Singapore Merchant Tokens or Duit Ayam (1828 -1853)
Merchant tokens were "imitation" coins produced by Singapore Merchants in the 19th century to facilitate trade and commerce in the Malay Archipelago. These tokens owed its origin to the phenomenal growth of Singapore as a center of trade in the region. The Singapore Merchants felt that they should not be dependent on the Dutch for the subsidiary coinage and asked the English East India Company to provide the suitable coinage. This failed and the merchants resorted to the issue of their own doits which became known as 'Merchant Tokens'.
The initial tokens were imitations of the East India Company 1-keping coins, which were the predominant currency, used in the Sumatra Trade. In 1830, the Singapore merchants commenced the issue of tokens imitating the Dutch quarter stiver. The initial issue of tokens proved to be successful as they easily gained the acceptance of the native traders. By 1832, the tokens were firmly established and with the increasing development of trade, they were in constant demand.
Subsequently, tokens of a more varied type were introduced. A series was produced for the States in the Malay Peninsula. Further issues were struck for Sumatra States and the Celebes. These tokens were in general use in Singapore. The official Dutch doits were generally replaced by the tokens in the native states. However, with the protest by the Dutch on the imitation of the Dutch doits, the British government began to intervene and minting of the tokens was suppressed. The Singapore merchants however, refused to be deterred as they had no intention of leaving the supply of copper coinage in the hands of the Dutch which would deprive them of a share in the very lucrative trade. The merchants promptly placed new orders for tokens not imitating any official coin. This resulted in the general extension of the 'cock' (ayam) tokens that became the standard design. The Soho Mint in Birmingham, UK, produced the 'cock' tokens. There were numerous die variations of the 'cock' tokens.
These tokens continued to circulate until the demand fell after 1847 when the East India Company introduced the first copper coinage for the Straits Settlements.
Source: Monetary Authority of Singapore
