This money was used during the Japanese Occupation. By the time the war ended, the "banana money" had no value and became useless.
The Japanese wanted to curb anti-Japanese activities, as well as to punish the Chinese who had provided aid to the Chinese activists in the Sino-Japanese conflict.
On March 22, Chinese leaders from Malaya and Singapore were penalised and asked to pay a sum of 50 million Straits dollars as "tributary money."
As most had already had their property and assets destroyed during the war, it was a monumental task to raise the money. They finally took a loan of $21.5 million from Yokohama Specie Bank at 6% interest.
The incident curtailed the circulation and caused a shortage in Straits currency.
A large quantity of Japanese currency, also known as "banana money", was issued.
The exact amount is unknown even to the Japanese, as these currency did not bear any serial number; only block letters.
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