Singapore Portrait Series 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.

This series features the portrait of Encik Yusof bin Ishak, the first president of Singapore."The Presidental Notes - Field Book : President Yusof bin Ishak and the Portrait Notes", Stella Koh (for BCCS), SNP Publishing (1999), ISBN 981-4032-52-2, p. 5] The design has been simplified, and a whole range of new security features were introduced. Polymer versions of this series have been released for general circulation by MAS since 4 May 2004.

Background

The Portrait Series was first released by the Board of Commissioners of Currency Singapore (BCCS) on 9 September 1999 to welcome the new millennium, designed by local artist Eng Siak Loy. [http://www.mas.gov.sg/resource/currency/currency_info/KYM%202008.pdf Know Your Money] , Monetary Authority of Singapore, retrieved 25 August 2008] The banknote's obverse features the portrait of the first president of Singapore, Encik Yusof bin Ishak. The reverse contain secondary themes that are linked to his life."Koh", p. 54] The series has a total of seven denominations in general circulation; the denominations $1 and $500 were not carried forward from the previous Ship Series.

A more standardized approach is adopted across all banknote denominations, with features noticeably differing from all previous series. The watermark no longer features a lion head, the national symbol for Singapore, replaced by the portrait of Yusof bin Ishak. Due to design considerations, the dollar sign was considered redundant and is no longer included in this series. [http://www.mas.gov.sg/currency/currency_info/Currency_Services_Frequently_Asked_Questions.html Frequently Asked Questions] , Monetary Authority of Singapore, retrieved 19 February 2008] The background on the obverse of the Portrait Series feature a different cowrie for each denomination."Koh", p. 70] The colour for denominations up to $50 have been retained, a tradition kept since the era of the Malaya and British Borneo dollar. The note printing company no longer appears on any part of the portrait note.

Two significant changes were made to the circulation of the Portrait Series since its beginning. On 31 March 2003, the BCCS merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance. Banknotes after the date reflect the issuing authority as MAS and now bears the signature of the Chairman of MAS (currently SM Goh Chok Tong), replacing Dr. Richard Hu Tsu Tau. The second was the release of the polymer versions for general circulation, printed by Note Printing Australia, which first began on 4 May 2004. The paper version of the banknote remains in active circulation.

ecurity features

Previous security features in the Ship Series were carried over to the portrait series, and new ones incorporated into the banknote. Two prominent security features form the cornerstone of the banknote - the engraved portrait of Encik Yusof bin Ishak and the Kinegram; MAS states that banknotes with missing or mutilated portrait or/and Kinegram command no value. Paper versions issued by BCCS features its logo and the face value, which those issued by the MAS features its logo with the Merlion and the face value."Koh", p. 72-74] Polymer versions of the banknote have the Kinegram replaced by an image of the Singapore lion symbol with the face value, showing the coat of arms of Singapore when tilted at varying degrees.

Other security features include lithographic print, anti-copying line structures, perfect registration, microprinting, asymmetrical serial number, windowed security thread and LiftTwin. Polymer versions of the banknote include two clear windows and other security features that substitute its paper version. Several features that are invisible to the naked eye appear when both versions of the banknote are exposed under UV light."Koh", p. 75]

Banknotes in general circulation

$2 banknote

The money cowrie is featured on the obverse background of the $2 banknote. Its reverse carries the theme of education and features three buildings, the Victoria Bridge School (now Victoria School), Old Raffles Institution Building at Bras Basah Road, and College of Medicine Building."Koh", p. 56-57] [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__2.html Portrait Series - $2] , Monetary Authority of Singapore, retrieved 19 February 2008]

Encik Yusof received his primary education in 1923 at Victoria Bridge School, and his secondary education in Raffles Institution; His father, Ishak bin Ahmad insisted that his children be English-educated. He was also the Chancellor of the National University of Singapore between 1965 and 1970.

Banknotes signed by BCCS Chairman Richard Hu (September 1999), MAS Chairman PM and Minister of Finance (until December 2007) Lee Hsien Loong (January 2005) and SM Goh Chok Tong (polymer version, January 2006) are currently in general circulation. [http://mavininternational.com/prefport002.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $2] , Mavin International, retrieved 19 February 2008]

$5 banknote

The gold-ringed cowrie is featured on the obverse background of the $5 banknote. Its reverse carries the theme of Garden City and features the 150-year-old tembusu tree at Singapore Botanic Gardens, as well as Singapore's national flower Vanda Miss Joaquim. [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__5.html Portrait Series - $5] , Monetary Authority of Singapore, retrieved 19 February 2008] Encik Yusof was a keen-gardener who once made a living growing Orchids in Gombak, Kuala Lumpur before his appointment as president."Koh", p. 58-59]

Banknotes signed by BCCS Chairman Richard Hu (September 1999), MAS Chairman and Minister of Finance (until December 2007) PM Lee Hsien Loong (August 2004) and SM Goh Chok Tong (polymer version, May 2007) are currently in general circulation. [http://mavininternational.com/prefport005.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $5] , Mavin International, retrieved 19 February 2008]

$10 banknote

The wandering cowrie is featured on the obverse background of the $10 banknote, the most-commonly found cowrie in Singapore. Its reverse carries the theme of sports and features sportsmen playing badminton, soccer, sailing, jogging and swimming. Encik Yusof was an active sportsman in his secondary school days, and won the national boxing title and the lightweight weightlifting championship."Koh", p. 60-61] [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__10.html Portrait Series - $10] , Monetary Authority of Singapore, retrieved 19 February 2008]

The $10 banknote was the first denomination printed and circulated in its polymer form. 10 million pieces were first released to the general public as a trial, and were the first in Singapore to be successfully dispensed from Automated teller machines (ATMs) and be used in payment involving machines. [http://www.noteprinting.com/f/Took%20note%20of%20new%20plastic%20$10%20bills.pdf Took note of the new plastic $10 bills? Most didn't] , Joann Tan, The Straits Times, 5 May 2004] With the successful trial, MAS decided to release polymer versions of the $2, $5 and $10 for circulation.

Banknotes signed by BCCS Chairman Richard Hu (September 1999), MAS Chairman PM and Minister of Finance (until December 2007) Lee Hsien Loong (polymer version May 2004, paper version May 2005) and SM Goh Chok Tong (polymer version, January 2008) are currently in general circulation. [http://mavininternational.com/prefport010.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $10] , Mavin International, retrieved 19 February 2008]

$50 banknote

The cylindrical cowrie is featured on the obverse background of the $50 banknote. Its reverse carries the theme of arts and features two paintings and four musical instruments. The pipa, kompang, veena and violin represent the musical instruments for different cultures in Singapore."Koh", p. 62-63] [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__50.html Portrait Series - $50] , Monetary Authority of Singapore, retrieved 19 February 2008]

Cheong Soo Pieng (creator of "Drying Salted Fish") and Chen Wen Hsi (creator of "Gibbons Fetching the Moon from the Water") are two pioneering artists who created a new type of fine arts in Singapore that influenced other local artists, in which their two paintings are featured.

Banknotes signed by BCCS Chairman Richard Hu (September 1999), MAS Chairman PM and Minister of Finance (until December 2007) Lee Hsien Loong (March 2002) are currently in general circulation. [http://mavininternational.com/prefport005.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $50] , Mavin International, retrieved 19 February 2008] This denomination is dispensed widely by ATM machines (the other being the $10 note to a smaller extent).

$100 banknote

The swallow cowrie is featured on the obverse background of the $100 banknote. Its reverse carries the theme of youth and features a National Service officer with his ceremonial sword standing against the tower of the SAFTI Military Institute, uniformed youths representing Singapore Red Cross, St John's Ambulance Brigade and the National Police Cadet Corps."Koh", p. 64-65] [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__100.html Portrait Series - $100] , Monetary Authority of Singapore, retrieved 19 February 2008]

Banknotes signed by BCCS Chairman Richard Hu (September 1999) are currently in general circulation. [http://mavininternational.com/prefport100.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $100] , Mavin International, retrieved 19 February 2008]

$1,000 banknote

The swallow cowrie is featured on the obverse background of the $1,000 banknote. Its reverse carries the theme of government featuring the buildings of the three branches of government : The Parliament House, Old Supreme Court Building and Istana, representing the Legislative, Judiciary and Executive respectively. The Istana is the president's official residence, built in 1869 which first housed the colonial governor."Koh", p. 66-67] [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__1000.html Portrait Series - $1,000] , Monetary Authority of Singapore, retrieved 19 February 2008] The entire national anthem's lyrics are included as microprint, which is a unique feature to the $1,000 banknote.

Banknotes signed by BCCS Chairman Richard Hu (September 1999) are currently in general circulation. [http://mavininternational.com/prefport990.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $1,000] , Mavin International, retrieved 19 February 2008]

$10,000 banknote

The onyx cowrie is featured on the obverse background of the $10,000 banknote. Its reverse carries the theme of economy featuring Singapore as a knowledge-based economy - biotechnology, R&D and silicon wafer. [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series__10000.html Portrait Series - $10,000] , Monetary Authority of Singapore, retrieved 19 February 2008] Encik Yusof was a businessman who started the first Malay newspaper for the masses, Utusan Melayu."Koh", p. 68-69]

Banknotes signed by BCCS Chairman Richard Hu (September 1999) are currently in general circulation. [http://mavininternational.com/prefport990.htm Singapore President Ishak or Portrait Series Banknotes - Observed or Known Prefixes for $10,000] , Mavin International, retrieved 19 February 2008] It is one of the highest-value banknote in the world in terms of absolute value (approx. US$7,000) that is in public circulation. [http://www.shequality.org/11.%20%2019-20%20Sep%202006%20%20Singapore.doc PARITY DEMOCRACY and MONEY: Annual Meetings Paper 11] , COUNCIL for PARITY DEMOCRACY, retrieved 19 February 2008] Despite of larger denominations being withdrawn around the world, MAS has retained the use of the $10,000 denomination, which remains a significant value of the total cash currently in circulation.

Commemorative banknotes

Millennium $2 banknote

In celebration of the Millennium 2000, five million pieces of the $2 banknote were printed with the Millennium 2000 logo replacing the prefix of the serial number normally found in other notes under general circulation.

Overprinted banknotes

Three commemorative limited issues have been made for the Portrait Series (including the $20 issue below). 10,000 sets of the $10 polymer was issued with the overprint 'Commemorative First Issue by MAS' with the prefix MAS. 5,000 sets of $50 banknotes signed by PM Lee Hsien Loong have been stamped with overprint commemorating the merger of the BCCS and MAS.

$20 banknote

On 27 June 2007, Singapore and Brunei celebrated the 40th anniversary of the Currency Interchangeability Agreement (since 12 June 1967) with the joint-issue of the commemorative $20 notes. [cite web | author= Monetary Authority of Singapore | date=2007-06-27 | url=http://www.mas.gov.sg/news_room/press_releases/2007/Joint_Press_Release_by_the_MOF_Brunei_Darussalam_and_MAS.html | title=Commemorating the 40th Anniversary the Currency Interchangeability Agreement | accessdate=2007-07-30]

The two authorities issue distinct versions of the new $20 notes. They are both yellow, 149 × 72 mm in size, and made of polymer. The reverses are almost identical except that the Brunei version has their state title in Jawi script, while the [http://www.mas.gov.sg/resource/news_room/press_releases/2007/$20%20NOte%20Annex%20A.pdf Singaporean version] has the state title of Brunei in Latin script.cite web | author= Monetary Authority of Singapore | date=2007-06-27 | url=http://www.mas.gov.sg/resource/news_room/press_releases/2007/Joint%20Press%20Release%20by%20the%20Ministry%20of%20Finance,%20Brunei%20Darussalam%20and%20the%20Monetary%20Authority%20of%20Singapore.pdf | title=Annex 1, Commemorating the 40th Anniversary the Currency Interchangeability Agreement | accessdate=2007-07-30] The obverse of the Singaporean version is similar to the current Portrait Series, whereas the obverse of the Brunei version is similar to the $50 and $100 of the 2004 series.

A limited edition set was offered for sale, which consisted of both versions in a folder, with matching serial number. The notes have "40th Anniversary Currency Interchangeability Agreement" overprinted on obverse. In addition, the Singaporean version has the two countries' state creates above the commemorative text. Only 12,000 sets were available, 10,000 from the Monetary Authority of Singapore, and 2,000 from the Brunei Currency and Monetary Board. The circulation version was made available from 16 July 2007. [cite web | author= Monetary Authority of Singapore | date=2007-06-27 | url=http://www.mas.gov.sg/news_room/press_releases/2007/20dollars_Polymer_Note_to_Commemorate_40_Years_of_the_Currency_Interchangeability_Agreement.html | title=$20 Polymer Note to Commemorate 40 Years of the Currency Interchangeability Agreement | accessdate=2007-07-30]

pecifications

Notes and references

External links

* [http://www.mas.gov.sg/currency/currency_info/notes/portrait_series/Singapore_Circulation_Notes_Portrait_Series.html Portrait Series]