The Singapore dollar is one of the 14 economies in the world that has a credit rating of AAA, deeming it a very valuable and reliable currency globally.
You think you know our local currency well, say so again after you are sure you know these 5 facts below.
1. The largest denomination
Think that the largest denomination in the Singapore currency is $1000? Nope, it’s actually $10,000.
However, locals generally use $50 normally as the largest note that we use day-to-day. It’s also the largest note that the ATM machine dispenses. Since 2014 however, MAS have officially announced that no more $10,000 notes will be printed anymore and have started to withdraw them from active circulation.
2. The face on the notes
Like many other currencies in the world, Singapore has the face of its first leader on the notes too. Yusof bin Ishak, Singapore’s first president, serving from 1965-1970. He was a well known journalist prior to taking up the post of a president.
3. Checking for counterfeit notes
When in doubt whether someone has given you change in counterfeit notes, there are some ways to check a note. You can either feel it, look at it, or tilt it for results to show.
Currency banknotes are made for visually impaired friendly as well, for the visually impaired people to use money with ease. Each note has a Braille code that is printed in heavy intaglio ink at the top right corner of the front of the note. It is very distinct and different note denominations have a different Braille code. So the next time when you can’t distinctly see it or feel it, your not might be fake!
You can also look at the note to spot things that the naked eye finds it hard to see. Above the four official languages of the word ‘SINGAPORE’ on the front of the notes, “BOARD OF COMMISSIONERS OF CURRENCY SINGPORE” or “MONETARY AUTHORITY OF SINGAPORE” is in micro-letters. You can spot it only if you look closely enough – it is not a line. At the back of the note, the text “MAJULAH SINGAPURA” forms a continuous pattern when magnified. The $1000 note has the entire lyrics of Majulah Singapura in microprint.
Tilting the note to view it against the light helps to verify if a note is genuine too. The gold patch in the shape of the Singapore Lion symbol has the text of the denomination of the note across it, as well as an image of the Singapore Arms that can be seen at varying angles.
4. The $5 note tree still stands
The tree on the $5 note is not some legendary tree as you might think, and since it’s already SG50 this year, the tree is probably somewhere rotting or non-existing anymore today. You are wrong.
The tree, known as the Tembusu tree, is still standing tall in the Botanic Gardens and have been featured previously in 2002 in one of the 4 heritage-tree stamps that was issued.
5. Polymer (plastic) banknotes is not only for water-proofing purposes
Singapore partially converted a portion of the circulating currency to polymer banknotes – or plastic and partially transparent notes that we see. In $2, $5, and $10 forms, these banknotes are not only made of polymer to ensure that they do not break or tear when dropped into water, but that polymer notes are able to incorporate many security features that paper banknotes are not able to. They also last longer than the paper ones.
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The first polymer banknotes were first developed in Australia, and currently 10 countries have completely switched to polymer banknotes, with many other countries introducing polymer banknotes into circulation.
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