Statute Details
- Title: Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2016
- Act Code: CA1967-S596-2016
- Legislation Type: Subsidiary legislation (SL)
- Authorising Act: Currency Act (Chapter 69)
- Key Enabling Provision: Section 17(5) of the Currency Act
- Notification / SL Number: SL 596/2016
- Date of Notification: 21 November 2016
- Commencement (as per extract): Coin issue date specified as 29 November 2016
- Status: Current version as at 27 March 2026 (per provided extract)
- Core Instrument: “THE SCHEDULE” (sets out the denomination and characteristics of the coin)
What Is This Legislation About?
The Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2016 is a Singapore subsidiary legal instrument issued by the Monetary Authority of Singapore (MAS) under the Currency Act. In plain terms, it is a formal public notification that specifies what a particular coin—scheduled to be issued on a particular date—will look like and what it will be worth.
Unlike a full statute that creates broad policy frameworks, this type of notification is operational and technical. It does not generally regulate how businesses or the public use money day-to-day. Instead, it ensures that the denomination (the face value) and the physical characteristics (such as design-related features) of a coin are clearly and authoritatively defined before it enters circulation.
From a legal perspective, the notification provides certainty and enforceability around the official status of coinage. It also supports downstream needs—such as vending systems, cash-handling machines, banking processes, and commercial acceptance—by giving a definitive reference for what the coin is.
What Are the Key Provisions?
1. Notification of coin denomination and characteristics (pursuant to section 17(5) of the Currency Act). The extract states that, “pursuant to section 17(5) of the Currency Act,” it is notified for general information that the denomination and characteristics of the coin to be issued on 29 November 2016 by MAS are “as shown in the Schedule.” This is the central legal effect: the Schedule is the authoritative source for the coin’s official description.
2. The Schedule as the controlling content. The notification’s operative substance is contained in “THE SCHEDULE.” While the extract provided does not reproduce the Schedule’s detailed entries, the legal drafting structure indicates that the Schedule will list the coin(s) and specify their denomination and characteristics. For practitioners, the Schedule is not merely descriptive—it is the legal reference that defines the coin for official purposes.
3. General information and public notice. The enacting formula uses language typical of Singapore notifications: it is “notified for general information.” This signals that the notification is intended to be publicly accessible and relied upon by the general public and regulated stakeholders. In practice, this supports uniform recognition of the coin’s authenticity and specifications.
4. Administrative references and traceability. The extract includes references such as “[MAS 03/05/035; AG/LEGIS/SL/69/2015/1 Vol. 2].” These are internal legislative drafting and administrative identifiers. While not usually the focus of substantive legal analysis, they help establish the instrument’s provenance and can be relevant when tracing amendments, versions, or drafting history.
How Is This Legislation Structured?
This notification is structured in a straightforward manner typical of coin-specification instruments. It contains:
(a) A title and formal enacting formula that identifies the instrument and its legal basis (section 17(5) of the Currency Act).
(b) A short body that states the notification’s purpose: to inform the public of the denomination and characteristics of the coin to be issued on a specified date.
(c) “THE SCHEDULE” which is the substantive component. The Schedule is where the coin’s technical and descriptive specifications are set out.
(d) Version and timeline metadata (as shown in the extract) indicating the instrument’s status and the date of notification (21 November 2016), with the platform indicating a “current version as at 27 March 2026.” In practice, this means the instrument may be consolidated or presented in a way that reflects any subsequent amendments or updates, if applicable.
Who Does This Legislation Apply To?
The notification applies broadly to anyone who needs to know the official denomination and characteristics of the coin issued on 29 November 2016. While the instrument is not framed as a regulatory code directed at particular industries, its practical effect is felt across the economy wherever coin acceptance, identification, or processing occurs.
In particular, the notification is relevant to: (i) members of the public who receive or exchange coins; (ii) financial institutions and cash-handling services; (iii) merchants and payment service providers that accept coins; and (iv) manufacturers and operators of coin-operated devices (e.g., vending machines, parking meters, and other automated systems) that require accurate coin specifications to function correctly.
Why Is This Legislation Important?
Although the notification is short, it plays an important role in maintaining the integrity and reliability of Singapore’s currency system. Coins are physical instruments with specific physical attributes. If the denomination and characteristics were not formally and publicly defined, there would be greater risk of confusion, misidentification, and disputes about whether a particular coin is genuine or intended for circulation.
From an enforcement and compliance standpoint, the notification supports the legal framework under the Currency Act. Section 17(5) (as referenced in the extract) is the enabling provision that authorises MAS to specify coin characteristics. When a coin is introduced, the notification provides the authoritative description that can be used to assess compliance with official coin specifications. This is particularly relevant in contexts such as counterfeit detection, regulatory investigations, and disputes involving acceptance of coinage.
Practically, the notification also supports operational readiness. Cash-processing systems, banking workflows, and automated coin validators need to be updated to recognise new coin designs. By issuing a formal notification ahead of or around the coin’s issue date, MAS enables stakeholders to adjust their systems and reduces the likelihood of transaction failures or customer complaints.
Finally, the existence of “(No. 2)” indicates that this is one of multiple notifications in a series. For legal practitioners, this matters because coin specifications may change over time, and different notifications may correspond to different coin issues, denominations, or design updates. When advising clients—especially those in payment technology, retail operations, or cash management—counsel should ensure they rely on the correct notification number and the correct version as at the relevant date.
Related Legislation
- Currency Act (Chapter 69) — in particular, section 17(5) (the enabling provision referenced in the notification)
- Currency (Denominations and Characteristics of Coins) Notifications — including other numbered notifications (e.g., “(No. 1)”, “(No. 2)”, etc.) that may specify different coin issues or updates
Source Documents
This article provides an overview of the Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2016 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.