The Beginning Years

Striking out on one's own is the beginning of the history of modern Singapore. When its fate was decided on 9th August 1965, the island republic had to carve a niche for itself. There was so much to do.

One of the first few steps taken was by having a currency system of its own.

Singapore then had been using a common currency issued by Board of Commissioners of Currency, Malaya and British Borneo since 1953.

In 1967, Board of Commissioners of Currency, Singapore (BCCS) was established by the Currency Act of 1967. The Act confers on BCCS the sole right to issue currency notes and coins in Singapore. This is followed by the issue of the first series of circulation coins with various designs representing a dramatic break with previous currency which borne the effigy of the reigning British monarch.

The coins were also different in terms of the material used, shapes, sizes and denominations.

By the following year, 1968, when The Singapore Mint was established, Singapore was making its own coins. Dr Goh Keng Swee, recognised that minting coins required precision engineering and high security.

As a result The Singapore Mint was set up as a department of the Chartered Industries of Singapore. The Mint has, since its establishment, undertaken most of the minting of Singapore's circulation coins.

1969 marked the 150th Anniversary of the founding of Singapore. To mark this occasion, BCCS has commissioned The Singapore Mint to mint the $150 Singapore 22-carat gold coins featuring the Raffles Lighthouse. This coin is also the first commemorative coin minted by The Singapore Mint.