RSSThe currency of Singapore is dollar (sign: $; code: SGD). To distinguish it from other dollar currencies Singapore dollar is abbreviated with the dollar sign $, or alternatively S$. It is divided into 100 cents.
History
Singapore used the Straits dollar during the period 1845 and 1939. This was later replaced by Malayan dollar. From 1953 the Malaya and British Borneo dollar issued by the Board of Commissioners of currency was replaced by Malayan dollar.
Singapore in 1967 established the Board of Commissioners of Currency, Singapore and issued its first coins and notes.
Earlier the dollar was pegged to British pound sterling at the rate of S$60 = £7. This lasted till the demise of Sterling area in 1970s. After which the dollar was linked to the US dollar for a short span of time. By the course of time, Singapore’s economy diversified to other countries and Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.
From 1985 onwards, Singapore adopted a more market-oriented exchange regime – classified as a Monitoring Band – in which the Singapore dollar is allowed to float but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This allowed the Singaporean government to take more control over imported inflation and ensure that Singapore's exports remain spirited. All issued Singapore dollar currency in circulation is fully backed by international assets to maintain public confidence.
On October 2002 the Board of Commissioners of Currency was dissolved. Its functions and liabilities were transferred to the MAS.
Origin of coins
Singapore introduced the first series of coins (1, 5, 10, 20 and 50 cents and 1 dollar) in 1967. , these coins were made with cupro-nickel except for the bronze 1 cent. A second series of coins were introduced in 1985 but in smaller size. The 1 dollar was again reduced in size in 1987 and struck in aluminium-bronze.
Singapore witnessed a lot of foreign currencies even before the establishment of East India Company. There are records that during the 8th century AD, Chinese merchants brought in money that later on turned in to the main currency of Malay Peninsula. Materials such as gold, tin and pewter were used in making coins during the 15th Century By the 15th Century, materials such as gold, tin, and pewter were used to make coins.
It was during the 18th and 19th centuries that banks like The Asiatic Banking Corporation, The Shanghai Banking Corporation and The Chartered Mercantile Bank of India issued paper currency to Singapore.
Singapore started using the Straits dollar between 1845 and 1939. During the Japan invasion in Malay in 1941, they brought their own currency to Singapore and circulated. But a central Board of 'Commissioners of Currency' was established after World War II. 
In 1963 Singapore became autonomous after joining with Malaysia. However, after two years Singapore got expelled. After the establishment of a Board of Commissioners of Currency in 1967, Singapore released its own notes called the Orchid, which is the present Singapore Dollar (SGD).
Courtsey: Wikipedia
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