... Rather, it involved the Straits Settlement that included Singapore and the other Malayan states and London when the Straits Settlement came under the Colonial office. The essay will discuss both the evolution of the exchange standard and also the banking development and these help to examine the changes of money's functions in terms of exchange medium and store of value. An approximate time frame in the evolution of the currency is shown in Table 1. Date Events 1819 The traders first brought money into Singapore. Silver dollars, especially the Mexican dollar, were popular among the traders. 1837 Government of India enforced the Indian silver rupee and subsidiary Coins were sole legal tender currency in the Straits Settlements. 1850 Private Banks like Oriental Banking Corporation, Mercantile Bank of India, London and China, Hong Kong and Shanghai Banking Corporation began to issue their respective bank notes. 1867 The Straits Settlements became a Crown Colony. The Indian rupee was discontinued as legal tender ...

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