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Explain how money came to be what it was in Singapore at the beginning of the 20th century with reference to its functions as a medium of exchange and store of value.
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Name: Chan Bijun Matric no.: U010413W Tutorial Group: Tuesday 10-11 (DW7) Tutor: Dr. Lee Soo Ann Module: EC2202 - The Singapore Economy and its Global Dimensions Essay Topic 2: Explain how money came to be what it was in Singapore at the beginning of the 20th century with reference to its functions as a medium of exchange and store of value. Introduction: The Singapore's money had a long history before it became what it was at the beginning of the 20th century, which I will define as the period from about 1900 to 1914. The money that was used as an exchange medium (daily circulation by the population and importantly trade with other countries) and a store of value (accounts in the bank) evolved from the foreign silver coins to the silver Straits dollar based on the sterling exchange (when plan for the full gold exchange rate was abandoned). Both the Currency Board and also the British...
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