 50 cents, $1
 Rarely used1 cent (not issued anymore but still usable), $5
Demographics
User(s) Singapore
 Brunei
Issuance
Monetary authorityMonetary Authority of Singapore
 Websitewww.mas.gov.sg
MintSingapore Mint
 Websitewww.singaporemint.com
Valuation
Inflation4.6%
 SourceThe World Factbook, 2011 est.
Pegged byBrunei dollar at par
Singapore dollar
Chinese name
Chinese新加坡元
Transcriptions
Standard Mandarin
Hanyu PinyinXīn​jiā​pō​ yuán
Malay name
MalayRinggit Singapura
Tamil name
Tamilசிங்கப்பூர் வெள்ளி

The Singapore dollar or Dollar (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.

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] and interchangeability with the Brunei dollar is still maintained.[1]

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 in the early 1970s, after which the Singapore dollar was linked to the US dollar for a short period of 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. All issued Singapore dollar currency in circulation is fully backed by international assets to maintain public confidence.[3] The foreign reserves officially stand at over US$230 billion - as of May 2011.

Prior to 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]

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.

First Series (1967–1985) [1]
Value Technical parameters Description Date of issue
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent 17.780 mm 1.118 mm 1.940 g Bronze Plain A high-rise public housing block with a fountain in front and clouds in the background Value and Year June 12, 1967
1 cent 1.240 g Copper-clad steel 1976
5 cents 16.26 mm 1.02 mm 1.410 g Cupro-nickel Milled A snake-bird sitting in its nest and preening its feathers. Value and Year June 12, 1967
5 cents 1.260 g Cupro-nickel clad steel
5 cents (FAO) 21.23 mm 1.27 mm 1.240 g Aluminium A fish and the phrases "INCREASE PRODUCTION" and "MORE FOOD FROM THE SEA." 1971
10 cents 19.41 mm 1.40 mm 2.83 g Cupro-nickel A seahorse with a stylized piece of seaweed. June 12, 1967
20 cents 23.60 mm 1.78 mm 5.66 g A swordfish against a background symbolizing water.
50 cents 27.76 mm 2.03 mm 9.33 g A lionfish from tropical waters.
$1 33.32 mm 2.39 mm 16.85g A stylized Singapore lion symbol flanked by two stalks of paddy.
For table standards, see the coin specification table.

The current series of coins feature the Coat of Arms of Singapore on the obverse, and a floral theme on the reverse. This series was designed by Christopher Ironside.

Second Series (1985–present) [2]
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 of 1 December 2006, but are no longer issued since 2003.
  • 5.86 million 5 cent coins are still in circulation as of 1 December 2006, but are no longer issued.

Banknotes

Early series

On June 12, 1967, the first series of notes, known as the Orchid series, was introduced in denominations of $1, $5, $10, $50, $100 & $1000. $25 & $500 notes were introduced on August 7, 1972,[4] followed by $10,000 on January 29, 1973.[4] Between 1976 & 1980, the Bird series was introduced, including a $20 note introduced on August 6, 1979. This series did not include a $25 note. The Ship series was introduced between 1985 & 1989 in the same denominations except for the absence of a $20 note. $2 notes were introduced on January 28, 1991.[4]

The latest (portrait) series

Main article: Singapore Portrait Series currency notes

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) [3]
Image Value Dimensions Main Colour Description Date of issue Status Material
Obverse Reverse Obverse Reverse
$2 $2 $2 126 × 63 mm Purple President Yusof bin Ishak, Money Cowrie Education September 9, 1999 Circulation Paper
$2 $2 January 12, 2006 Polymer
$5 $5 $5 133 × 66 mm Green President Yusof bin Ishak, Gold-Ringed Cowrie Garden City September 9, 1999 Paper
$5 $5 May 18, 2007 Polymer
$10 $10 $10 141 × 69 mm Red President Yusof bin Ishak, Wandering Cowrie Sports September 9, 1999 Paper
$10 $10 May 4, 2004 Polymer
$50 $50 $50 156 × 74 mm Blue President Yusof bin Ishak, Cylindrical Cowrie Arts September 9, 1999 Paper
$100 $100 $100 162 × 77 mm Orange President Yusof bin Ishak, Swallow Cowrie Youth Paper
$1000 $1000 $1000 170 × 83 mm Pink President Yusof bin Ishak, Beautiful Cowrie Government Paper
$10000 $10000 $10,000 180 × 90 mm Gold President Yusof bin Ishak, Onyx Cowrie Economics Paper

The S$10,000 and B$10000 note are the world's most valuable banknote (that is officially in circulation). As of August 2011, it is worth over six times as much as the next most valuable, the 1000 Swiss franc note.[citation needed] The most valuable legal tender banknote is the US$10,000 note.

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. On December 8, 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.

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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 simultaenously.[5] A circulation version of the $20 note can be exchanged at banks in Singapore beginning July 16, 2007, limited to two pieces per transaction.

Singapore commemorative banknotes [4]
Image Value Dimensions Main Colour Description Date of issue Material
Obverse Reverse Obverse Reverse
$20 $20 $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. June 27, 2007 Polymer
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
Current SGD exchange rates
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From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD MYR INR CNY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD MYR INR CNY

Trivia

  • The $10000 note is one of the world's largest single notes in terms of real value.
  • The S$1 coin is made to look like a Ba Gua, a traditional Chinese symbol used in Taoist ceremonies.

See also

References

  1. ^ a b c d e f g h "The Currency History of Singapore". Monetary Authority of Singapore. 2007-04-09. Retrieved 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.
  2. ^ Low Siang Kok, Director (Quality), Board of Commissioners of Currency, Singapore. "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 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. {{cite book}}: Unknown parameter |origdate= ignored (|orig-date= suggested) (help)CS1 maint: multiple names: authors list (link)
  3. ^ International Economics - Historical Exchange Rate Regime of Asian Countries The Chinese University of Hong Kong, Copyright 2000. Retrieved August 15, 2008.
  4. ^ a b c d Linzmayer, Owen (2012). "Singapore". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  5. ^ "Commemorating the 40th Anniversary the Currency Interchangeability Agreement" (Press release). Monetary Authority of Singapore. 27 June 2007. Retrieved 22 April 2010.
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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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