Denomination Choices
• Not printed on notes
The denominations of each series of banknotes are not chosen randomly; instead, certain considerations informed their selection. The Orchid series (1967 to 1976) had nine denominations: $1, $5, $10, $25, $50, $100, $500, $1000, and $10000. But in the first release in 1967, only six were issued: $1, $5, $10, $50, $100, and $1000. These denominations were already used during the colonial times, and retaining them would make it easier for people to switch to the new notes. The $25 and $500 notes were not in use before, but were later introduced as “middle denominations” to fill the gaps between existing values. The $10000 note was not planned at first. Even though it had existed in colonial times, the government felt it was too large for most people to use. However, it was eventually issued because banks, large businesses, and wealthy individuals needed it. With its release, Singapore became the first country in Asia to issue a $10000 note.
The Bird series (1976 to 1984) kept the same nine denominations as the Orchid series, but replaced the $25 with a $20. This was done because $25 was awkward for everyday calculations. For example, it was hard to compute how much change should be given if someone pays $25 on a bill of $17.30. The $20 note served the same purpose as a middle denomination, but was easier to work with.
The Ship series (1984 to 1999) started with eight of the nine Bird series denominations, dropping the $20 note, which remained unpopular. But more changes were to follow. Two years after the Ship $1 note was introduced, the government discontinued it, to encourage people to switch to the $1 coin instead. A new $2 note was introduced in its place—the first time Singapore issued this denomination. The Ship series therefore ended with eight denominations: $2, $5, $10, $50, $100, $500, $1000, and $10000.
The Portrait series (1999 onwards) began with seven denominations, removing the $500 note. Like the $25 and $20 before it, the $500 had limited use. In 2014, the $10000 note was also discontinued, mainly to reduce the risk of money-laundering, and in 2021, the $1000 was removed for the same reason. That leaves just five denominations still in use today: $2, $5, $10, $50, and $100. Although the $10000 note is no longer issued, it remains legal tender and is still the highest-value banknote in the world accepted for use—alongside Brunei’s $10000 note. MAS has said that the $10000 denomination will continue to be legal tender until they are gradually returned due to damage.
Commemorative note denominations are chosen based on the event. In the 1990 SG25 note, although a $25 denomination might have matched the occasion, the government used $50 instead, recalling the issues people had with the old $25 note. But in the 1996 MAS25 note, MAS went ahead with $25, reasoning that the note was meant as a collectible and not for daily use. The 1999 Millennium note used $2 to mark the arrival of the second millennium. The 2007 CIA40 note used $20 for each country’s variant of the note—Singapore and Brunei—making a symbolic total of 40 years (20+20). The 2015 SG50 note used $50 for the anniversary, and five $10 notes that together made $50, to reflect how different aspects of Singapore contributed to reaching 50 years. The 2017 CIA50 with Brunei also used $50 to mark the 50th anniversary of the agreement. In 2019, the B200 note used $20 instead of $200, because $200 would be too costly for most people to buy, while $2 had already been used to mark the millennium.
Across Singapore’s history, the following denominations have been issued over different series of banknotes:
- $1: three versions in Orchid, Bird, and Ship series
- $2: two versions in Ship and Portrait series
- $5: four versions in Orchid, Bird, Ship, and Portrait series
- $10: five versions in Orchid, Bird, Ship, Portrait and Commemorative (five variants) series
- $20: three versions in Bird and Commemorative (two) series
- $25: two versions in Orchid and Commemorative series
- $50: seven versions in Orchid, Bird, Ship, Portrait and Commemorative (three) series
- $100: four versions in Orchid, Bird, Ship, and Portrait series
- $500: three versions in Orchid, Bird, and Ship series
- $1000: four versions in Orchid, Bird, Ship, and Portrait series
- $10000: four versions Orchid, Bird, Ship, and Portrait series