History
Early currency in Brunei included cowrie shells. Brunei is also famous for its bronze teapots, which were used as currency in barter trade along the coast of North Borneo.
Brunei issued tin coins denominated in pitis in AH1285 (AD1868). These were followed by a one cent coin in AH1304 (AD1888). This cent was one hundredth of a Straits dollar.
As a protectorate of Britain in the early 20th century, Brunei used the Straits dollar and later the Malayan dollar and the Malaya and British Borneo dollar until 1967, when it began issuing its own currency.
The Brunei dollar replaced the Malaya and British Borneo dollar in 1967 after the formation of Malaysia and the independence of Singapore. Until June 23, 1973, the Malaysian ringgit was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board (now the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam) still maintain the exchangeability of their two currencies. The dollar is accepted as "customary tender" in Singapore according to the Currency Interchangeability Agreement, although it is not legal tender there. Likewise, the Singapore dollar is customarily accepted in Brunei. Although the value of the Brunei dollar is the same as the Singapore dollar, the exchange rate to consumers is often much lower if Brunei dollars are exchanged, especially in Canada, U.S., and Belgium.
Read more about this topic: Brunei Dollar
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