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Since there was no official currency at the time, Singapore's merchants usually used Spanish and Mexican Dollars. Paper money began to appear in the peninsula in the 18th and 19th centuries, issued by private banks such as the Asiatic Banking Corporation, the Chartered Mercantile Bank of India, and The Shanghai Banking Corporation.
The Straits Dollar was the colony's official currency for nearly a century until it was replaced by the Malayan Dollar in , with a brief discontinuation during the Japanese occupation.
Currency of Independent Singapore Singapore became an independent nation known as the Republic of Singapore in The new country established the Board of Commissioners of Currency, which introduced the Singapore Dollar, with the first banknote series issued in These notes were known as 'Orchid' notes and were exchangeable with the Malaysian Dollar at par until
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