The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo. History In the early nineteenth century, the most common currency used in the East Indies was the Spanish dollar, including issues both from Spain and from the new world Spanish colonies, which for the East Indies emanated from the Philippines in the Spanish East Indies originating from Mexico and Peru as part of the Spanish colonial empire. Locally issued coinages included the Kelantan and Trengganu keping, and the Penang dollar. In 1826, the Indian rupee was made the sole official currency in the Straits Settlements, as it was administered as part of India. However, the Indian Rupee was unsuitable for trade and Spanish dollars continued to be used for trade. 1844 saw the authorization of copper coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Philippine peso or Mexican peso during the Spanish colonial empire. This coinage was declared current in the Straits Settlements on 1 June 1847. In 1867, administration of the Straits Settlements was separated from India and the dollar was made the standard currency. From 1899, the Straits dollar was issued by a new Board of Commissioners of Currency and private banks were prevented from issuing notes. Its value depreciated over the next eight years and was then pegged at two shillings four pence sterling in 1906. The Straits dollar was replaced at par by the Malayan dollar in 1939. Brunei and Singapore acknowledged the successor to this currency unit, although Malaysia rescinded in 1973. A memoranda of understanding, Currency Interchangeability Agreement, was signed between the Brunei–Singapore relations which makes both Brunei dollar and Singapore dollar banknotes and coins legal tender vice versa in each other's country. Coins The first coins issued for the Straits Settlements in 1845 were , and 1 cent denominations in copper. They were issued by the East India Company and did not bear any indication of where they were to be used. The original dies were engraved by William Wyon, Chief Engraver at the Royal Mint. They were first struck at the Calcutta Mint, and later in 1858 also at the Madras Mint. In 1858, administration of the Straits