Statute Details
- Title: Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2023
- Act Code: CA1967-S860-2023
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Currency Act 1967
- Legal Basis: Made “pursuant to section 17(5) of the Currency Act 1967”
- Notification Number: No. S 860
- Publication / Date (as shown in extract): 20 Dec 2023
- Status: Current version as at 27 Mar 2026
- Commencement (practical effect): Coins to be issued on 1 January 2024
- Parts: Not indicated in the extract (notification is structured around a Schedule)
- Key Provision (from extract): Notification for general information of denominations and characteristics of coins to be issued
What Is This Legislation About?
The Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2023 is a Singapore subsidiary legislation instrument issued by, or on behalf of, the Monetary Authority of Singapore (MAS). In plain language, it tells the public—and market participants—what Singapore coin denominations and physical characteristics will be for coins that MAS will issue on a specified date.
Unlike a typical “regulatory scheme” that creates broad compliance duties for businesses, this notification is primarily descriptive and enabling. It operates within the framework of the Currency Act 1967, which empowers MAS to determine currency matters. Here, the notification is made under a specific statutory power: section 17(5) of the Currency Act 1967. The notification then sets out, in a Schedule, the denominations and characteristics of the coins to be issued on 1 January 2024.
For practitioners, the practical value lies in certainty. Cash-handling businesses, vending operators, retailers, payment service providers (where relevant), and coin-processing or sorting equipment vendors need to know what coins will exist, how they look and are specified, and when new coin issues take effect. Even though the notification is “for general information,” it can become central evidence in disputes about coin validity, acceptance, and technical specifications.
What Are the Key Provisions?
1. Statutory basis and purpose (section 17(5) of the Currency Act 1967)
The extract states that the notification is made “pursuant to section 17(5) of the Currency Act 1967.” Section 17(5) is the enabling provision that authorises MAS to specify, by notification, the denominations and characteristics of coins to be issued. The notification’s purpose is expressly stated: it is “notified for general information” that the denominations and characteristics of the coins to be issued on 1 January 2024 are those shown in the Schedule.
2. The Schedule as the operative content
The notification is structured around “THE SCHEDULE”. In such instruments, the Schedule typically contains a table or list specifying each coin denomination and its defining characteristics (for example, physical attributes and design-related specifications). While the extract provided does not reproduce the Schedule’s detailed entries, the legal effect is clear: the Schedule is where the legally relevant specifications reside. In practice, lawyers should treat the Schedule as the “source of truth” for what coins will be issued.
3. Timing: coins to be issued on 1 January 2024
A critical element is the temporal trigger. The notification identifies the coins “to be issued on 1 January 2024.” This matters for transitional arrangements and for determining whether a coin design is part of the current issue. In disputes—such as whether a coin is genuine, whether it corresponds to an authorised denomination, or whether a coin should be accepted by a machine or operator—the issuance date can be pivotal.
4. “General information” and implications for enforcement
The notification is described as being “for general information.” That wording can be misunderstood. It does not mean the notification is irrelevant to legal rights or obligations; rather, it signals that the notification is not framed as a compliance directive to the public. Instead, it communicates MAS’s determinations under the Currency Act. Enforcement typically flows from the Currency Act’s broader framework (including offences and regulatory powers), while the notification provides the factual specifications needed to apply those rules.
How Is This Legislation Structured?
Based on the extract, the notification is structured in a straightforward format:
(a) Title and formal identification
The instrument is titled “Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2023,” and is identified as “No. S 860.”
(b) Enacting formula
The enacting formula links the notification to the statutory authority under the Currency Act 1967, specifically section 17(5).
(c) The Schedule
The Schedule is the core component. It contains the denominations and characteristics of the coins to be issued on 1 January 2024. For legal work, the Schedule is the section that must be consulted directly.
(d) Supporting references
The extract includes references such as “MAS 03/05/035; AG/LEGIS/SL/69/2020/1 Vol. 1.” These are internal legislative drafting or administrative references and are not usually the focus for substantive legal analysis, but they can help trace drafting history.
Who Does This Legislation Apply To?
Although the notification is “for general information,” it has practical applicability to a wide range of stakeholders who interact with Singapore coins. The primary legal “audience” is the public and any party that needs to know what coins MAS will issue and what their characteristics are.
In particular, the notification is relevant to:
- Cash-handling and retail businesses that accept coins and may need to ensure their coin acceptance policies and staff training align with current coin specifications.
- Coin-processing and vending operators that rely on coin sorting, authentication, and dispensing equipment calibrated to specific coin characteristics.
- Equipment vendors and integrators who must update machine logic to recognise new or revised coin designs.
- Financial institutions and payment-related businesses where coin validity and denomination specifications may affect operational processes.
From a legal standpoint, the notification’s direct obligations are not spelled out in the extract because it is not drafted as a “duty-imposing” regulation. Instead, it supplies the factual and technical specifications that underpin the Currency Act’s operation. Therefore, its relevance is strongest where the Currency Act’s rules about currency issuance, authenticity, and legal tender (or related matters) are invoked.
Why Is This Legislation Important?
This notification is important because coin specifications are not static. MAS may issue new coin designs, introduce new denominations, or adjust characteristics for security, durability, or design updates. When that happens, the legal system needs an authoritative record of what the coins are. The notification provides that record through a formal Schedule.
For practitioners, the key significance is evidential and operational. In disputes involving coin acceptance, authenticity, or machine rejection, parties often need to show what coins were authorised for issuance at the relevant time. The notification—being a subsidiary legislation instrument—carries authoritative weight. It can also be used to support arguments about whether a coin corresponds to an authorised denomination and whether it falls within the coin set issued on the specified date.
Additionally, the notification’s “current version as at 27 Mar 2026” status indicates that the legal information should be checked for amendments or consolidation. Even if the extract shows the original date (20 Dec 2023), practitioners should verify whether later amendments have altered the Schedule or the effective scope. The timeline feature referenced in the extract underscores that legal accuracy depends on using the correct version at the relevant time.
Related Legislation
- Currency Act 1967 (authorising act; in particular section 17(5))
- Currency (Denominations and Characteristics of Coins) (No. 1) Notification (if applicable in the legislative sequence; practitioners should check MAS’s numbering and issuance history)
- Currency-related subsidiary legislation issued under the Currency Act 1967 (for example, other notifications specifying denominations, characteristics, or related currency matters)
Source Documents
This article provides an overview of the Currency (Denominations and Characteristics of Coins) (No. 2) Notification 2023 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.