Malayan dollar

Last updated

The Malayan dollar (Malay: ringgit, Jawi: رڠڬيت) was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling (60 dollars = 7 pounds).

Contents

History

Board of Commissioners of Currency, Malaya formed

The Malayan dollar was issued by the Board of Commissioners of Currency, Malaya, with a hiatus during the Japanese occupation (1942–1945).

The Board of Commissioners of Currency, Malaya, came into being in October 1938 following the Blackett Report which recommended that the sole power of issuing currency for the various Malay States, including Brunei, and the Straits Settlements should be entrusted to a pan-Malayan Currency Commission. Sir Basil Phillott Blackett was appointed in 1933 by the Secretary of State for the Colonies to lead a commission to consider the participation of the various Malay States, including Brunei, in the profits and liabilities of the Straits Settlements currency. The Blackett Report was adopted by the Government of the Straits Settlements, the Federated Malay States, Unfederated Malay States and Brunei. Legislation was enacted by the Straits Settlements Currency Ordinance (No. 23) of 1938, and ratified by the various states during 1939. The board started to issue currency in 1939. [1]

In 1952 the board was renamed the Board of Commissioners of Currency, Malaya and British Borneo. See Malaya and British Borneo dollar.

Currencies issued

Banknotes in denominations of 1, 5 and 10-dollar notes were printed in the UK for circulation in Malaya in 1940. However, out of 27,000,000 one dollar notes and 5,600,000 five-dollar notes of the same series despatched to Malaya before the Japanese invasion; 25,800,000 one dollar notes and 5,000,000 five-dollar notes arrived. Of the remainder, 700,000 one dollar notes and 500,000 five-dollar notes were lost when the SS Automedon was captured and then scuttled on 11 November 1940, by the German raider Atlantis in the Indian Ocean approach to the Malacca Straits; and further 500,000 one dollar notes and 100,000 five-dollar notes were lost when the carrying ship, the SS Eumanes, was sunk.

None of these notes were ever put into circulation by the Straits Settlements Government. Only the 10-dollar notes were issued for use in Malaya in March 1941. [2]

Japanese Occupation

During the Japanese Occupation, the Japanese government-issue dollar replaced the Malayan dollar as legal tender.

At the time of Japanese invasion, stocks of dollar notes were still held in treasury vaults in Singapore and Penang. When Penang was evacuated in December 1941, 600,000 one-dollar notes and 100,000 five-dollar notes were abandoned in the treasury, where they fell into the hands of the Japanese. In Singapore, 4,200,000 one-dollar and 1,000,000 five-dollar notes were destroyed, and 21,000,000 one-dollar notes and 3,900,000 five-dollar notes shipped to India for safety. When British forces reoccupied Singapore in September 1945, they found all the abandoned notes of this series, except for a bundle of one thousand dollar notes captured in Penang, in the vaults of the Japanese sub-treasury.

Nevertheless, all stocks were destroyed in 1946, as it was feared that the notes from the captured ship might have been handed over by the Germans to their Japanese allies, and were being hoarded in bulk, ready to be passed into circulation when the notes became current. There is no evidence that these notes ever reaching Malaya. All the notes were signed by L. G. Corney, the chairman of the board of the Commissioners of Currency.

British Military Administration

British forces landed at Penang on 3 September 1945 and at Singapore on 5 September 1945 and gradually reoccupied the whole Malaya. Until 1 April 1946, the country's finances were administrated by the department of the Controller of Finance and Accounts of the Army Pay Corps, and currency was put into circulation against payment in sterling by the War Office to the account of the Board of Commissioners of Currency, Malaya.

It was decided that no value whatever should be accorded the Japanese banana money then in circulation, as it had been estimated that during the three and a half years occupation the Japanese had issued a minimum of 4,000 million dollars' worth of currency against a normal 1941 circulation of about 220 million (Donnison p. 223). The pay service made available currency notes from 1 cent to 10,000 dollars which had been printed in Britain either before, or during, the occupation but had not previously been sent to Malaya. In addition, the 1940 ten-dollar note issued by the Board of Commissioners of Currency Malaya and the old Straits Settlements notes, with the exception of denominations of 1,000 or 10,000 dollars and 10 and 25 cents, were declared a legal tender. These old notes were gradually withdrawn, however, as the new issue became adequate for the country's needs.

The notes of this series from 1 cent to 10 dollars were dated 1 July 1941, those of 50, 100 and 1,000 dollars 1 January 1942, while the 10,000-dollar notes were signed and dated on the day of their issue. The chairman of the Currency Board was H. Weisberg. The emergency issues of 10 cents with King George VI as the portrait was issued on 15 August 1940, designed and printed by the Survey Department (F.M.S.) in Kuala Lumpur with the controlled serial number. On 1 September 1940, also an emergency issues of 25 cents was designed and printed by the Survey Department with King George VI as the portrait. On 1 July 1941, a set of new regular issues, with the denomination of 1, 5, 10, 20 and 50 cents was printed by Thomas de la Rue & Co. Ltd., London with the portrait of King George VI. Also on the same date of 1 July 1941, the 1, 5 and 10-dollar notes were engraved and printed by Waterlow & Sons Ltd., London, and the higher denomination of 50, 100, 1000 and 10,000-dollar notes were printed by Bradbury, Wilkinson & Co. Ltd., Surrey, London.

Civil Administration

Civil administration was restored on 1 April 1946 and from the same date the Board of Commissioners of Currency Malaya was reconstituted by the authority or Ordinance No.4 of 1946 in Singapore and Ordinance No.5 of 1946 in the Malayan Union. The Board continued to operate in the same way as before the Japanese occupation.

All notes bearing dates prior to 1 July 1941, were de-monetised on 31 August 1948.

Coins

Coins were issued between 1939 and 1950 in denominations of square shaped 12 and 1 cent in bronze, and round 5, 10 and 20 cents (silver until 1945, and cupro-nickel from 1948).[ citation needed ] These all had the same designs and appearance of previous Straits Settlements coinage, which they replaced. The 1 cent coins were reduced in size in 1943 due to cost and wartime materials shortages while the 12 cents were discontinued after 1940, even though they continued to be legal tender. All coins of this series depict King George VI. Older Straits coinage also continued to circulate alongside though silver pieces of both types quickly began to disappear.

Banknotes

Banknotes in denominations of 1, 5 and 10-dollar were printed in the UK for circulation in Malaya in 1940. However, because a shipload of 1 and 5-dollar notes were captured by German forces, only the 10 dollars were issued (see History section above). Because of the war in Europe, the Survey Department printed 10 and 25 cents for circulation. These were replaced in 1941 by notes printed by Thomas de la Rue in denominations of 1, 5, 10, 20 and 50 cents.

When the British regained control of Malaya after World War II, notes were issued in 1945 (dated 1941), in denominations of 1, 5, 10, 50, 100, 1,000 and 10,000 dollars.

Cent Note
ImageValueMain colourDescriptionDate of issuePrinted
ObverseReverseObverseReverse
Malayan Dollar Note, 1 cent, Obverse One Cent Straits Settlements Malay States 1st July 1941.png
Malayan Dollar Note, 1 cent, Obverse
Blank1 centpurple/orange King George VI blank1941Thomas De La Rue
5 centsred/greenblank1941Thomas De La Rue
10 centsdark blue/pink/brownblank1940Survey Department,

Federated Malay States

10 centsBlue/pinkblank1941Thomas De La Rue
Malayan Dollar Note, 20 cent, Obverse Malayan Dollar note, 20 cent, Obverse.jpg
Malayan Dollar Note, 20 cent, Obverse
Malayan Dollar Note, 20 cent, Reverse Malayan Dollar note, 20 cent, Reverse.jpg
Malayan Dollar Note, 20 cent, Reverse
20 centsbrown/orange Coat of arms of the Federated Malay States (left), the Straits Settlements (centre top), and the Unfederated Malay States and Brunei (right).1941Thomas De La Rue
25 centsgreen/orange1940Survey Department,

Federated Malay States

Malayan Dollar Note, 50 cent, Obverse Malayan Dollar note, 50 cent, Obverse.jpg
Malayan Dollar Note, 50 cent, Obverse
Malayan Dollar Note, 50 cent, Reverse Malayan Dollar note, 50 cent, Reverse.jpg
Malayan Dollar Note, 50 cent, Reverse
50 centspurple/orange1941Thomas De La Rue
Malayan Dollar
ImageValueMain colourDescriptionDate of issue
ObverseReverseObverseReverse
$1green King George VI Coat of arms of the Federated Malay States (left), the Straits Settlements (centre top), and the Unfederated Malay States and Brunei (right).1940
Malayan Dollar Note, $1, Obverse Malayan dollar note, $1, Obverse.jpg
Malayan Dollar Note, $1, Obverse
Malayan Dollar Note, $1, Reverse Malayan dollar note, $1, Reverse.jpg
Malayan Dollar Note, $1, Reverse
$1Blue1941
$5blue1940
$5Green/yellow1941
$10purple1940
$10Red1941
$50Blue/mauve1941
$100red/green1941
$1000blue/purple1941
$10,000green/light brown1941

See also

Related Research Articles

<span class="mw-page-title-main">Straits Settlements</span> British colony in Asia from 1826 to 1946

The Straits Settlements were a group of British territories located in Southeast Asia. Originally established in 1826 as part of the territories controlled by the British East India Company, the Straits Settlements came under British Raj control in 1858 and then under direct British control as a Crown colony on 1 April 1867. In 1946, following the end of the Second World War and the Japanese occupation, the colony was dissolved as part of Britain's reorganisation of its Southeast Asian dependencies in the area.

The Hong Kong dollar is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.

<span class="mw-page-title-main">Federated Malay States</span> Country & part of British Malaya

The Federated Malay States was a federation of four protected states in the Malay Peninsula—Selangor, Perak, Negeri Sembilan and Pahang—established by the British government in 1896, which lasted until 1946, when they, together with two of the former Straits Settlements and the Unfederated Malay States, formed the Malayan Union. Two years later, the Union became the Federation of Malaya, which achieved independence in 1957, and finally Malaysia in 1963 with the inclusion of North Borneo, Sarawak and Singapore.

<span class="mw-page-title-main">Malaysian ringgit</span> Official currency of Malaysia

The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen. The ringgit is issued by the Central Bank of Malaysia.

<span class="mw-page-title-main">Brunei dollar</span> Monetary currency of the Sultanate of Brunei

The Brunei dollar, has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 sen (Malay) or cents (English). The Brunei dollar is issued by the Autoriti Monetari Brunei Darussalam.

The Singapore dollar is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.

The Straits Settlements of the Malayan Peninsula have a postal history distinct from the other Malayan areas.

<span class="mw-page-title-main">Singapore Portrait Series currency notes</span> 4th design of Singapore currency notes

The Portrait Series of currency notes is the fourth and current set of notes to be issued for circulation in Singapore. It was first introduced on 9 September 1999 by the Board of Commissioners of Currency Singapore (BCCS), whose role was since taken over by the Monetary Authority of Singapore (MAS) post-merger.

<span class="mw-page-title-main">Banknotes of the Hong Kong dollar</span>

The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are also issued by the HKMA itself.

<span class="mw-page-title-main">Postage stamps and postal history of Malaysia</span>

The history of postage stamps and postal history of Malaysia, a state in Southeast Asia that occupies the south of the Malay peninsula and Sarawak and Sabah in the north Borneo, includes the development of postal services in these periods:

<span class="mw-page-title-main">Straits dollar</span> Currency of the Straits Settlements

The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo.

<span class="mw-page-title-main">Malaya and British Borneo dollar</span> Currency of Malaya, Singapore, Sarawak, North Borneo, Brunei, and Riau

The Malaya and British Borneo dollar was the currency of Malaya, Singapore, Sarawak, North Borneo, Brunei and the Riau archipelago from 1953 to 1967 and was the successor of the Malayan dollar and Sarawak dollar, replacing them at par. The currency was issued by the Board of Commissioners of Currency, Malaya and British Borneo. Prior to 1952, the board was known as the Board of Commissioners of Currency, Malaya.

The British North Borneo dollar was the currency of British North Borneo from 1882 to 1953. It was subdivided into 100 cents. The dollar had remained at par with the Straits dollar, the currency of Malaya and Singapore, at the value of one dollar to 2 shillings 4 pence sterling from its introduction until both currencies were replaced by the Malaya and British Borneo dollar in 1953. Both coins and banknotes were issued by the British North Borneo Company.

<span class="mw-page-title-main">Sarawak dollar</span> Currency of Sarawak from 1858 to 1953

The dollar was the currency of the Raj of Sarawak from 1858 to 1953. It was subdivided into 100 cents. The dollar remained at par with the Straits dollar and its successor the Malayan dollar, the currency of Malaya and Singapore, from its introduction until both currencies were replaced by the Malaya and British Borneo dollar in 1953.

<span class="mw-page-title-main">Japanese occupation of Malaya</span> Empire of Japan military rule in contemporary Singapore and Malaysia

The then British colony of Malaya was gradually occupied by the Japanese between 8 December 1941 and the Allied surrender at Singapore on 16 February 1942. The Japanese remained in occupation until their surrender to the Allies in 1945. The first Japanese garrison in Malaya to lay down their arms was in Penang on 2 September 1945 aboard HMS Nelson.

<span class="mw-page-title-main">Japanese government-issued dollar in Malaya and Borneo</span>

The Japanese government-issued dollar was a form of currency issued for use within the Imperial Japan-occupied territories of Singapore, Malaya, North Borneo, Sarawak and Brunei between 1942 and 1945. The currency was also referred to informally as banana money, named as such because of the motifs of banana trees on 10 dollar banknotes. The Japanese dollar was in widespread use within the occupied territories where the previous currency became scarce. The currency were referred to as "dollars" and "cents" like its predecessors, the Straits dollar, Malayan dollar, Sarawak dollar and British North Borneo dollar.

<span class="mw-page-title-main">British Military Administration (Malaya)</span> Postwar administration of Malaya before its independence

The British Military Administration (BMA) was the interim administrator of British Malaya from August 1945, the end of World War II, to the establishment of the Malayan Union in April 1946. The BMA was under the direct command of the Supreme Allied Commander South East Asia, Lord Louis Mountbatten. The administration had the dual function of maintaining basic subsistence during the period of reoccupation, and also of imposing the state structure upon which post-war imperial power would rest.

The banknotes of the Sungei Buloh Settlement were issued as leprosy colony money in 1935 and 1936, at Sungai Buloh, Selangor, British Malaya when it was a leper colony. The currency was pegged to the Straits Settlements dollar. These notes are extremely scarce. They were all printed by the Survey Department, Federated Malay States. They have never been listed in the Standard Catalog of World Paper Money.

<span class="mw-page-title-main">Japanese invasion money</span> Currency issued by the Japanese Military Authority

Japanese invasion money, officially known as Southern Development Bank Notes, was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II. In February 1942 in Japan, laws were passed establishing the Wartime Finance Bank and the Southern Development Bank. Both institutions issued bonds to raise funds. The former loaned money primarily to military industries, but also to a wide range of other ventures, including hydroelectric generators, electric power companies, shipbuilding and petroleum. The latter provided financial services in areas occupied by the Japanese military, and Southern Development Bank notes were in fact used as de facto military scrip. In December 1942, the outstanding balance of Southern Development Bank notes stood at more than 470 million; in March 1945, more than 13 billion.

This article lists important figures and events in the public affairs of British Malaya during the year 1940, together with births and deaths of prominent Malayans.

References

  1. "History of Money in Malaysia". Bank Negara Malaysia. 2010. Archived from the original on 22 July 2011. Retrieved 3 March 2010.
  2. Linzmayer, Owen (2012). "Malaya". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.

Further reading


Pre-WWII
Preceded by:
Straits dollar
Ratio: at par, or 60 dollars = 7 British pounds
Currency of Straits Settlements, Brunei
1939 1942
Succeeded by:
Japanese government-issued dollar
Location: present day Malaysia, Singapore, Brunei
Ratio: at par
Note: The Japanese allowed the Malayan dollar to circulate. But they were in practice hoarded as a more reliable store of value.
Post-WWII
Preceded by:
Japanese government-issued dollar
Location: present day Malaysia, Singapore, Brunei
Reason: Japan lost World War II
Ratio: The occupation currency became worthless. The value of the pre-occupation currency was restored.
Currency of Straits Settlements
September 1945 31 March 1946
Currency of Malaya, Singapore
1946 1953
Succeeded by:
Malaya and British Borneo dollar
Reason: creation of a common Board of Commissioners of Currency
Ratio: at par, or 60 dollars = 7 British pounds
Currency of Brunei
1945 1953