A Gossip on Singapore's FIFTH Series

Singapore's fourth and current series dollar notes, the Encik Yusof bin Ishak PORTRAIT series has been in circulation since 1999.  

Up to 2014, it's been 16 long years, and that's way too long!! Don't you think so? If it's going to be any longer, this blog will go out of business!! Is there anything new to write on something that's been around for 16 years??

Fortunately, as we approach 2015, Singapore will celebrate its 50th year of nation building. As part of the SG50 celebration,  I suspect the Monetary Authority of Singapore (MAS) will issue Singapore's FIFTH series dollar notes. There isn't a better time, isn't it? So before we speculate what we will see on the new series, let's take a stroll down memory lane to 1967.

The Orchid Series (1967-1976) 

Being the first series, the theme was the national flower. Singapore being a new nation was like a blooming flower, out to seduce the world despite the gloom and doom of independence. Orchid was the national flower and the orchid industry thrived becoming a major exporter until the late 1980s.

The Coat of Arms of the Republic was large and prominent on the front. The reverse featured prominent landscapes and public buildings, a common theme among dollar notes past and present, with artwork carrying a colonial flavour.

So which is your favourite Orchid dollar note? For me it has to be the Orchid $5 where the reverse depicts a bustling scene of the Singapore river. Do you know who is the painter? If you do, pls tell us on our Facebook page.

The BIRD Series (1976 – 1984) 

After a decade of independence, our wings have become stronger and we are ready to fly to the sky, and to the centre-stage of the world.

Out of the nine dollar notes in the series, five notes bear the map of Singapore on the front. Patriotic and economic themes came into the lime-light. Changi airport, PSA container terminal, oil refinery, public housing, national parades and multi-racial dancers were found on the back of the series. And sure enough, Singapore became the darling of multi-national corporations , leading the pack in foreign domestic investments in South-East Asia.

The SHIP Series (1984 – 1999)

After two decades of independence, we are ready to sail the seven seas. Singapore has become a strategic shipping hub connecting world trade between the East and the West.

The social-economical landscape has been transformed. The Benjamin-Sheares Bridge depicted on the back of the $50 bears testimony to Singapore’s ambition of becoming a first world nation.

When I looked at the theme of this series and the previous, I see “Total Defence”. Although I’m quite sure Total Defence was introduced in the nineties, the five pillars of “Military, Civil, Economic, Social & Psychological” defence were clearly etched out in the Ship series.

The Yusof Ishak PORTRAIT Series (1999 to present)

Leaping into the 21st century, the currency issuing authority decided that we should like most countries in the world, put a "face" on our paper money. The Yang di-Pertuan Negara, Inche Yusof bin Ishak was chosen to be the first. Also as a first, the honour to design the entire portrait series was given to acclaimed Singaporean artist Eng Siak Loy.

All thanks to Siak Loy, Inche Yusof became the most popular and recognizable person in Singapore: handsome and affable, he reminded me of my vow: " . . . to have and to hold, from this day forward, for better, for worse, for richer, for poorer, in sickness and in health, until death do us part." 

Who doesn't want Inche Yusof? :-)))

The theme on the reverse is centered on "Education, Garden City, Sports, Arts & Youth". It has become less chauvinistic, more scholarly, with less emphasis on propaganda and infrastructure successes. Our education has also provided more options into the arts, sports and social sciences. The series showcased our transformation towards a  knowledge economy as depicted on the reverse of the $10,000 note.

If what is said about the design of the currency notes is true, and it matches the developments of the nation over the last 50 years, then the designs of the currency notes have prophetic powers. How did the designs of the dollar notes become self-fulfilling prophecies, not for 5 years but for 50 years?? Okay, I will save that for the next blog post. :-)

The FIFTH Series aka Golden Jubilee Series (2015 & beyond)

So the big question is, what will we see in the Fifth series of Singapore 's polymer dollar notes?

I suspect Singapore's GOLDEN JUBILEE dollar notes will still be a PORTRAIT series. 

A) Will it be one person for the entire series?

B) Will it be one person for each dollar note?

If it's really a PORTRAIT series, who will have the honour?

Before we speculate further, let's take a look at the possible candidates. You like history? Of course you do. Here's a quick revision on the modern history of Singapore. :-)))

Possible Candidates for the Singapore FIFTH Series

Former Presidents of the Republic of Singapore

1965 - 1970     Yusok bin Ishak

1971 - 1981     Benjamin Henry Sheares

1981 - 1985     C.V. Devan Nair

1985 - 1993     Wee Kim Wee

1993 - 1999     Ong Teng Cheong

1999 - 2011     S.R. Nathan

The first 10 cabinet ministers of the Republic of Singapore in 1965

1. Prime Minister                                                Lee Kuan Yew
2. Deputy Prime Minister                                   Dr Toh Chin Chye
3. Minister of Defence                                        Dr Goh Keng Swee
4. Minister for Foreign Affairs                           S Rajaratnam
5. Minister for Education                                   Ong Pang Boon
6. Minister for Health                                         Yong Nyuk Lin
7. Minister for Finance                                        Lim Kim San
8. Minister for Labour                                         Jek Yeun Thong
9. Minister for Law & National Development    E.W. Barker
10. Minister for Culture & Social Affairs             Othman Wok

 Former Speakers of the Republic of Singapore

1955 - 1963     Sir George Oehlers

1963 - 1964     E.W. Barker

1964 - 1966     A.P. Rajah

1966 - 1970     Punch Coomaraswamy

1970 - 1989     Dr Yeoh Ghim Seng

1989 - 2002     Tan Soo Khoon

2002 - 2011     Abdullah Tarmugi

2011 - 2012     Michael Palmer

Former Chief Justices of the Republic of Singapore

1963 - 1990     Wee Chong Jin

1990 - 2006     Yong Pung How

2006 - 2012     Chan Sek Keong

Shortlisted Candidate for Singapore's FIFTH Series (1-Person Series)

If it's ONE person for the entire series, then I suspect it will be The Late Dr. Benjamin Henry Sheares (Former President of the Republic of Singapore, 1971 to 1981). 

I've a vivid memory of him, in black and white, when I watched the National Day Parade on a black & white TV back in those days when I was a little kid. A very benign and dignified looking grand-fatherly figure. He was highly respected by the ordinary folks. And I could still remember my late grandmother who once told me that the President was a medical doctor at KK Hospital, and she said it with admiration.

Shortlisted Candidates for Singapore's FIFTH Series (6-Person Series)

To guess who are the VIPs selected by MAS for the new series is as good as guessing what are the winning numbers for next week's TOTO!

MAS has just announced that it will no longer issue the $10,000 from 1st October 2014. That means there will only be 6 notes in the new series: $2, $5, $10, $50, $100 & $1000.

Will MAS bring back the $500 banknote to fill the gap? Or maybe the $20 or $25? Honestly, I don't think so. I think the current denominations are good enough. More denominations will not add more value to the economy, but more costs of printing and maintenance. (And increasing the bleed on the pockets of collectors.)

If the FIFTH series were to come with only 6 dollar notes, which are the 6 dignitaries you would like to put on our currency? I've thought of setting up a poll and let you vote for your preferred candidates but I think that's too much work for me.

But it would be good to know what are your guesses? Who would you like to see on our dollar notes? 

For me, I would like to see the following forefathers of Singapore on the FIFTH series:

1. Dr Benjamin Henry Sheares
2. Dr Toh Chin Chye
3. Dr Goh Keng Swee
4. S. Rajaratnam
5. Dr Yeoh Ghim Seng
6. Wee Chong Jin

What do you think? Is your list same as mine? How can it be the same?! Copycat! :-))) 

Out of the 6, I hope I'll get at least ONE right.

Anyone want to bet? :-))) No, I don't bet.

Let time do the talking; we will find out soon, in less than 12 months?

Now, if you are still reading this blog post, that's really amazing . . . most would have given up long ago. Here's the deal, look at the $50 commemorative note below. 

If you can tell me who were the FOUR ministers sitting on the left of founding Prime Minister Lee Kuan Yew, in the correct order, you will win a similar $50 commemorative note (first plastic dollar note). Terms & Conditions apply.

Too difficult? Okay, I give you multiple choice answers.

A) Goh Keng Swee, Ong Pang Boon, Yong Nyuk Lin & E. W. Barker
B) Goh Keng Swee, Jek Yeun Thong, Lim Kim San & Othman Wok
C) S. Rajaratnam, Toh Chin Chye, Ong Pang Boon & E. W. Barker
D) Goh Keng Swee, Toh Chin Chye, Yong Nyuk Lin & S. Rajaratnam

To qualify, you must 1) Like this blog post, 2) Share this blog post on your FB timeline, and 3) Leave your answer (A, B, C, or D) on our Facebook Page under this blog post.

If there are more than one person with the right answer, I will conduct a lucky draw to pick the winner. The winner will be announced on 10 August 2014.

I hope you found something interesting about the modern Singapore currency, and had fun reading this blog. :-)

The Singapore Currency: An Artistic Expression by LIYU

I was invited to attend the Nanyang Academy of Fine Arts' (NAFA) BA Fine Art Degree exhibition because I spoke to one of the graduating student on Singapore's modern currency some moons ago. I thought he was doing some research to write a thesis. Never did I know he was creating ART. 

The following are two of his graduating artwork on display at NAFA's Lim Hak Thai Gallery.

 Happiness, Prosperity and Progress Series no. 1: "To Greater Heights"

The author uses digital collage from Singapore's four series of currency, including the $50 and $25 commemorative notes, to create his artwork. 

His artwork is intriguing and profound. It uses our currency as a strong expression of our economic progress and pursuit, that is becoming detrimental and weaker groups have fallen through the cracks especially when our social safety nets are weak.

The author "attempts to provoke a reflection on the value system of our society."

Birds seems to be the key focus here; catching its preys and flying them up into the air before letting them plunge to the ground. 

The higher you go, the harder you fall?

I think you'll probably know which banknote the skyline at the background comes from, but do you know where Victoria Concert Hall and the buildings with the brown roofs come from? I've no idea. Pls tell us on our Face Book page if you know the answer.

And I spotted a "strange image" at the centre of the artwork that is completely incoherent. Can you see it? Do you know what it means? Tell us on our Face Book page.

What's Chen Wenxi's monkey doing on the dome of the old Supreme Court Building? Banana tree? Where does that come from? :-)

Happiness, Prosperity and Progress Series no. 2: "In Celebration"

The focus here seems to be buildings and people. While most are celebrating some are drowning. So an artist is also a sociologist? Yes, very much one! Don't you agree?

Can you make out where all those buildings come from? And all those spectators cheering? It took me a while to find out but the red building on the right, I have no idea where it comes from. :-(

 MBS, the new Singapore skyline, the Science & Art Museum and the Singapore Flyer? I think I missed a lot here :-))) Can someone enlighten me?

All That is Solid

"Plant base jelly. Delightful in the first 8 hours, after that threshold, decay takes over, flies moves in to breed. Likewise, how solid is our economy?" (Excerpt taken from Liyu's web-page http://cargocollective.com/liyu/All-that-is-solid)

Philosophical. :-)

According to Erica Lai (BAFA Course Leader), "Liyu attempts to decipher the codes within the Singapore currency system through his experiments in ephemerality and magnifications  Like a tireless conspiracy theorist, Liyu has created a varied body of evidence that is utterly captivating."

I'm not an art critic so I'll leave it to you to decipher LIYU's message. And I hope LIYU can tell us more!

I hope you like his work. 

Please join me to congratulate LIYU and The New NINE, and wishing them best of endeavours! 

Singapore Commemorative $25 Banknote (MAS 25th Anniversary)

This Singapore Commemorative $25 banknote is issued in 1996 to commemorate the 25th anniversary of the Monetary Authority of Singapore (MAS). 

Is there any significance to this issue? 

Well of course, every issue is significant. Apart from the 300,000 notes issued for circulation and in commemorative packages:

1. It is the only SECOND commemorative banknote to be issued by the Board of Commissioners of Currency, Singapore (BCCS). 
2. It is the only SECOND $25 after the Orchid $25. 
3. It is the only note that has NO prefix in the serial number.
4. It is the only note that packs the MOST security features, in all the notes issued so far.

It is a beautiful banknote, minus the MAS building. The banknote is covered with intricate graphics and micro-lettering. The octagon multi-coloured hologram is a precursor to the silver hologram found in the Portrait series that started circulation in 1999. 

Front design:  The multi-redundant hologram and serial number that has no prefix, i.e. numbers only.

 Back design: Featuring the skyline of the financial district.

The octagon multi-redundant hologram with the symbol of the Singapore Lion and the numerals 25.

 The front cover of the "Cheque Book" commemorative pack. It was issued at S$36/- in 1996.

 There are a total of 12 security features packed onto the front design of the note.

On the back design, there are 4 security features. But . . . . sometimes, less is more. You will be mesmerized by what you see under UV.

 The front-design, under ultra-violet light: the bottom serial number and the seal of the Chairman, printed in fluorescent ink,  glow in orange colour.

The back-design under UV, glows like fire-works, never seen in any of the series ever produced. There are two "25" glowing next to the printed "25", and "1Jan96" at the right-hand corner, are invisible features that are visible only under UV.

So are you impressed? 

Yes, I am, from a technical point of view, it is an important production that has many significant features that are unique and not available in other series. 

No, I'm not, from a quantity point of view, the numbers are too large, simply because Singapore is too small! I'm not sure how many of the 300,000 notes were issued, but based on the fact that the commemorative packs are still being auctioned quarterly, it is definitely not scarce.

But in view of Singapore's population growing to 6.9 million by 2030, my advice: BUY NOW! EVERYTHING!

Of course, I'm just kidding. Bad pun intended. :-)

May I wish all readers who are celebrating the Lunar New Year, a Snaking Good Year ahead! 

恭喜！恭喜！富贵，平安。

Singapore Commemorative $50 Plastic Banknote

This $50 plastic banknote was issued to commemorate Singapore's 25th year of independence on 9th August 1990.

This special issue is of numismatic significance for a few reasons:

1. This is the first commemorative note issued by the Board of Commissioners of Currency, Singapore (BCCS).
2. This is the first plastic note in the history of Singapore's currency.
3. This is also the first note designed in Singapore by a Singapore artist.

However the significance of this commemorative note is dampened by the unusual high production numbers issued under two tranches:

1. 300,000 notes issued with an overprint of the anniversary date "9 August 1990" that came in a special folder.
2. 4,800,000 notes (without overprint) issued for circulation.

Clearly the BCCS wanted each and every working citizen to own a piece of history. This suspicion was substantiated by a low issue price of $55 for the $50 note in folder and each purchase was limited to 2 sets ony.

The 4.8 million notes issued for circulation was a dry-run to test out the ability of the banking system to handle plastic notes. Although I have no knowledge of the outcome, I suspect it must be very challenging because plastic notes or polymer notes as it is currently known, were only issued for circulation some 15 years (estimated) later. 

Numismatic was a popular hobby in the late eighties to early nineties, and very quickly the 4.8 million plastic notes disappeared, into the hands of collectors and ordinary folks, hoping to make a few bucks. And a few bucks they could but anything more, would be quite impossible.

So let's take a closer look at the design of the note, the security features and how it impacts plastic notes of the future.

Specifications
Date of Issue: July 1990
Size: 157 x 74 mm
Signed by Minister of Finance Dr Hu Tsu Tau
Special Serial No.: Single prefix starting with A, follow by 6 digits.
Special Notes in Folder with Overprint "9 August 1990": 300,000.
Notes for Circulation: 4,800,000.

The most striking feature in this plastic note is the hologram (not sure if I use this term correctly), a silver substrate that shows the image of the first President of Singapore Yusoff  bin Ishak and five stars. This accordingly is the Optical Variable Device (OVD) that enables the image to be viewed from the front and back, and would give out a rainbow pattern when viewed at different angles.

The  front of the note depicts Singapore's transformation from a trading sea-port in the 19th century into becoming the world's busiest port, strategically connecting the East and the West.

The reverse of the note depicts a scene of the first sitting of parliament on 8th December 1965 and 'a jubilant mixed group of Singaporeans with the State flag behind them'.

Do you know who were the four cabinet ministers seated next to founding Prime Minister Lee Kuan Yew? If you know the answer, tell us on our Facebook Page.

Based on the notes I have, a few of them did not have the last digit of the serial numbers printed correctly- it was only printed partially. This was probably a mechanical problem and it happened only to the set of serial numbers on the top right-hand corner.

Apart from the OVD, this commemorative plastic note also has some very advanced security features that makes it 'virtually unforgeable'.

1. Intaglio printing: 
or raised printing to give the embossed texture was widely used on texts and graphics.
2. Perfect registration: 
images that are exactly the same on the front and back of the note, such as the green Orchids on top of the OVD.
3. Micro-printing: 
printing that are so small, it's only visible under 10x magnification. For this note it's just below "YUSOF BIN ISHAK", and it reads "BOARDOFCOMMISSIONEROFCURRENCYSINGAPORE . . . ".

4. Shadow-image: 
like a water-mark in paper currency, an image can be viewed when it's held against light. In this note it shows the 25th anniversary logo.

5. Latent image: 
an image varies when viewed at different angles.  In this note, the BCCS logo.
6. Invisible feature: 
invisible under normal lighting condition but will glow brightly under ultra-violet (UV) light. In this note, the decorative outline of the OVD will glow brightly under UV light.
7. Fluorescent ink:
the serial numbers and seal of the minister's glow under UV light.

For the first time in the history of Singapore currency, the signature of the designer, Mr Chua Mia Tee, can be found on the note. 

This is the first and only note that bears two signatures: the minister's and the designer's. Well done Mr Chua!

So do the current polymer notes (Portrait series $2, $5 & $10) shared the same security features of the 1990 $50 note?

All except the OVD and latent image, they were replaced with the "gold patch", "complex clear window" and "embossed clear window".

So, why did it take so long from this 1990 plastic note to the current polymer notes? And why isn't there a $50 polymer note in circulation yet?

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Old Ads: Singapore MAS $25 Commemorative Banknote

An old ad of the MAS $25 commemorative note.

This full-page ad was featured in The Straits Times and Lianhe Zaobao, on 11 May 1996. 

This $25 note is produced to commemorate the 25th anniversary of the Monetary Authority of Singapore (MAS). This is the only second $25 note ever issued. The first $25 note is from the Orchid series. And coincidentally, this is also the second commemorative note issue; do you remember which is the first commemorative issue? :-)

There are two things that caught my attention about this note:
1. There's no prefix on the serial number; that's unique, very unique.
2. The location of the signature of Dr Hu Tze Tau. It was on the right-hand side of the note, on the "white" column where the water-mark can be found. Do you recall  any other note(s) that has this layout? :-) (Clue: typically the signature is located at the bottom centre-left or centre-right after the subject.)

Uncut Sheet of 20-in-1                       : S$822/- (3,000 sheets)
Single note in Cheque Book Packing   : S$36/-   (?)
Single Note in Folder Packing             : S$34/-   (?)

Total production of this commemorative issue: 300,000 notes.

As a collector I really hate this: the production numbers are too small for circulation, i.e. you never see one in circulation, so it's not for circulation; but it's too large for meaningful collection- 300,000 notes is not scarce, so it will be kept, hoarded, stuck!! Too precious to use, worthless to keep because it will never appreciate in value due to it's quantity!

You can still find Single Notes in Cheque Book or Folder packing still being put up for auction by a local auction house on behalf of MAS. Imagine 16 years later, they are still selling!! How much paper and opportunity costs lost??

Nevertheless, this is still a beautiful note worth collecting, for history sake and not for rarity. The premium of the issue price was only 64.4% for the uncut sheet and 44% for the single note in special packing.