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Straits dollar
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Straits dollar
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.
In the early nineteenth century, the most common currency used in the East Indies was the Spanish dollar, including issues both from Spain and from the new world Spanish colonies, which for the East Indies emanated from the Philippines in the Spanish East Indies originating from Mexico and Peru as part of the Spanish colonial empire. Locally issued coinages included the Kelantan and Trengganu keping, and the Penang dollar.
In 1826, the Straits Settlements were formed under the auspices of the East India Company. The East India Company attempted to implement the Indian rupee as the sole official currency in the Straits Settlements, however it was unsuitable for trade and Mexican dollars (the successor to the Spanish dollar) continued to be used for trade. Private banks also printed their own private banknotes which were redeemable to silver dollars.
1844 saw the authorization of copper coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or its regional successors within the Spanish Empire such as the Philippine peso or Mexican peso. This coinage was declared current in the Straits Settlements on 1 June 1847.
In 1867, the administration of the Straits Settlements were transferred to the British colonial office, and the Indian rupee also lost its status as legal tender within the Straits Settlements.
However, due to a shortage of silver dollars from the Spanish Empire, the British also began issuing trade dollars in 1895.
The Board of Commissioners of Currency for the Straits Settlements was created in 1897, and from 1899 began issuing Straits Settlement currency notes. Private banks were also prohibited from issuing new banknotes.
In 1903, the board issued the Straits dollar, valued at par with the British trade dollar, while also demonetizing the British, Mexican, and other silver dollars. In 1906, the Straits dollar was pegged to two shillings four pence (or twenty-eight pence) sterling, which was in turn on a gold standard at the time.
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Straits dollar
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.
In the early nineteenth century, the most common currency used in the East Indies was the Spanish dollar, including issues both from Spain and from the new world Spanish colonies, which for the East Indies emanated from the Philippines in the Spanish East Indies originating from Mexico and Peru as part of the Spanish colonial empire. Locally issued coinages included the Kelantan and Trengganu keping, and the Penang dollar.
In 1826, the Straits Settlements were formed under the auspices of the East India Company. The East India Company attempted to implement the Indian rupee as the sole official currency in the Straits Settlements, however it was unsuitable for trade and Mexican dollars (the successor to the Spanish dollar) continued to be used for trade. Private banks also printed their own private banknotes which were redeemable to silver dollars.
1844 saw the authorization of copper coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or its regional successors within the Spanish Empire such as the Philippine peso or Mexican peso. This coinage was declared current in the Straits Settlements on 1 June 1847.
In 1867, the administration of the Straits Settlements were transferred to the British colonial office, and the Indian rupee also lost its status as legal tender within the Straits Settlements.
However, due to a shortage of silver dollars from the Spanish Empire, the British also began issuing trade dollars in 1895.
The Board of Commissioners of Currency for the Straits Settlements was created in 1897, and from 1899 began issuing Straits Settlement currency notes. Private banks were also prohibited from issuing new banknotes.
In 1903, the board issued the Straits dollar, valued at par with the British trade dollar, while also demonetizing the British, Mexican, and other silver dollars. In 1906, the Straits dollar was pegged to two shillings four pence (or twenty-eight pence) sterling, which was in turn on a gold standard at the time.
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