Singapore Currency | Singapore Dollar
What is SGD currency?
The symbol SGD is the currency abbreviation for the Singapore Dollar SGD, the currency for Singapore. The Singapore Dollar is made up of 100 cents and is often presented with the symbol $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.
Monetary Authority Of Singapore
MAS is the sole authority that issues Singapore notes and coins. It is responsible for maintaining the integrity, security, quality and confidence in the Singapore currency. MAS took over the currency issuance function following the merger with the Board of Commissioners of Currency, Singapore in October 2002.
All notes and coins issued by MAS are legal tender in Singapore, and are fully backed by MAS’ assets. MAS also issues numismatic notes and coins to commemorate significant national achievements, inspire Singaporeans to celebrate their political, cultural and social heritage and to cater to collectors’ interests.
MAS works closely with the banks, security couriers and appointed contractors to ensure cost-efficient and effective distribution of the Singapore currency as well as the availability of the currency to meet public demand.
Act and Regulations
MAS administers the Currency Act, which provides for the legal tender status of the notes and coins issued by MAS in Singapore. The Currency Act also contains provisions relating to Singapore currency matters such as acceptance of Singapore notes and coins in Singapore, administration of mutilated currency and reproduction of currency images. The Penal Code contains provisions on note and coin counterfeiting.
Currency Act, Currency Regulations and Penal Code
This page provides information and links to the Acts and statutes relating to currency notes and coins.
Use of Currency Images
Understand the guidelines set out for use and reproduction of currency images.
Legal Tender Limit for Coins
Under the Currency Act (Cap. 69) (“CA”), legal tender limits are placed on the amount of each coin denomination that can be used for payment. This is to minimise inconvenience to vendors and their waiting customers should a customer wish to tender a large quantity of coins for payment. The vendor is only obliged to accept payments up to these limits and may reject payments exceeding these limits. The existing limits are:
- in the case of coins of a denomination lower than 50 cents – for payment of an amount not exceeding $2; and
- in the case of coins of a denomination of 50 cents – for payment of an amount not exceeding $10.
As the payment for goods and services is a matter of contract or private agreement between a buyer and a seller, both the buyer and seller can specify and agree on how the payment is to be made before entering into a transaction. In accordance with this principle, the CA provides that if a payee, i.e. seller, does not wish to accept certain denominations of currency notes or coins as payment, or wishes to limit the quantity of coins used in a transaction, he must provide a written notice of this to his payer. Otherwise, the payee is legally obliged to accept all denominations of the coins (up to the legal tender limits) or currency notes tendered by the payer as payment. The legal tender limit does not prevent the payee and payer from transacting using quantities of coins above the limit, should both parties be agreeable on how the transaction is to be done.
The provisions in the CA on the above can be found here.