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What is the Singapore Dollars?
The currency of Singapore is the Singapore Dollar (ISO code: SGD). Normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar currencies, such as the US dollar. The Singapre Dollar is subdivided into 100 cents.
Originally, the Singapore Dollar was pegged to the British pound sterling at a rate of S$60 to equal 7 pounds. Later, in the early 1970s it was pegged to the US dollar after the demis of the Sterling Area. This only lasted for a short period of time. From 1985 onwards, Singapore adopted a more market-oriented exhcange system, known as the Monitoring Band, allowing the Singapore Dollar to float, but still closely monitored by the Monetary Authority of Singapore (MAS).
Understanding Singapore Currency
The firste series of coins were introduced into circulation with denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. Occuring in 1967. Later in 1985, a second series of coins was introduced in the same denominations, with the size of the coins reduced.
Banknotes were introduced in 1967, known as the Orchid series, with denominations of 1, 5, 10, 50, 100, 1000. In 1972 denominations of 25 and 500 were added, and 10,000 in 1973. Later the Ship series was circulated between 1985 and 1989, with the same denominations, minus 25.
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