(Above) A 1925 Straits Settlement currency. Picture: Rozan Yunos
Monday, November 29,2010
BRUNEIANS who were born in the 1950s or earlier would remember the famous red $10 note use in Brunei known as "duit kerabau" or "buffalo money". In the front of the $10 note was a buffalo plowing a paddy field. Its junior counterpart was a greenish $1 note known as "duit kapal" or "boat money" as it depicted a sailing boat at the front and a similar boat being dragged in to the shore at the back.
At the back of these notes, one can see all the national and state crests of countries and states using these notes including the Brunei crest. These two currency notes were used in Brunei as well as in Singapore and the rest of the Malaysian states until 1967.
In June 1967, Brunei, Malaysia and Singapore each issued her own currency and with it came the end of the usage of the "duit kerabau" and "duit kapal" as well as other currency notes issued by the Board of Commissioners of Currency, Malaya and British Borneo.
When the new currency notes came out, not many held on to these $1 and $10 notes. Mostly everyone changed their old currency notes to the new ones.
People in Brunei changed theirs with the new Sultan Omar Ali currency notes, those in Singapore to the new Orchid notes and those in Malaysia to the the first Agung, Tunku Abdul Rahman notes.
When the British pound was devalued in November of that same year, the $1 and $10 were devalued. Even those who at first wanted to hold on to the older notes gave in afraid that these notes would be worthless. The older notes were exchanged at about 15 per cent lower than face value. So many notes must have been changed to the new ones that not many were left in private hands.
So much so that fifty years later when this writer wanted to acquire the $10 duit kerabau; it was indeed very difficult to find. One of his junior colleagues happened to have three pieces of the $10 note refused to sell a single one citing that he wanted to keep the notes as heirlooms for his children.
Eventually one was found sold by an old lady at the Tamu in Kianggeh. Her selling price for the used $10 note despite it has been devalued in November 1967 was now an astounding $230.
Despite the best efforts of the writer, she did not budge from the price and she did get her $230. According to her, the price was comparable to the selling price on the internet. Indeed, on the internet auction websites today, the note can sell for as much as $1,000 for one in an uncirculated condition and the $1 note for as much as $100 or more.
How did Brunei come to use these $1 and $10 notes? For the answer to that question, one would have to go back in time all the way to 1906.
In 1906, when the first British Resident took control of the first modern government in Brunei Darussalam, he found that Brunei had no currency of its own. The people in the market were using a hotchpotch combination of anything, coins from the past such as the pitis and the star coin issued by Sultan Hashim, coins from Sabah and Sarawak and coins from Mexico.
The British Resident's first act was to outlaw every other currency and only accept the currency of the Straits Settlement government for use in Brunei.
The Straits Settlement states were originally under the rule of the British East India Company. The Indian Rupee was originally intended to be used but by 1844, the British East India Company decided to issue special coinages for use in Straits Settlement. In 1858, when the Straits Settlements became part of the British India, the coinages issued in 1862 bore the inscription "India Straits" reflecting the nature of the two states.
In 1867, the Straits Settlements was transferred from the Indian Government to the Imperial Government. The Straits Settlements became a Crown Colony. With this new status, new coins bearing the inscription "Straits Settlements" were first issued in 1871; and the Straits Settlements currency notes were first issued in 1898. The first note of the Straits Settlements was the $5 note bearing the year date of 1898.
The first notes did not depict any portrait of the British Kings until 1931 but showed scenes of the villages such as huts, coconut trees, sailing boats, buffaloes and tigers. Though from 1916, King George V was depicted in the high value notes but it was not until 1931 when his portrait became the prime feature of all the notes.
It was not until 1939 that the Straits Settlement currency notes were replaced. The Malayan currency was under review in September 1933 and in October 1938, the Board of Commissioners of Currency, Malaya was formed to issue a Pan Malayan currency. The currency and coinages issued bore the effigy of King George VI.
However on December 8, 1941, the Japanese attacked Malaya and started issuing their "Duit Pisang" or "Banana Money". The Japanese notes were used until 1945 after which time, it had no value whatsoever. The King George VI currency notes were used immediately after the war.
The end of World War Two in 1945 also meant the dissolution of the Straits Settlements government. Penang and Malacca were transferred to the Malayan Union and Singapore was designated as a British Crown Colony. The Board of Commissioners of Currency, Malaya, ceased to exist on January 1, 1951, and a new agreement was negotiated with the governments of the Federation of Malaya, the colonies of Singapore, Sarawak, North Borneo (Sabah) and the State of Brunei.
The Board of Commissioners of Currency, Malaya and British Borneo was established on 1 January 1952 as the sole currency issuing authority for the Federation of Malaya, Singapore, Brunei, British North Borneo and Sarawak. With the accession of Queen Elizabeth II to the throne, all currency notes and coins issued by this Board bore her portrait. These notes bore the year-date 21 March 1953.
The Federation of Malaya gained its independence on August 31, 1957, while Singapore achieved self-government on June 3, 1959. With these changes, the Board of Commissioners of Currency, Malaya and British Borneo issued new $1 (in 1959) and $10 notes (in 1961). A 1 coin was also released. The currency notes bearing the portrait of Queen Elizabeth continued to be in use together with the new $1 and $10 notes.
On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued her own currency.
However the currencies of the three countries remained interchangeable with each other at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day.
The writer of "The Golden Legacy" column the longest running column on The Brunei Times runs a website on Brunei at bruneiresources.com.
courtesy of--The Brunei Times
At the back of these notes, one can see all the national and state crests of countries and states using these notes including the Brunei crest. These two currency notes were used in Brunei as well as in Singapore and the rest of the Malaysian states until 1967.
In June 1967, Brunei, Malaysia and Singapore each issued her own currency and with it came the end of the usage of the "duit kerabau" and "duit kapal" as well as other currency notes issued by the Board of Commissioners of Currency, Malaya and British Borneo.
When the new currency notes came out, not many held on to these $1 and $10 notes. Mostly everyone changed their old currency notes to the new ones.
People in Brunei changed theirs with the new Sultan Omar Ali currency notes, those in Singapore to the new Orchid notes and those in Malaysia to the the first Agung, Tunku Abdul Rahman notes.
When the British pound was devalued in November of that same year, the $1 and $10 were devalued. Even those who at first wanted to hold on to the older notes gave in afraid that these notes would be worthless. The older notes were exchanged at about 15 per cent lower than face value. So many notes must have been changed to the new ones that not many were left in private hands.
So much so that fifty years later when this writer wanted to acquire the $10 duit kerabau; it was indeed very difficult to find. One of his junior colleagues happened to have three pieces of the $10 note refused to sell a single one citing that he wanted to keep the notes as heirlooms for his children.
Eventually one was found sold by an old lady at the Tamu in Kianggeh. Her selling price for the used $10 note despite it has been devalued in November 1967 was now an astounding $230.
Despite the best efforts of the writer, she did not budge from the price and she did get her $230. According to her, the price was comparable to the selling price on the internet. Indeed, on the internet auction websites today, the note can sell for as much as $1,000 for one in an uncirculated condition and the $1 note for as much as $100 or more.
How did Brunei come to use these $1 and $10 notes? For the answer to that question, one would have to go back in time all the way to 1906.
In 1906, when the first British Resident took control of the first modern government in Brunei Darussalam, he found that Brunei had no currency of its own. The people in the market were using a hotchpotch combination of anything, coins from the past such as the pitis and the star coin issued by Sultan Hashim, coins from Sabah and Sarawak and coins from Mexico.
The British Resident's first act was to outlaw every other currency and only accept the currency of the Straits Settlement government for use in Brunei.
The Straits Settlement states were originally under the rule of the British East India Company. The Indian Rupee was originally intended to be used but by 1844, the British East India Company decided to issue special coinages for use in Straits Settlement. In 1858, when the Straits Settlements became part of the British India, the coinages issued in 1862 bore the inscription "India Straits" reflecting the nature of the two states.
In 1867, the Straits Settlements was transferred from the Indian Government to the Imperial Government. The Straits Settlements became a Crown Colony. With this new status, new coins bearing the inscription "Straits Settlements" were first issued in 1871; and the Straits Settlements currency notes were first issued in 1898. The first note of the Straits Settlements was the $5 note bearing the year date of 1898.
The first notes did not depict any portrait of the British Kings until 1931 but showed scenes of the villages such as huts, coconut trees, sailing boats, buffaloes and tigers. Though from 1916, King George V was depicted in the high value notes but it was not until 1931 when his portrait became the prime feature of all the notes.
It was not until 1939 that the Straits Settlement currency notes were replaced. The Malayan currency was under review in September 1933 and in October 1938, the Board of Commissioners of Currency, Malaya was formed to issue a Pan Malayan currency. The currency and coinages issued bore the effigy of King George VI.
However on December 8, 1941, the Japanese attacked Malaya and started issuing their "Duit Pisang" or "Banana Money". The Japanese notes were used until 1945 after which time, it had no value whatsoever. The King George VI currency notes were used immediately after the war.
The end of World War Two in 1945 also meant the dissolution of the Straits Settlements government. Penang and Malacca were transferred to the Malayan Union and Singapore was designated as a British Crown Colony. The Board of Commissioners of Currency, Malaya, ceased to exist on January 1, 1951, and a new agreement was negotiated with the governments of the Federation of Malaya, the colonies of Singapore, Sarawak, North Borneo (Sabah) and the State of Brunei.
The Board of Commissioners of Currency, Malaya and British Borneo was established on 1 January 1952 as the sole currency issuing authority for the Federation of Malaya, Singapore, Brunei, British North Borneo and Sarawak. With the accession of Queen Elizabeth II to the throne, all currency notes and coins issued by this Board bore her portrait. These notes bore the year-date 21 March 1953.
The Federation of Malaya gained its independence on August 31, 1957, while Singapore achieved self-government on June 3, 1959. With these changes, the Board of Commissioners of Currency, Malaya and British Borneo issued new $1 (in 1959) and $10 notes (in 1961). A 1 coin was also released. The currency notes bearing the portrait of Queen Elizabeth continued to be in use together with the new $1 and $10 notes.
On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued her own currency.
However the currencies of the three countries remained interchangeable with each other at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day.
The writer of "The Golden Legacy" column the longest running column on The Brunei Times runs a website on Brunei at bruneiresources.com.
courtesy of--The Brunei Times
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