1996 MAS25 $25
MAS at 25: Shaping Our Financial Success
In 1996, we reached a key milestone as we celebrated 25 years of financial growth under the guidance of the Monetary Authority of Singapore (MAS25). Our nation’s financial system had matured, transforming from our humble beginnings into a thriving business district. Through prudent policies, sound governance, and sheer determination, we began to emerge on the world stage as a trusted place to do business, attracting global commerce and capital. Our once-struggling city had become a beacon of economic success, setting the stage for future decades of prosperity.
Circulation status: Commemorative
Issuing authority: BCCS
First issued: 10 May 1996
Pieces issued:
• 300,000 (regular edition)
• 3,000 sheets (20-in-1 uncut edition)
Printer: Thomas De La Rue & Co Ltd
Material: Paper
‘Singapore’ in caps
‘Singapore’ in four languages
National Coat of Arms
Lion Head symbols
Images (front):
• MAS building
• Financial district (background)
• Radiating text patterns of ‘Monetary Authority of Singapore 25th Anniversary’ (background)
Images (back):
• Financial district
• Singapore International Monetary Exchange, abacus, computer keyboard
• Radiating text patterns of financial services: Investment, Management, Banking, Finance, Securities, Insurance, Financial Futures, Foreign Exchange (background)
• Watermark of lion’s head
• Latent image patch of MAS logo
• Fluorescent ink
• Intaglio print
• Micro-lettering
• Ultraviolet-visible text
• Perfect registration of Lion Head
• Geometric & floral patterns
Marking 25 Years with a Note Like No Other
The MAS 25th anniversary note is one of the rarest notes in our history. It is the only banknote ever issued without a prefix and consisting of only six serial numbers—a sign of how few pieces of it were printed. It made more extensive use of fluorescent ink than any other banknotes, with a host of hidden images appearing only under ultraviolet light. Among all commemorative notes, it is the only one made of paper instead of polymer. It is also the only commemorative note that does not feature a portrait of President Yusof Ishak. On top of these, it brought back the $25 denomination, making it the first and only time this value appeared again since it was discontinued after the Orchid series.
Building a Strong and Trusted Financial System
The Monetary Authority of Singapore (MAS) was set up in 1971 to manage our financial system. Its main job was to supervise banks and finance companies, making sure people’s savings were protected and the banking system stayed strong. MAS also managed the Singapore dollar, keeping its value steady to support business growth and keep everyday prices affordable. Over time, it helped grow our financial industry by bringing in foreign banks and introducing new types of services.
In its first 25 years, MAS had expanded its work to cover a wide range of financial services. It built up investment services, giving individuals and companies safe ways to grow our money. It supported finance services to help businesses get the loans they needed. It also regulated our securities market, where companies could raise funds by selling shares, and kept a close watch on the insurance sector to protect people and businesses from unexpected risks. MAS promoted a fair and well-regulated financial environment, to make Singapore an attractive place for both local and international investors.
In 1984, MAS set up the Singapore International Monetary Exchange (SIMEX). This was our first market for trading financial products like futures and options, which helped businesses and investors manage risks such as changes in currency values and interest rates. Before SIMEX, we did not have such services, and businesses had to rely on foreign exchanges. SIMEX allowed us to compete with major global markets, attracting traders from all over the world and adding a new layer to our financial sector. In 1999, three years after this note was issued, SIMEX merged with the Stock Exchange of Singapore and the Securities Clearing and Computer Services Pte Ltd to form today’s Singapore Exchange (SGX).
While MAS focused on the broader financial system, the Board of Commissioners of Currency Singapore (BCCS) had a more specific role. BCCS was responsible for printing, issuing, and managing our currency notes and coins, making sure there was enough cash to support the growing economy. MAS and BCCS worked together but remained separate organisations, each with clear responsibilities. In 2002, to better manage both our financial system and currency under one roof, MAS and BCCS were merged into a single authority.
Our business district saw major changes from the 1970s to the 1990s. It grew from a small cluster of offices into a modern skyline filled with banks, finance companies, and global businesses. MAS played an important role by creating a trusted environment where businesses could operate safely and fairly. Its high standards for regulation and transparency gave foreign investors confidence to set up operations here.
Market Value in 2024
Market Price: $120
Condition
• Ungraded
• Brand new
• No tears, pinholes, stains, foxing, creases or folds
Context
• The information here refers specifically to the banknote featured on the top of this page.
• The same note may fetch a higher price if it is graded, issued as a special edition, has special serial numbers, or is a specimen or error note.
• The same note may fetch a lower price if it is in poorer condition.
Attributions
1. Prefix and banknote details from Vincent Tan and Tan Wei Jie, Singapore Banknotes: Complete Prefix Reference, Mr Banknotes, 2017.
2. Image from Glassdoor. Source: https://forkast.news/singapore-limit-retail-participation-crypto/.
3. Image by Hiroji Kubota, Tumblr. Source: https://embed.tumblr.com/embed/post/tLbmpgbDypL93uPl0w4LUw/155692874430.
4. Image from National Archives of Singapore. Source: https://biblioasia.nlb.gov.sg/vol-12/issue-3/oct-dec-2016/as-good-as-gold/.