Of course, quite a lot of people know about the current Singapore currency. Mainly this currency was used for various purposes during his time in the country. So that anyone who comes to Singapore is required to exchange the currency of the country of origin for this currency belonging to Singapore.
The interesting thing behind the Singapore currency is information related to the origin, history, and use of the currency. Including if you look at it more clearly what the exchange rate and position of the country’s currency are compared to the currencies of other countries in the world. Especially when compared with the currency exchange rates of other countries in Southeast Asia. To be clearer, see the following information.
About Singapore Currency
The Republic of Singapore uses the Singapore dollar as its official currency. There are 100 pennies in it. To differentiate it from other currencies denominated in dollars, it is typically abbreviated with the dollar symbol $ or S$. The Singapore dollar’s banknotes and coins are produced by the Monetary Authority of Singapore.
Of course, the use of this Singapore currency has many history and background. Therefore, to sneak into this story will be an interesting to find out. The below paragraphs will try to explain the Singapore currency in more detail.
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History of Currency in Singapore
Coins from various regions of the world that dealt with Singapore were the first money used in Singapore. While the silver dollar was the primary trade money, copper coins were mostly utilized at the bazaar.
Following that, the East India Company, and subsequently the Colonial Office in London, authorized the minting of copper coins for the Straits Settlements. Singapore banks also printed paper money known as banknotes.
In 1840, the Singapore branch of the Union Bank of Calcutta released the first banknote with the words “Singapore” embossed on it. For numerous decades, these banknotes were the primary paper currency used by the island’s trade population.
In summary, the following are the use of currency throughout Singapore’s history. Chinese coins were used in the 14th century; Spanish and other silver dollars for much of the 19th century; the Straits dollar from 1903 to 1939; the Malayan dollar from 1940 to 1953, except during the Japanese occupation (1942-45), when “banana money” was used; and the Malaya and British Borneo dollar from 1953 to 1967. Despite attaining complete independence in 1965, Singapore did not begin issuing its currency, the Singapore dollar, until 1967.
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The Use of Singapore Dollar
After the war, the Malayan dollar was reinstated. Singapore, the Federation of Malaya, Brunei, Sabah, and Sarawak formed the Board of Commissioners of Currency, Malaya and British Borneo in 1954 to jointly issue the Malaya and British Borneo dollar. As a result, these notes and coins were legal currency in all of the British territories in Southeast Asia that survived.
Singapore, Malaysia, and Brunei did not create, print, or issue their national currency until 1967. Singapore dollar notes and coins were issued by the Singapore Board of Commissioners of Currency, which amalgamated with the Singapore Monetary Authority in 2002. Singapore’s currency has since been released.
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Singapore Currency Series
There are several series of Singapore currency from time to time. The exact history of each series is mentioned in the following.
Orchid series, 1967
The front of these notes has an orchid spray, the Singapore coat of arms, a watermark of the lion’s head insignia, and the minister of finance’s signature. This series had nine different denominations.
Birds series, 1976
There are nine denominations of notes in this series. The main variation between this series and the previous was the substitution of the S$25 note with a S$20 note. The birds were the series’ primary feature, representing strength, flexibility, and independence – attributes supposed to characterize the new Republic of Singapore.
Ship series, 1984
This series honored merchant shipping’s contributions to Singapore’s growth. The illustrations on the notes depict Singapore’s shipping history, beginning with commercial ships and advancing to modern bulk ships.
Portrait series, 1999
The current series of notes display a large image of Singapore’s first president, Yusof Ishak. The reverse sides show the nation’s objectives as well as the various parts of Singapore society through seven secondary themes: education, garden city, sports, arts, youth, government, and economy.
Singapore Currency Exchange Rate in Southeast Asia
When compared to other countries in Southeast Asia, Singapore is a fairly developed country. Not only that, but the Singapore currency exchange rate is also among the highest compared to other currencies.
This is evidenced by the country’s currency exchange rate which is recorded as quite high. Compared with the USD, the Singapore dollar exchange rate is almost the same size.
That is 1 USD equivalent to 1.39 Singapore dollars. So of course this is higher than the exchange rate of currencies of other Southeast Asian countries. For example, it is compared to the Ringgit currency from Malaysia. Currently, 1 USD is equivalent to 4.4 Malaysian Ringgit.
That’s the information about the Singapore currency. Starting from the origin and background of the determination of the currency, to its current exchange rate.
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By knowing the information provided earlier, at least it will be clearer about the position of the Singapore state-owned currency. So if you have to visit Singapore, at least understand what our country’s exchange rate is with the Singapore currency exchange rate.
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