The history of banknotes issued in Singapore goes far back into colonial times, when the only paper money in the region was provided by private banks. They were replaced in 1898 by the first issues of the government of the Straits Settlements, denominated in Straits dollars. The Malaya Board of Commissioners of Currency took over responsibility in 1939 and continued after a name change in 1953 to the Board of Malaya and North Borneo Commissioners until Singapore declared its independence in 1967.
EARLY ISSUES
There were eight private banks who issued notes in Singapore between 1840 and 1898, and all of these are extremely rare today. The Oriental Bank Corporation, to name but one, operated from 1845 to 1883). In its day, it was the largest of the British colonial banks operating in Asia, and its collapse affected the economies in many areas until the Chartered Bank of India, Australia & China and the Hongkong & Shanghai Bank managed to restore stability – with the result that both British-based banks are still major players in Asian markets.
