Singapore occupies a special place in the world of polymer currency. It was the second country to issue a polymer note. A commemorative note, Singapore's first, it was issued on 25 years of independence on or about 9th August 1990 as a one year issue. Another first for this note is that it was the first to be designed by a Singaporean, artist Chua Mia Tee.

Considerable difficulties were encountered in the manufacture of the note and there was a high degree of spoilage in the production process. There were two main reasons for this. Firstly, the process was still in its infancy and inevitable problems arose. An Optically Variable Device (OVD) was a significant feature and there were difficulties here also. Secondly, there was an abnormal amount of red in this note (red being an auspicious colour for many of an Asian background). In the early days of polymer technology red was not a colour which would bind well with the grey substrate which was in use in those days. At least eight prefixes were used to produce the 4.8 million circulating notes; at 1 million notes per prefix, the spoilage rate may have been in excess of 30%. Many of these spoilt notes were apparently identified and removed before numbering and guillotining.

This note was well received by the public, attracting much interest, being a central plank, of the "One Nation, One People, One Singapore 25th Anniversary" celebrations. A folder version was also issued which can be identified by its "A" prefix and independence anniversary date, 9th August 1990. Some 300,000 dated notes were so issued. This is the only difference from the issued note. Many folder and circulating notes were put aside. Most issued notes have been returned to the authorities for destruction in the normal life cycle of a note and it is rarely encountered in circulation today.

A particular concern however was the positioning of the Optically Variable Device. When the note is folded, the centre fold catches the edge of the OVD. This damages the OVD. A defect, compounded by the fact the portrait in the OVD is Singapore's highly respected First President, Encik Yusof bin Ishak.

In Singapore, the Board of Commissions of Currency (BOCC) fulfils the currency issuing and exchange rate management functions of a central bank. Other central bank functions are invested with the Monetary Authority of Singapore (MSA). By their very nature, Currency Commissions historically have been rigid and inflexible in the discharge of their functions. Singapore has moved with the times and the flexibility of the Commissioners has played an important role in the nation's development since independence. Notwithstanding this and subject to parliamentary ratification, its was announced in January 2002 that the BOCC and MSA will merge in March 2003.

Replacement notes are not believed to exist however an attempt seems to have been made to maintain the numerical integrity of bundles of notes. Some collectors regard those notes with a "J" prefix to be replacements. BOCC advises "We confirm that some of the notes with the "J" prefix were used as replacement notes." Note Printing Australia, the printer, dispensed with replacement notes in 1972 and has discouraged their use when printing notes for other countries. It is understood that such "replacements" have been created by the issuer and not by the printer and thus cannot be regarded as genuine replacements. It is apparent "J" prefix notes also acted as regularly circulating notes. J prefix notes command a price of several times that of the issued note.

The front of the note focuses on the country's economic development. At the left is a scene based on painting of the harbour and waterfront by colonial artist, W. Gray, in 1861. To the right are scenes of modern day Singapore, The highly computerised container terminal, the busiest in the world, and the towering buildings of the financial district. At the extreme right stands one of the two towers of the Development Bank of Singapore in Shenton Way. In the foreground is the colonial style former General Post Office on the banks of the Singapore River recently remodelled as the luxury Fullerton Hotel. The third building is yet to be identified. These buildings do not occupy the positions relative to each other as suggested on the note. Above the OVD are four blossoms of the national flower, the orchid, Vanda Miss Joaquim.

Singapore's ethnic diversity is highlighted on the back of the note with a representative group standing under the national flag and Coat of Arms. The designers signature " M. T. Chua 1990" appears at the side of this group. On the left is the sitting of the first Parliament. President Encik Yusof bin Ishak is flanked by two aides-de-camp whilst six High Court judges, the speaker, two members and two ceremonial guards are in the background. In the foreground is Prime Minister Lee Kuan Yew with four Cabinet Ministers.

There are several discrete to this note.
(a) An OVD with the portrait of Yusof bin Ishak and the five stars of Singapore. The OVD can be viewed from both the front and the back and diffracts light to produce a varying rainbow pattern when viewed from different angles.
(b) Perfect registration device above the OVD in the form of the four blossoms of the national flower.
(c) Very fine line engravings and micro-printing of "BOARD OF COMMISSIONERS OF CURRENCY SINGAPORE" at bottom centre on the front of the note.
(d) An image of the 25th Anniversary Logo in the under-print at top right of the front of the note and the BCCS logo below the OVD on the back of the note. These images become visible when the note is held to the light.
(e) Serial number in two different fonts styles (Gothic and OCR-B).
(f) Serial numbers and the seal or chop of the signatory fluoresce under ultra-violet light. There also appears to be some fluorescence in the clear area around the OVD, both front and back.

For many years, De la Rue and its constituent companies have had the contract to print Singapore's notes and indeed for a number of years up until quite recently it had a regional printing works located there. In a rationalisation of the group's activities, these works were closed a year or so ago and thus perhaps the Singapore authorities no longer feel loyalty to the company and hence an opportunity arose for Australia which it capitalised upon.

This note is based on the existing paper $10 of the 1999 Presidential series which features the portrait of Singapore's first President, the late Encik Yusof bin Ishak.

It is a landmark note however in that it is the first to be issued by the Monetary Authority of Singapore. For over 60 years the note issues of Singapore have been the responsibility of a Board of Commissioners of Currency (BOCC). Not always the same Board though – before independence it was the Board of Commissioners of Currency of Malaya from 1940 and later Malaya and British Borneo which greased the wheels of commerce. Prior to that the notes of the Government of the Straits Settlements used in the region from the 1890's were little more than a currency board issue.

A currency board by its very nature implies certain things, perhaps most significantly, a fixed exchange rate. Singapore floated its dollar in 1973 with the result that the BOCC became a currency board in name only.

Virtually since independence in 1965, the Monetary Authority of Singapore (MAS) regulated the banking and finance sectors. On 1 October 2002 a merger of the BOCC and the MAS of Singapore came into effect combining the responsibilities and powers of the two organisations into a central bank thus bringing it into line with most other countries. Whilst the Monetary Authority of Singapore is retained as the name of the united body in a typical trade off, its initial Chairman was the Chairman of the BOCC.

The Chairman and signatory of this new note is none other than Deputy Prime Minister Lee Hsien Loong, son of Lee Kwan Yew Singapore's first Prime Minister, founding father, patriarch and whilst formally retired still wielding considerable influence over the affairs of State as Special Minister.

For this initial issue, 10,000,000 notes are available. The $10 is a workhorse being the sole denomination between the $5 and the $50 and with Singapore's population of about 4.5m the issue represents an average of just over 2 notes per capita. In its announcement the MAS indicated that "more polymer notes will be issued subsequently".

Is this more of the $10 or other denominations? Most likely this will be more of the $10 although it seems that favourable acceptance may lead to other values going polymer. Why else would Singapore entertain polymer again?

Given a reasonable time elapse until a second printing it seems fairly certain such would entail a signature change as Lee Hsien Loong is scheduled to become Prime Minister towards the end of this year and could be reasonably expected to relinquish positions such as this Chairmanship.

It is not the first time that Lee has signed the nation's currency. In 2002 a limited printing of the $50 was signed by him as Chairman of the BOCC.

Yusof bin Ishak's portrait is the prominent feature on the front of this red note. A gold lion's head – or merlion, the symbol of Singapore, the "Lion City" - is in the top left portion of the note. In the Presidential series, the backs of each note have civic, cultural, environmental or social themes of some type. For both the paper and polymer $10 the theme is sport – athletics, football, sailing, swimming and tennis are represented.

This note has two see through windows one featuring the national coat of arms and the other the denomination numeral "10". An unusual feature is a "security thread" in the shape of a map of Singapore as opposed to the standard straight line. A latent image of the national coat of arms becomes visible when the note is tilted. The lion's head contains the letters "TEN DOLLARS" repeated and throughout the note there is much use of micro printing and ultra violet ink.

A limited edition folder version of 10,000 pieces is keenly sought. With a "MAS" serial prefix (as opposed to one commencing with 0AA, ie zero AA) and a special legend this note commemorates the first note issue of the MAS.