A common fact from the Singapore history – Singapore was part of the Straits Settlements with Penang and Malacca in 1826 and later made a British Crown Colony. So it’s not a surprise that the currency of the Straits Settlements as well as English pounds were used here before we began minting our own money. But do you know that the Spanish dollar was also used in Singapore both pre- and post-1819?

Located on levels three and four of a restored Chinese shophouse in Chinatown at 2 Trengganu Street, the Singapore Coins and Notes Museum (SCNM) opened its doors to the public from 1 July 2009. Funded in part by the National Heritage Board’s Heritage Industry Incentive Programme (HI²P), it is the first and only museum dedicated to showcase the currency of the country, bringing a different experience to the visitors in their understanding of the history of Singapore through the evolution of currency in Singapore.

To me, money, while important, is only a means to an end. I confess, I’ve never really looked at the notes and coins in my wallet – maybe only to check if they are counterfeits at times. So this trip to the museum has made me realise a lot more about these indispensable objects – its beginnings, the meanings behind each new designs and also how it was being made.

Money transactions today are so sophisticated not like times long ago. All they knew of was the exchange of one object for another, even when they might exchange a more expensive object for a much cheaper one – that’s what they called barter trading at that time. It did require some savvyness so as not to be conned! Barter trading had obvious drawbacks. What you wanted from a seller and were prepared to pay in kind, may not be what he wants in return.

Rare objects such as spices and seashells would be used to exchange for the goods and services. Other  symbolic currency tokens included ceramics, metal coins and even pottery.

Nature's Mint: Seashells were used as money

Spices, because of their value, were used as a form of money

One of the strangest currencies ever used was the Yap coins from the Yap Island in the Pacific Ocean which is part of Micronesia. Made from limestone which was commonly found at the island, the most amazing thing about this currency has to be its sheer size – some measuring over four metres in diameter and weighing more than 500kg. Ironically, it was also due to its size that it was not being featured in the museum.  I would have loved to see it displayed at the museum while wondering how the people in the past used the Yap coins to purchase what they wanted.

A picture of the Yap coin which I found on the web

In the olden days before Singapore had a currency of its own, notes and coins from other countries were used in trade. The common currency used then was the Spanish peseta. Spain at that time was a dominant world trader and it became the world’s first global currency and the official mode of payment for countries in North America and Europe. In 1835, the Indian rupee was made the official currency for all British settlements in Southeast Asia, which also included Singapore.

The 1855 Republic Mexicana silver dollar.

In 1845, the first set of coins were finally made specifically for the Straits Settlements but it was only after 26 years later when the coins bore the words ‘Straits Settlements’. The coins were in use in Singapore until 1952.

The Board of Commissioners of Currency, Malaya was formed in 1938 to unify the currencies of the Straits Settlements. The coins at that time featured the monarch of the British Empire at that time, King George VI. The first notes were also printed in 1940 but only the denomination of $10 was issued for circulation due to the imminent World War II.

During the World War II, the Japanese circulated their own ‘banana’ notes but immediately after the war, these became virtually worthless. With no serial numbers printed on them, the notes could have been  printed in any amount the people would have wanted. Ever wondered why the notes were called the banana notes when not all the notes carried the pictures of the banana tree? It was named as such because of the high frequency of usage for the $10 note which featured the banana tree.

After the Japanese surrendered, Singapore reverted to using the Straits Settlements notes as its official currency.

When Singapore gained independence in 1965, it was imperative for her to produce her own coins and notes as symbols of a country’s independence. With the Board of Commissioners Currency Singapore set up in 1967, two series of coins and four series of notes have been produced till today.

For the notes designs which were first issued in 1967, we started off with the orchid designs to signify Singapore as a garden city. Even though it used the orchids as its design, Vanda Miss Joaquim (Singapore’s national flower) was not featured. This was because Singapore’s national flower was only chosen in 1981, 14 years after the first series of Orchid notes was produced.

This was the only series out of the four which featured a $25 note. It was phased out after that as it was very difficult to calculate the change when received.

The first series of coins were of the marine series, which represented our sea port trade.

The only coin made which did not feature the marine series was the 1-cent coin which featured the Housing Development Board (HDB) public housing apartment block.

Singapore’s second series coins were introduced in 1985 and are still in use today. In this series, Vanda Miss Joaquim was featured on one side of the one cent coin (though one cent coins were phased out as well).

The issuing of Singapore’s second series of notes started in 1976 and each note would feature a bird on the front and a Singapore scene on the back. The $25 note (pictured above) from the first series was now replaced by the $20 note (though it was also phased out in the later years).

Beginning in 1984, Singapore’s third series notes went into circulation. It was the series featuring the ships on the front of the note, and orchids at the back. The $20 note were phased out and as prices overall were rising, the popular $2 was introduced. What’s interesting was that there were two sets of the $2 notes – one dominantly in red while the other in purple. The red one was issued first but it resembled the $10 note, hence the change in colour for the $2 notes.

Finally, it is the Yusof Ishak series which is used today. The material of the notes was also changed to that of the polymer, which is two to three times stronger than normal papermix.

Besides highlighting the evolution of the currency, the museum also showcases some highlights of the Singapore Mint collection.

The Voyage of the Kon-Tiki coin made by the Singapore Mint for Samoa. This award-winning coin displays the creativity of the Singapore Mint and greatly boosted the Mint’s international status as a coin-maker. It is also the largest coin in the museum which is about 8cm in diameter.

Besides being used as a currency, do you know that the notes and coins have other uses as well? For Malay weddings in Singapore, the bridegroom’s family prepares a ‘bouquet’ of flowers made up of folded notes and present it to the bride’s family as dowry. Payment for the serving staff at the wedding is also in the form of notes folded to appear like fans.

They were also used differently in some shops in Singapore. Some shop owners stick coins onto their calculators, seeming for good luck. Some owners also had the three-legged Feng Shui toad with a coin in its mouth in hope of it bringing wealth.

The museum also shows us the tools used and the processes involved in the minting of coins. Though the museum offers interactive activities such as the coin rubbing and also a hands-on area where visitors can learn about common metals used in the manufacture of coins by handling the metal bars to feel their relative weights, I thought that the activities can still be improved.

If only they can have some activities like the process of minting the coins, instead of just showing us the footage of how it was manufactured. Allowing the visitors to have such hands-on encounter will be an attraction. After all, we have never been involved in the process before and it would be an enriching experience to get a feel of how our coins are minted.

Do not think that this museum is just about the currency of Singapore. I heard that there are plans to have a change in exhibition every quarter, besides the permanent ones, so do give this new museum a chance. Take a look and maybe you’ll be surprised at what you can find among all the notes and coins.