Penang dollar
Encyclopedia
The dollar was the currency of Penang
between 1786 and 1826. It was subdivided into 100 cent
s, also called pice, and was equal to the Spanish dollar
. The dollar was introduced after the East India Company
acquired the island in 1786. In 1826, the Indian rupee
was declared legal tender in Penang at a value of 48 pice. The dollar again became the currency of Penang
with the introduction of the Straits dollar
.
Between 1786 and 1788, coins were issued in denominations of , ½ and 1 cent (copper), , ¼ and ½ dollar (silver). Large, tin 1 cent coins were issued between 1800 and 1809, followed by copper ½ and 1 cent in 1810. In 1826, copper ½, 1 and 2 cents coins were issued which were also minted in 1828, after the dollar had been replaced by the rupee.
Penang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
between 1786 and 1826. It was subdivided into 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s, also called pice, and was equal to the Spanish dollar
Spanish dollar
The Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
. The dollar was introduced after the East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
acquired the island in 1786. In 1826, the Indian rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
was declared legal tender in Penang at a value of 48 pice. The dollar again became the currency of Penang
Penang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
with the introduction of the Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
.
Between 1786 and 1788, coins were issued in denominations of , ½ and 1 cent (copper), , ¼ and ½ dollar (silver). Large, tin 1 cent coins were issued between 1800 and 1809, followed by copper ½ and 1 cent in 1810. In 1826, copper ½, 1 and 2 cents coins were issued which were also minted in 1828, after the dollar had been replaced by the rupee.