Singapore dollar
Encyclopedia : S : SI : SIN : Singapore dollar
- SGD redirects here. For other uses see SGD (disambiguation)
History
Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and later the Malaya and British Borneo dollar, which were issued by a central Board of Commissioners of Currency.Singapore continued to use the common currency upon joining Malaysia in 1963 but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1967 and released its first series of notes, the "Orchid" notes, on June 12, 1967. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian dollar until 1973. Interchangeability with the Brunei dollar is still maintained.
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.
Current status
The Singapore dollar is a freely convertible currency which is allowed to float according to supply and demand on the foreign exchange market, but it is monitored by the Monetary Authority of Singapore against a trade-weighted basket of currencies. The currencies involved are not publicised to protect the currency against speculative attacks and other unusual pressures on the its value.
Since the Asian financial crisis, various other countries have adopted Singapore's managed float system.
Before the crisis 1 USD was worth approximately 1.4, falling to 1.8 SGD. As of 1 May 2006, 1 USD is worth approximately 1.57775 SGD. The Brunei dollar is pegged to the Singapore dollar at 1:1 rate [link], and the other's currency is accepted as "customary tender", but not legal tender, in both countries.
Coins
To date, two series of coins for circulation have been issued.- [First Series] (1967–1985)
- [Second Series Flora Theme] (1985–present)
Current coins in circulation
The current series of coins feature the Coat of Arms of Singapore on the obverse, and the Flora theme on the reverse.
| Currently Circulating Coins [link] | ||||||||
|---|---|---|---|---|---|---|---|---|
| Value | Diameter | Thickness | Weight | Composition | Edge | Obverse | Reverse | First Issued Date |
| 1 cent1 | 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 | Milled | 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 | Milled | 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 | Milled | Value, Allamanda Cathartica | December 2, 1985 | ||
| 50 cents | Inscribed "REPUBLIC OF SINGAPORE" and the lion sysmbol | May 28, 1990 | ||||||
| 22.40 mm | 2.4 mm | 6.3 g | Aluminium bronze | Inscribed "REPUBLIC OF SINGAPORE" and the lion sysmbol | Coat of Arms, "Singapore" in 4 official languages | Value, Lochnera rosea | September 28, 1987 | |
Note
- 1 cent coin is currently being decirculated
- 5 dollar coins exist, but are not being circulated
Banknotes
To date, four series of currency notes for circulation have been issued.- Orchid Series [Orchid Series] (1967–1976)
- Bird Series [Bird Series] (1976–1984)
- Ship Series [Ship Series] (1984–1999)
- Portrait Series [Portrait Series] (1999–present)
Current banknotes in circulation
These notes feature the face of Encik Yusof bin Ishak, the first president of the Republic of Singapore, on one side, and the other side depicts a feature of civic virtue.
| Portrait series [link] | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Color | Obverse | Reverse | Issued Date | Watermark | Material | |
| [link] | [link] | 126 x 63 mm | Purple | Encik Yusof bin Ishak, Money Cowrie | Education | September 9, 1999 | Encik Yusof bin Ishak | Paper | |
| [link] | [link] | January 12, 2006 | Polymer | ||||||
| [link] | 133 x 66 mm | Green | Encik Yusof bin Ishak, Gold-Ringed Cowrie | Garden City | September 9, 1999 | Paper | |||
| [link] | [link] | 141 x 69 mm | Red | Encik Yusof bin Ishak, Wandering Cowrie | Sports | September 9, 1999 | Paper | ||
| [link] | [link] | May 4, 2004 | Polymer | ||||||
| [link] | 156 x 74 mm | Blue | Encik Yusof bin Ishak, Cylindrical Cowrie | Arts | September 9, 1999 | Paper | |||
| [link] | 0 | 162 x 77 mm | Orange | Encik Yusof bin Ishak, Swallow Cowrie | Youth | ||||
| [link] | 00 | 170 x 83 mm | Purple | Encik Yusof bin Ishak, Beautiful Cowrie | Government | ||||
| [link] | 000 | 180 x 90 mm | Gold | Encik Yusof bin Ishak, Onyx Cowrie | Economics | ||||
Trivia
The one dollar coin is inscribed with an octagon, which looks like a ba gua. Some Singaporeans believe that the government had consulted Feng Shui practitioners and designed the coin thus in order to give every Singaporean a lucky charm.
External links
From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.