Straits-Dollar

The Straits dollar was the currency of the Straits Settlements from 1898 to 1939. During the same period he was also in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei and British North Borneo used. The dollar was subdivided into 100 cents, as a symbol was the $ sign.

History

During the early 19th century, the Spanish dollar was the most common currency in East and Southeast Asia. In addition to the silver coins of Spain and its colonies, or their successor states, there were also local coin issues such as Kelantan and Trengganu to - Keping, and the Penang dollars.

1837 Indian Rupee was the only legal tender in the Straits Settlements, as it was administered at this time as part of British India. Nevertheless, the Spanish dollar was circulated and 1845 coins for the Straits Settlements of 100 cents = $ 1 has been issued, which were equivalent to the Spanish dollar or Mexican peso. 1867, the Straits Settlements were administratively separated from India and the dollar became the common currency.

As of 1898, the Straits dollar was issued by a newly established institution, the Board of Commissioners of Currency and prohibits the issue of bank notes issued by private banks. The external value of the dollar decreased in the following eight years from the time, until it was established in 1906 tied with a fixed exchange rate to two shillings four pence to the pound sterling.

The Straits dollar was in 1939 replaced by the Malaya dollars.

Even today use Brunei and Singapore a successor of this dollar, while Malaysia in 1973 left the monetary union.

The first coins of the Straits Settlements from 1845 values ​​were ¼, ½ and 1 cent of copper. They were issued by the East India Company and had no indication on the country. A second edition followed in 1862, which was initiated by the government of British India. These coins bore the inscription India - Straits.

1871 silver coins were issued for the Straits Settlements in the values ​​5, 10 and 20 cents, followed the next year by values ​​at ¼, ½ and 1 cent copper and a silver 50 - cent coin in 1886. The first silver dollars 1903 coined.

A three-page special edition of the Straits Settlements Gazette ( Government Gazette ), published in Singapore on August 24, 1904, contained the following proclamation of the Governor, Sir John Anderson: From 31 Aug. 1904, British, Mexican and Hong Kong dollar would cease to be legal tender and would be Replaced by the newly Introduced Straits Settlements dollars. [ As of August 31, 1904 are British, Mexican and Hong Kong dollar no longer legal tender and are replaced by the newly introduced Straits Settlements dollars. ]

The purpose of this measure was the creation of a separate exchange rate for the new Straits dollar to the other silver currencies were in circulation in the region, especially to the British trade dollars. If the value of the Straits dollar differed significantly from the other silver dollars, the monetary authority could bind him to the pound sterling, and thus to the gold standard. This was done, as the Straits dollar reached the equivalent of two shillings and four pence.

Within a few years, however, increased the value of silver, so that the metal value of the dollar was higher than the nominal value. In order to prevent the silver coins were melted, in 1907 the output of smaller coins with a reduced fineness. The last ¼ - cent coins were issued in 1916. Dollar coins were last issued in 1926 circulated during the production of silver 50 cent coins ended in 1921. The remaining coins remained in production until 1935.

Bills

Queen Victoria (1837 - 1901)

The Government of the Straits Settlements approved the issuance of paper money with the Ordinance VIII of 1897, which entered into force on 31 August 1898. The Board of Commissioners of Currency was 1899 banknotes from 5 to 10 dollars; these certificates shall bear the date of 1 September 1898 but they arrived on 1 May 1899 edition. The Standard Chartered Bank and the Hongkong and Shanghai Bank have continued from their own banknotes, which circulated alongside the notes of the government. All notes were freely convertible with the Mexican silver dollar or the various other trade silver coins that circulated in the colony.

King Edward VII (1901 - 1910)

Edward VII ascended the throne in January 1901. During the previous edition of the five - dollar bill had almost the same size and the same design as the 10 - dollar bill. In order to improve the discrimination, the 5 dollar bill has been reduced. The new banknote series dated 1 February 1901, was Thomas de la Rue & Co. Ltd.. printed in London. This series also contained the first higher nominal 50 and 100 dollars.

When the silver value of 1903 introduced one - dollar coin exceeded the nominal value, first a small dollar coin, and finally in 1906 a one - dollar bill has been introduced. This dollar bill dated printed on September 1, 1906, at De La Rue, was very popular, so that the demand for silver one dollar coins fell.

The end of 1906, currency in circulation issued by the Board of Commissioners of Currency notes and coins had risen to $ 21,866,142, while the circulation and notes of private banks had dropped to $ 1,329,052. New 5 dollar and 10 - dollar bills, both dated June 8, 1909, were printed by De La Rue and issued in the same year.

King George V (1910 - 1936)

During the reign of the monarch, the maximum value of the banknote series was raised to $ 1,000, in the main, for transactions between banks. Emergency spending to 10 and 25 cents were necessary as a result of metal shortages 1917-1920. In 1915 the design of the notes to 50, 100 and $ 1,000 has been completely changed. The new notes were printed again at De La Rue, and came in February 1920 in October 1919 and May 1917 in circulation. A 10,000 - dollar note was issued in October 1922, but it was not intended for the public, but was used exclusively in the interbank market.

King George VI. (1936 - 1952)

In September 1933 Sir Basil Blackett Phillott was appointed Colonial Secretary ( Secretary of State for the Colonies ). He headed a commission that investigated the possibility of participation of the Malays States, including Brunei, in the currency of the Straits Settlements. The Blackett report recommended that the common Issuing Authority a gesamtmalaiische Wärungskommission should be established. This recommendation was well received by the governments of the Straits Settlements, the Federated Malay States, the Unfederated Malay States and Brunei. The necessary legislative procedures were initiated in 1938 and ratified by the States in 1939, whereby the Malayan dollar was legal tender.