Monetary Authority of Singapore

KNOW
YOUR
MONEY
CONTENTS

INTRODUCTION ....................................................................... 3
1.1 Currency Issuing Authority ........................................................................... 3
1.2 Legal Tender ................................................................................................ 3
1.3 Singapore Currency ..................................................................................... 4
THE CURRENT SERIES NOTES – THE PORTRAIT SERIES 5
2.1 The Development ......................................................................................... 5
2.2 The Portrait Notes ........................................................................................ 6
2.3 Security Features of the Paper Portrait Notes.............................................. 8
2.4 Security Features of the Polymer Portrait Notes ........................................ 14
THE CURRENT SERIES COINS – THE THIRD SERIES ...... 16
3.1 The Third Series Coins .............................................................................. 16
3.2 Third Series Coin Features ........................................................................ 16
3.3 Third Series Coin Specifications ................................................................ 19
DETECTION OF COUNTERFEIT CURRENCY ..................... 20
4.1 Distinguishing Counterfeit Notes ................................................................ 20
4.2 Distinguishing $10,000 Portrait Specimen Notes ....................................... 20
4.3 Distinguishing Counterfeit Coins ................................................................ 21
4.4 Guidelines for Handling Counterfeit/Suspect Singapore Currency ............. 22
REPRODUCTION OF NOTES AND COINS .......................... 23
5.1 Policy on the Reproduction of Notes and Coins ......................................... 23
5.2 Application for Currency Reproduction Permit for Merchandise................. 24
REFUND OF MUTILATED NOTES AND COINS ................... 25
6.1 Common Features Found in Mutilated Notes and Coins ........................... 25
6.2 Guidelines for Assessment of Mutilated Notes and Coins ......................... 25
INTERCHANGEABILITY AGREEMENT WITH BRUNEI
Darussalam ............................................................................ 27
7.1 Currency Interchangeability Agreement with Brunei Darussalam .............. 27
7.2 40th Anniversary $20 Polymer Note ........................................................... 28
7.3 Designs of the 40th Anniversary Singapore $20 Polymer Note .................. 28
7.4 Security Features on the 40th Anniversary Singapore $20 Polymer Note .. 29
INTRODUCTION
1.1 Currency Issuing Authority

The Monetary Authority of Singapore (MAS) is the sole currency issuing

authority in Singapore. Prior to 1 October 2002, the currency issuing function resided
with the Board of Commissioners of Currency, Singapore (BCCS), which was
established by the enactment of the Currency Act on 7 April 1967. BCCS was
merged with MAS on 1 October 2002.

1.2 Legal Tender

Only currency notes and coins issued by the MAS are legal tender in
Singapore. This means that all monetary obligations or transactions in Singapore are
deemed to be expressed, recorded and settled in Singapore dollars unless otherwise
provided for by law or agreed upon between parties. Currency notes issued by the
MAS, if the notes have not been illegally dealt with, shall be legal tender up to their
face value for payment of any amount. Coins issued by the MAS, if the coins have
not been illegally dealt with, shall be legal tender up to their face value in Singapore
as follows:

 Coins of a denomination exceeding 50 cents – for the payment of any

amount;
 Coins of a denomination of 50 cents – for the payment of an amount
not exceeding $10; and
 Coins of a denomination lower than 50 cents – for the payment of an
amount not exceeding $2.

There is a provision in the Currency Act (Section 13) which allow

shopkeepers, through a written notice, to specify the denominations of notes or coins
that they will not accept as payment for their goods or services. If a shopkeeper does
not give written notice to his customers, the shopkeeper must accept the notes and
coins as payment. The customer would be deemed to have made payment, even if
the shopkeeper does not accept it.

This provision is to clarify the intent and purpose of the law. The payment for
goods and services is essentially a contractual agreement between a buyer and a
seller. Before entering into a transaction, both the seller and the buyer can specify
how the payment is to be made and both must agree to it. Through a written notice,
a seller would be informing potential buyers of how he would like to be paid. If a
buyer wishes to go ahead with the transaction, he would have to accept the seller’s
conditions in his written notice.

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1.3 Singapore Currency

Since 1967, four series of currency notes and three series of currency coins
have been issued for general circulation. The currency notes of all the four series,
known as ‘Orchid’ (1967), ‘Bird’ (1976), ‘Ship’ (1984) and ‘Portrait’ (1999), and all
three coin series are legal tender. The current series of notes and coins issued for
circulation are the ‘Portrait’ series notes and the Third series coins.

The Portrait notes have been updated to reflect the change in the currency-
issuing authority from BCCS to MAS, following the merger of the two organizations.
The overall design has been retained, except for minor changes to update BCCS’
symbols with MAS’.

On 4 May 2004, the MAS issued the $10 polymer Portrait notes into
circulation. The design of the $10 polymer notes is similar to the $10 paper Portrait
notes except for a few changes to incorporate security features unique to polymer
technology. The $2 and $5 paper Portrait notes were also converted to polymer
substrate in 2005 and 2007 respectively.

The first series of circulation coins was issued in 1967 while the second series
of coins, the ‘Flora’ series was issued between 1985 and 1987. The Third and
current series of coins was issued into circulation in 2013.

It is important that we know the Singapore currency notes and coins we

receive and pay out every day. This guide provides the information to help you to be
more familiar with the current series of Singapore currency.

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THE CURRENT SERIES NOTES – THE PORTRAIT SERIES
2.1 The Development

As with most countries, Singapore adopts a policy of changing its currency

design periodically so that new security features can be added to deter any attempt
to counterfeit the notes and make it difficult and unprofitable. The development of the
Portrait notes began in the nineties. The use of portrait on the notes serves two
purposes, it provides the opportunity to honour national figures and portrait is also a
unique anti-counterfeiting feature.

The front design of the Portrait notes features the portrait of Singapore’s first
President, the late Encik Yusof bin Ishak. He is remembered for his contributions to
Singapore. The back of each denomination bears a secondary theme design based
on the biography of Encik Yusof bin Ishak. The seven themes are Education, Garden
City, Sports, Arts, Youth, Government and Economics. Together, these themes
depict the aspirations of modern Singapore and the different facets of our multi-racial
society. The Portrait notes were issued on 9 September 1999 to usher in the new
millennium.

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2.2 The Portrait Notes
Specifications of Portrait Notes

Deno Front Back Design Size of Predominant Secondary Braille

Design Theme Note Colour Colours Codes
(mm)

$2 Education 126 x 63 Purple Blue and 

Brown

$5 Garden City 133 x 66 Green Dark 
Green and
Portrait of Late President Yusof bin Ishak

Red

$10 Sports 141 x 69 Red Purple 

and Brown

$50 Arts 156 x 74 Blue Dark Blue 
and Red

$100 Youth 162 x 77 Orange Brown and 
Green

$1,000 Government 170 x 83 Purple Blue and 
Red

$10,000 Economics 180 x 90 Gold Yellow 
and Brown

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 Designs of Paper Portrait Notes

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 Designs of Polymer Portrait Notes

2.3 Security Features of the Paper Portrait Notes

Security features in currency notes act as a safeguard to minimise the risk of

counterfeiting. It is important for the public to be aware of the security features
incorporated in genuine currency notes and to be able to distinguish between
genuine and fake notes.

Incorporated in each currency note is a multiplicity of security features which

makes the counterfeiting of the currency notes extremely difficult. The best method
of detection is to compare a suspect note with a genuine note.

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 Lithographic
FRONT Print
Micro-Printing Engraved Portrait
(cowrie design)
Kinegram
Braille Codes
Asymmetrical Serial
Number (vertical)
Watermark Number (vertical)
Anti-Colour Copying
Line Structures
Highlight
Watermark

Asymmetrical Serial Perfect Latent Image

Number (horizontal) Registration
One example of
Intaglio Prints

BACK

Anti-Colour
Copying
Line Structures

Watermark

Highlight
Watermark

Security Perfect
Thread Registration
Perfect
Registration

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Features recognisable under transmitted light

Portrait Watermark

A three dimensional multi-tone portrait watermark

of the late President Yusof bin Ishak can be seen
when the note is held up to the light. The
watermark has a three dimensional appearance
with areas in varying tones of dark and light.

Highlight Watermark

This monotone watermark is located below the

Portrait watermark on the front of the note. It
corresponds with the Braille pattern at the top right-
hand corner of each denomination. The primary
characteristic of the highlight watermark is that its
extra thin area makes it appear clear and distinct
when the note is held up to the light

Perfect Registration

The Singapore Lion symbol appearing near the

watermark is printed simultaneously with the same
image on the front and back of the note. When the
note is held up to the light, the Singapore Lion
symbol on the front registers perfectly with the
image on the back.

Security Thread

The windowed machine-readable thread is

interwoven in the paper running vertically down the
back of the note. When held up to the light, the
thread appears as a bold continuous line and it
shows a series of text featuring the denomination
numeral of the note and the word SINGAPORE in
the four official languages. The holographic images
of the Singapore Lion symbol and the MAS logo
can be seen on the silver-coloured thread when the
viewing angle is varied.

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Features recognisable under reflected light

Intaglio Prints

The intaglio (raised) printing gives the note an

embossed feel. Widespread use of this intaglio
printing on the Singapore Arms, the engraved
Portrait, the word SINGAPORE and other areas
offers good overall tactility. The prints are finely
done so that tiny details are clearly defined.

The intaglio printing of the denomination numeral of

each note also helps recognition by the visually
handicapped. Each note has a Braille code printed
in heavy intaglio ink at the top right corner of the
front of the note, so that visually handicapped
users can recognise the different denominations by
touch.

Engraved Portrait

The portrait of the late Encik Yusof bin Ishak

dominates the front of the “Portrait” series notes.
Hand-engraved and printed in intaglio ink, the
portrait serves as a unique anti-counterfeiting
feature. The fine lines of the engraving are difficult
to imitate or reproduce.

The background on both sides of the note is printed

by the lithographic process. The smooth,
rainbowed and anti-photographic background
makes camera counterfeiting difficult and
photographic separation virtually impossible.

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Features recognisable under magnification

Micro-Printing

The text “BOARD OF COMMISSIONERS OF

CURRENCY SINGAPORE” or “MONETARY
AUTHORITY OF SINGAPORE” is in micro-letters
above the four official languages of the word
SINGAPORE on the front of the note. To the naked
eye, this appears as a single line but the details
can be seen legibly with the aid of a magnifying
glass.

Features recognisable under fluorescent light

Invisible Fluorescent Fibres

When the note is viewed under ultra-violet (UV)

light, more security features show up. Unlike most
commercial papers, the paper of the note does not
reflect UV light at all. Fibres which are invisible to
the unaided eye are incorporated on both sides of
the note surface. The fibres which cannot be seen
in ordinary light will glow under UV light.

Invisible Feature

This feature, in the form of the denomination

numeral of the note, is present on the front of the
note. It is invisible under ordinary lighting condition
but glows brightly under UV light.

Fluorescent Ink

The fluorescent pigment on the serial numbers and

the seal on the front of the note glows brightly
under UV light. This feature also appears on some
parts of the designs on both the front and back of
the note.

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 Asymmetrical Serial Numbers

The asymmetrical serial numbering style has

progressively larger digits in adjacent positions.
One set of serial numbers appears horizontally,
the other vertically. The serial numbers both glow
under UV light.

Latent Image

Two distinctively different latent images bearing

the BCCS or MAS logo and the Singapore Lion
symbol become visible alternately when the note
is tilted at various angles. The latent image also
glows brightly under UV light.

Anti-Colour Copying Features

Line Structures

These line structures appear at the right of the

front design and on the areas above and below
the portrait watermark on the back of the note.
Hidden distortions will appear in these areas
when the note is colour-copied.

Kinegram

The kinegram appears as an octagonal foil on the

front of the note. It contains an image of the
denomination numeral which shifts as the note is
tilted. On varying the viewing angle, one can also
see the logo of BCCS or MAS transforming into
the letters “BCCS” or Singapore Lion symbol.
The background of the kinegram is composed of
shapes representing electron orbitals which
change from bright to dark as the note is rotated.
This background shimmers in an array of colours
when rotated. These features are unique
properties to the kinegram and cannot be
replicated.

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2.4 Security Features of the Polymer Portrait Notes

As part of MAS’ commitment to improve the durability, quality and security of

currency notes, polymer Portrait notes of $2, $5 and $10 denominations have been
introduced into circulation. The polymer notes are well accepted by the public with a
100% machine acceptance. The polymer Portrait notes are printed on Guardian
polymer substrate, which is a unique polypropylene plastic material used for the
specialised requirements for the harsh usage and handling of notes.

To preserve public familiarity and minimise modifications to note handling

machines, the design and dimensions of the polymer notes are similar to the paper
Portrait notes. There are some design changes on the polymer Portrait notes to
incorporate security features unique to the polymer technology.

FRONT
Gold Patch

Complex Clear
Window

Shadow Image
Embossed
Clear Window

Security Thread

BACK

Complex Clear
Window

Shadow Image
Embossed
Clear Window

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 Complex Clear Window

A see-through window with a multi-tonal image of the

Singapore Arms.

Shadow Image

A watermark-like image of President Yusof bin Ishak is

visible when viewed with transmitted light.

Singapore Lion Symbol With Hidden Image

A stylised gold patch with the image of the Singapore

Arms appearing at varying angles.

Security Thread

A security thread in the shape of the Singapore island.

Embossed Clear Window

A clear window with the denomination numeral

embossed in it. At the top and bottom of the window is
a repetitive pattern of the denomination numeral.

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THE CURRENT SERIES COINS – THE THIRD SERIES
3.1 The Third Series Coins

Countries generally change their circulation coins every 20 to 30 years to

incorporate new security features, update the coin designs and to mint coins more
cost effectively.

Prior to the introduction of the Third Series coins, the Second Series coins,
which were introduced between 1985 and 1987, had been in circulation for more
than 25 years.

New security features were incorporated into Third Series coins to stay ahead
of counterfeiters and maintain confidence in the use of the country’s currency.

The Third Series coin designs were also updated to depict icons and
landmarks of our nation, economy and society that Singaporeans young and old
can identify easily.

The look and feel of the coins were developed in consultation with industry
suppliers and special interest groups such as the Singapore Association of the
Visually Handicapped.

All the five (5-cent, 10-cent, 20-cent and 1-dollar) denominations in the Third
Series were issued on 25 June 2013. The First and Second series coins remain
legal tender and the public can continue to use them for payment alongside the
Third Series coins.

3.2 Third Series Coin Features

Designs

The coins depict well known icons and landmarks of Singapore:

 The Merlion, a renowned icon of Singapore, is featured on the 1-dollar

coin.
 The Port of Singapore, one of the busiest ports in the world, is featured
on the 50-cent coin.
 Changi Airport, one of the best airports in the world, is featured on the
20-cent coin.
 Public Housing, home to more than 80% of Singaporeans, is featured
on the 10-cent coin.

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  Esplanade - Theatres on the Bay, centre for performing arts in
Singapore, is featured on the 5-cent coin.
The lion-head, a national symbol, is portrayed across all denominations as a
common identifying feature of the Third Series coins.
The obverse design of the coins bears the Singapore Coat of Arms, a
recognised symbol of the legal tender status of Singapore coins.
The Third Series coins have larger denomination numerals for ease of
identification.

Progressive Sizing

The Third Series coins are progressively sized by denomination, with the 5-
cent coin being the smallest and the 1-dollar coin being the largest.

Identifying Features

Each denomination of the Third Series features a distinct edge pattern to help
the visually impaired differentiate the coins. For example, the 50-cent coin has a
noticeable micro-scalloped edge pattern. The surface of the 50-cent coin also has a
circle of beads along the rim to enable the public to better differentiate it from the
other denominations. The 1-dollar coin has an octagonal frame along the coin rim.

Material – Multi-ply Plated Steel

The Third Series coins are minted on multi-ply plated steel comprising a steel
core electroplated with three layers of metals - nickel over copper over nickel for
silver-coloured coins; brass over copper over nickel for gold-coloured coins. The
coins are generally lighter in weight and produce a lower pitch tone compared to the
Second Series coins, when struck against hard objects.

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 Security Features

Each denomination of the new series has a customised electromagnetic

signature (EMS), which allows vending machines to detect and reject counterfeit or
foreign coins. Additional security features on the 1-dollar coin include a bi-metallic
composition (outer ring is brass plated and inner circle is nickel plated) and laser
mark micro-engraving of the Vanda Miss Joaquim, the national flower of Singapore.

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 3.3 Third Series Coin Specifications

Denomination Diameter Thickness Weight (g) Surface Plating Shape and Edging
(mm) (mm) (Side Profile)

5-cent 16.75 1.22 1.70 Brass plating Round and plain

10-cent 18.50 1.38 2.36 Nickel plating Round and

interrupted milled

20-cent 21.00 1.72 3.85 Nickel plating Round and milled

50-cent 23.00 2.45 6.56 Nickel plating Round and micro-

scalloped

1-dollar 24.65 2.50 7.62 Bi-metallic plating Round and milled

comprising brass
plated outer ring and
nickel plated inner
circle

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DETECTION OF COUNTERFEIT CURRENCY
4.1 Distinguishing Counterfeit Notes

The security features incorporated in the genuine notes provide for visual
identification and authentication both by eye and by machine. Do not rely on a single
security feature, instead check several security features during authentication. If in
doubt, compare the suspected note with one of the same denomination that you
know is genuine.

There are usually easily detectable differences between a genuine note and a
counterfeit one. Genuine paper does not reflect UV light and therefore does not glow
when exposed to that light. The intaglio print gives the note the tactile feel of raised
print.

A counterfeit note is usually printed on lower quality paper and has a smooth
and waxy feel. The paper also usually glows under UV light.

The watermark on a counterfeit note is clearly visible without requiring the

note to be held against the light. It lacks the three-dimensional effect.

The micro-lettering is not present in a counterfeit note.

4.2 Distinguishing $10,000 Portrait Specimen Notes

The Portrait specimen notes are not legal tender and hence command no
value. They can be distinguished from the circulation notes in three aspects:

 The word ‘SPECIMEN’ is printed in red across the front and back of the
notes.
 Both sets of serial numbers are printed in red, (for the circulation notes,
one set of serial number is in black and the other in brown); and
 The prefix of the serial number is ‘8PN’ for the specimen notes.

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 Design of $10,000 Portrait Specimen Note

4.3 Distinguishing Counterfeit Coins

Some general indicators that a coin may be a counterfeit are:

 Milling of edge patterns are uneven, poor defined and worn off
 The relief of the design, lettering and characters are not distinct, sharp
or well defined
 Surface of coin has many pitmarks and appears very porous
 Diameter, thickness and weight of fake coins are different from the
gazetted coin specifications
 The orientation of the obverse and reverse designs is not aligned

For the Third Series 1-dollar coin, check for the following visual features:

 Laser mark micro-engraving of the Vanda Miss Joaquim orchid. The

laser mark on a genuine coin will show a dense micro-pattern of circles
under magnification.
 Bi-metallic composition. Attempts to replicate the bi-metallic effect on a
counterfeit coin are usually achieved through the use of paint instead of
two different types of metals.

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 The best way to learn about counterfeit coins is to examine them and
compare them with genuine coins of the same type and date.

4.4 Guidelines for Handling Counterfeit/Suspect Singapore Currency

 Do not pass on or retain any suspect note/coin received - it is a
criminal offence under the Penal Code.
 Take down the particulars of the person who gave you the suspect
note/coin.
 Do not cut the suspect note/coin or write anything on it.
 Authenticate with MAS if you are not sure whether the note/coin is a
counterfeit.
 Report counterfeit notes/coins to any police station of Commercial
Affairs Department.

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REPRODUCTION OF NOTES AND COINS
5.1 Policy on the Reproduction of Notes and Coins

The Licensing Scheme for Currency Reproduction was introduced with effect
from 1 October 2000. With effect from 11 August 2006, the rules on reproducing the
Singapore currency for advertisements and publications were relaxed. Under the
scheme, MAS grants permission to any person to do any of the following:

(a) to use any photograph of or any drawing or design resembling any

currency note or coin or part thereof in any advertisement.

(b) to import, manufacture, sell, circulate or otherwise distribute any

specified merchandise or product containing any photograph of or any
drawing or design resembling any currency note or coin or part thereof.

A ‘‘specified merchandise or product’’ stated in the above paragraph means:

(a) any machine that is designed to receive currency notes or coins for its
operation and on which the reproduction of currency notes or coins is
used solely to illustrate the kind of currency that is accepted by the
machine and how the currency note or coin is to be inserted; or

(b) any publication in which the reproduction of currency notes or coins is

used for educational purposes, or in connection with any news or
factual article or report, not being an advertisement for any
merchandise product, or service.

However, grant of permission for the above is subject to that person

complying with the conditions specified below:

(a) The use of the reproduction of any currency note or coin –

(i) shall maintain, and not detract from, the dignity, integrity and
image of the currency note or coin; and

(ii) shall not have any risk of confusion with genuine currency note
or coin.

(b) The reproduction of any currency note or coin -

(i) shall not distort images of the President or any national symbol;

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 (ii) shall not show the currency note or coin in a manner that is
offensive or against public interest; and

(iii) shall be on a material which can unambiguously and easily be

distinguished from coins, paper notes or polymer notes.

(c) The reproduction of any currency note –

(i) shall, unless the reproduction is in an electronic form, be at least

150% of both the length and width of the genuine currency note
when the reproduction is enlarged or be not more than 60% of
both the length and width of the genuine currency note when the
reproduction is reduced in size;

(ii) shall, when the reproduction is enlarged, reduced in size or to

be viewed at an angle, be depicted proportionally;

(iii) may be depicted at various angles, except that, where the whole
currency note is depicted flat to camera, the reproduction shall
contain the word “SPECIMEN” in black and bold lettering
diagonally across the reproduction and which shall not cover
any part of the portrait; and

(iv) shall not be by way of duplex printing (that is, nothing shall
appear on the reverse of the reproduction that may give the
impression that it is a genuine currency note).

There is a maximum fine of $2,000 and/or a maximum jail term of three

months for breaking the law.

5.2 Application for Currency Reproduction Permit for Merchandise

Permission to import and/or manufacture merchandise/product containing a

photograph, drawing or design or part thereof used in or on any Singapore currency
note or coin would still require MAS' approval.

You may email your request, with the subject "Application for Permit to Import
and/or Manufacture Merchandise/Product containing a Photograph, Drawing or
Design or part thereof used in or on any Singapore Currency Note or Coin", to
webmaster@mas.gov.sg.

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REFUND OF MUTILATED NOTES AND COINS
6.1 Common Features Found in Mutilated Notes and Coins

Notes of the following descriptions may be defined as mutilated:

 Scorched or burnt.
 Attacked by pests and insects.
 Stained by ink, paint, chemical etc
 Defaced by marking or writing of words, figures etc
 Perforated or portions missing.

Coins may be defined as mutilated or dirty/damaged if they are:

 Tarnished, scorched or burnt.

 Stained by ink, paint, chemical etc
 Defaced by stamping or engraving.
 Holed, chipped or cut.

6.2 Guidelines for Assessment of Mutilated Notes and Coins

Under Section 19(1) of the Currency Act, no person is entitled to recover from
MAS the value of any mutilated note and coin. MAS is empowered to award value at
its absolute discretion as an act of grace under Section 19(2). Under Section 19(3),
notes and coins that have been illegally dealt with shall be repossessed by any
officer of MAS when tendered for assessment.

Notes and coins are considered illegally dealt with if they are impaired,
diminished or affected otherwise than by fair wear and tear. Notes that have been
defaced by writing or impressing with any mark, word, letter or figure or by
perforation, cutting, splitting or in any other manner, are also deemed as illegally
dealt with and command no value.

The guidelines on assessment and award of mutilated notes and coins are as
follows:

‘Orchid’, ‘Bird’ and ‘Ship’ Series (Past series)

 Full value will be awarded if both sets of serial numbers are intact and
half value if only one set of serial numbers is intact. The serial number
is considered to be intact if at least four out of the seven digits appear
in full. The prefix is to be treated as one digit.

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 ‘Portrait’ Series (Current series)

 Half value is given to each set of serial number with at least 5 full
numbers/letters out of 9.
 No value for intentionally scratched kinegram.
 No value for wilful removal of kinegram.
 No value for wilful disfigurement of the portrait.
 No value for specimen notes – serial numbers of the specimen notes
are printed in red.

Coins

 No value for cut, chipped or holed coins.

 No value for warped or dented coins.
 No value for defaced or split coins.

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INTERCHANGEABILITY AGREEMENT WITH BRUNEI
Darussalam
7.1 Currency Interchangeability Agreement with Brunei Darussalam

The Currency Interchangeability Agreement with Brunei (CIA) took effect

from 12 June 1967. Under the agreement, each country undertakes to accept the
currency issued by the other and to exchange them, at par and without charge, into
their own currency. In other words, the two currencies are "customary tender" when
circulating in the country in which they are not legal tender. Relevant extracts from
the agreement are reproduced below:

2(a)(i) The Brunei Currency Board1 will accept from banks in Brunei, notes
and coins issued by the Board of Commissioners of Currency,
Singapore2, and will exchange such notes and coins, at par and without
charge, into notes and coins issued by the Brunei Currency Board;

2(b)(i) The Board of Commissioners of Currency, Singapore, will accept from

banks in Singapore, notes and coins issued by the Brunei Currency
Board, and will exchange such notes and coins, at par and without
charge, into notes and coins issued by the Board of Commissioners of
Currency, Singapore;

3(b) The Board of Commissioners of Currency, Singapore, will inform all

licensed banks in Singapore of the arrangements referred to in
paragraph 2 above, and will request all banks to accept, at par and
without charge, notes and coins issued by the Brunei Currency Board,
and to exchange such notes and coins into notes and coins issued by
the Board of Commissioners of Currency, Singapore."

The CIA was established with the objective of maintaining continuity and
promoting closer cooperation in monetary matters between Brunei Darusssalam and
Singapore. There are economic gains beyond the political and administrative factors
that had resulted in this arrangement. First, the two currencies serve better as a
medium of exchange, as they can be used for direct payment in the trade and
investment between the two countries, thereby reducing conversion costs. Second,
the two currencies serve better as a store of value by eliminating exchange-rate
fluctuations. Thus, the arrangement plays an important role in facilitating trade,
investment and tourism, and in integrating the two economies.

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7.2 40th Anniversary $20 Polymer Note

Singapore and Brunei Darussalam celebrated the 40th Anniversary of the

Currency Interchangeability Agreement between the two countries on 27 June 2007.
To mark this significant event, Prime Minister Lee Hsien Loong and His Majesty
Sultan Hassanal Bolkiah Mu’izzaddin Waddaulah, The Sultan and Yang Di-Pertuan
of Brunei Darussalam, jointly launched the $20 polymer commemorative notes
issued by the two countries, in a ceremony held in Bandar Seri Begawan, Brunei.

Three million Singapore $20 polymer notes were introduced into circulation
gradually over a period through the banks. This one-time only issue also has a
limited edition note set which contains a special folder consisting of two notes - one
Singapore $20 (with a special over-print of the two countries’ state crests and text
“40th Anniversary Currency Interchangeability Agreement”), and one Brunei $20
(with special over-print of the text “40th Anniversary Currency Interchangeability
Agreement”). The two notes, with matching serial numbers, add up to a total face
value of “$40”, marking the 40th Anniversary of the Agreement.

7.3 Designs of the 40th Anniversary Singapore $20 Polymer Note

The note is predominantly orange in colour and measures 149mm by 72mm (which is
between the size of the $10 and $50 notes).
The main design features on the front of the note are:-

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  Portrait of Singapore’s first President, the late Encik Yusof bin Ishak, and the
text “Yusof bin Ishak, First President of Singapore” below it. As with the $10,
$5 and $2 polymer notes, MAS has continued with the portrait series for the
$20 polymer notes as the public is familiar with the series.
 A stalk of the “Dendrobium Puan Noor Aishah” orchid (named after the wife of
the late President Yusof Ishak) besides the portrait.
 A row of motifs of the Oncidium Goldiana orchid, a renowned Singapore
heritage orchid species.

The main design features on the back of the note are:-

 Two interlocking “C”s (representing the two countries’ currencies) with the text
“BRUNEI DARUSSALAM ∙ SINGAPORE and CURRENCY
INTERCHANGEABILITY AGREEMENT 1967 - 2007”. At the intersection, the
state crests of both countries and the text “Forty Years” symbolize the nexus
of the agreement.
 Distinctive national landmarks of Singapore’s Esplanade - Theatres on the
Bay and buildings along our city waterfront, and Brunei’s Omar ‘Ali Saifuddien
Mosque with the Royal Barge and the water village.

7.4 Security Features on the 40th Anniversary Singapore $20 Polymer

Note

The note includes security features unique to polymer technology, which are similarly
found in the $2, $5 and $10 polymer notes. They are:

 Two see-through windows – one on the top-left hand side and the other at the
bottom-right corner.
 A stylised gold Singapore Lion Symbol with a hidden image, beside the top-
left hand window. An image of the Singapore Arms will appear at varying
angles.
 The security thread in the shape of the Singapore island.
 A colour switching feature on the lower left and right edges of the note that
changes from red to gold at varying angles.

Footnotes:

1. The Brunei Currency and Monetary Order 2004 took effect on 1 February 2004. With the
introduction of this Order, the Brunei Currency Board was renamed as Brunei Currency and Monetary
Board (BCMB). The Autoriti Monetari Brunei Darussalam Order 2010 took effect on 1 January 2011.
With the introduction of this Order, the Brunei Currency and Monetary Board was renamed as
Authoriti Monetari Brunei Darussalam (AMBD).

2. The Board of Commissioners of Currency, Singapore was dissolved on 1 Oct 2002 and its
functions, property and liabilities had been transferred to the Monetary Authority of Singapore (MAS)
under the Currency (Amendment) Act 2002.

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