Singapore dollar

The Singapore dollar (sign: S$; code: SGD) is the official currency of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.

As of 2016, the Singapore dollar is the twelfth-most traded currency in the world by value. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore.

History

Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.

Singapore continued to use the common currency upon joining Malaysia in 1963, but only two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained.

Initially, the Singapore dollar was pegged to the pound sterling at a rate of two shillings and four pence to the dollar, or S$60 = £7, working out to 8.57 dollars to the pound sterling. This peg lasted until the demise of the Sterling Area due to the Nixon Shock in the early 1970s, after which the Singaporean dollar was linked to the US dollar for a short time. As Singapore's economy grew and its trade links diversified to many other countries and regions, Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.

Before 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore, the Parliament of Singapore passed the Monetary Authority of Singapore Act in 1970, leading to the formation of MAS on 1 January 1971. The MAS Act gave the MAS the authority to regulate all elements of monetary, banking, and financial aspects of Singapore.

From 1985 onwards, Singapore adopted a more market-oriented exchange regime, classified as a Monitoring Band, in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This, in theory, allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive.

On 1 October 2002, the Board of Commissioners of Currency Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.

Currency in circulation

As of 2012, the total currency in circulation was S$29.1 billion. All issued Singapore currency in circulation (notes and coins) are fully backed by external assets in its Currency Fund to maintain public confidence. Such external assets consists of all or any of the following: (a) gold and silver in any form; (b) foreign exchange in the form of demand or time deposits; bank balances and money at call; Treasury Bills; notes or coins; (c) securities of or guaranteed by foreign governments or international financial institutions; (d) equities; (e) corporate bonds; (f) currency and financial futures; (g) any other asset which the Authority, with the approval of the President of Singapore, considers suitable for inclusion.

In 2017, the government, in the second reading of the Monetary Authority of Singapore (Amendment) Bill 2017, announced that the Currency Fund will be merged with other funds of the MAS, because the currency in circulation is effectively backed by the full financial strength and assets of MAS, which is much larger than the Currency Fund. As at 31 March 2017, MAS's assets (S$395 billion) were more than seven times larger than the assets of the Currency Fund (S$55 billion). The proposed amendment will merge the Currency Fund with the other funds of MAS and streamline MAS's operations. The Government has said that its support for the currency in circulation, as set out in the Currency Act, remains unchanged.

Singapore's foreign reserves officially stood at over US$260.7 billion, as of April 2017 according to the MAS.

Coins

In 1967, the first series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. These coins depicted wildlife and other images relating to the island nation and were designed by Stuart Devlin, the same artist credited for the 1966 designs on Australia's decimal coin series. The sizes were the same as those used for the Malaysian ringgit and based directly off the old coinage of the former Malaya and British Borneo dollar. The 1-cent coin was bronze while the other denominations were copper-nickel. Later, in 1976, the 1-cent coin was changed to copper-clad steel. The production of the first series was phased out by 1985.

First Series (Marine Series) (1967–1985) [1]
Value	Technical parameters				Description			Date of issue
	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse
1 cent	17.78 mm	1.118 mm	1.940 g	Bronze	Plain	A high-rise public housing block with a fountain in front and clouds in the background	Value and Year	12 June 1967
			1.744 g	Copper-clad steel				1976
5 cents	16.26 mm	1.02 mm	1.410 g	Cupro-nickel	Milled	A snake-bird sitting in its nest and preening its feathers.	Value and Year	12 June 1967
			1.260 g	Cupro-nickel clad steel
5 cents (FAO)	21.23 mm	1.27 mm	1.240 g	Aluminium		A fish and the phrases "INCREASE PRODUCTION" and "MORE FOOD FROM THE SEA."		1971
10 cents	19.41 mm	1.40 mm	2.83 g	Cupro-nickel		A seahorse with a stylised piece of seaweed.		12 June 1967
20 cents	23.60 mm	1.78 mm	5.66 g			A swordfish against a background symbolising water.
50 cents	27.76 mm	2.03 mm	9.33 g			A lionfish from tropical waters.
$1	33.32 mm	2.39 mm	16.85 g			A stylised Singapore lion symbol flanked by two stalks of paddy.
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In 1985, the second series of coins were introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. The reverse of these coins were designed by Christopher Ironside. The new series offered smaller coins depicting a floral theme. One-dollar banknotes were discontinued and gradually replaced with an aluminium-bronze coin. The 5-cent coin was also changed to aluminum-bronze while the 10, 20, and 50 cents remained copper-nickel. Limited numbers of commemorative bimetallic 5-dollar coins with scalloped edges were also periodically issued later during this series. The Monetary Authority of Singapore will start withdrawing this series from 2017. The 1 cent coin was taken out of circulation in 2003.

Second Series (Floral Series) (1985–2017) [2]
Value	Technical parameters				Description			Date of issue
	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse
1 cent	15.90 mm	1.10 mm	1.24 g	Copper-plated zinc	Plain	Coat of Arms, "Singapore" in 4 official languages	Value and Vanda 'Miss Joaquim'	28 September 1987
5 cents	16.75 mm	1.22 mm	1.56 g	Aluminium bronze	Reeded	Coat of Arms, "Singapore" in 4 official languages	Value and Monstera deliciosa	2 December 1985
10 cents	18.50 mm	1.38 mm	2.60 g	Cupronickel	Reeded	Coat of Arms, "Singapore" in 4 official languages	Value and Jasminum multiflorum	2 December 1985
20 cents	21.36 mm	1.72 mm	4.50 g				Value and Calliandra surinamensis
50 cents	24.66 mm	2.06 mm	7.29 g				Value and Allamanda cathartica	2 December 1985
					Inscribed "Republic of Singapore" and the lion symbol			28 May 1990
$1	22.40 mm	2.40 mm	6.30 g	Aluminium bronze	Inscribed "Republic of Singapore" and the lion symbol	Coat of Arms, "Singapore" in 4 official languages	Value and Lochnera rosea	28 September 1987
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On 21 February 2013, the Monetary Authority of Singapore announced a new series of coins in denominations of 5, 10, 20, 50 cents and 1 dollar, which went into circulation on 26 June 2013, featuring Singapore's national icons and landmarks. The coins are struck on a multi-ply plated-steel planchet used by the Royal Canadian Mint and comes with enhanced features to differentiate from fakes. The coins also feature new designs, the one-dollar, now a bi-metallic coin featuring the Merlion, the fifty cents coin featuring the Port of Singapore, the twenty-cent coin depicts Changi International Airport, the ten-cent coin featuring public housing and the five-cent coin featuring the Esplanade.

Third Series (Iconic series) (2013–present) [3]
Value	Technical parameters				Description			Date of issue
	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse
5 cents	16.75 mm	1.22 mm	1.70 g	Brass-plated steel	Plain	Coat of arms of Singapore, "Singapore" in 4 official languages	Value and The Esplanade	26 June 2013
10 cents	18.50 mm	1.38 mm	2.36 g	Nickel-plated steel	Interrupted and reeded	Coat of arms of Singapore, "Singapore" in 4 official languages	Value and Public Housing	26 June 2013
20 cents	21 mm	1.72 mm	3.85 g		Reeded		Value and Changi International Airport
50 cents	23 mm	2.45 mm	6.56 g		Micro scalloped		Value and Port of Singapore
Template:Coin-yellow-color| 1 dollar	24.65 mm	2.50 mm	7.62 g	Bi-metallic plating consisting of a brass-plated ring with a nickel-plated centre plug	Reeded		Value, The Merlion and a laser mark micro engraving of the Vanda Miss Joaquim

Banknotes

Orchid series

The Orchid Series of currency notes is the earliest to be in for circulation in Singapore. Issued in the years 1967 to 1976, it has nine denominations: $1, $5, $10, $25, $50, $100, $500, $1,000, and $10,000.

Each note has an orchid design in the centre of the note's front, the orchid being the national flower of Singapore. A scene of Singapore is depicted on the back, which varies across denominations. Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have at least one vertically embedded security thread, while the $10,000 note has two.

1st Series – Orchid Series (1967–1976) [4]
Image		Value	Dimensions	Main Colour	Description			Date of issue	Printer
Obverse	Reverse				Obverse	Reverse	Watermark
[5]	[6]	$1	121 mm × 64 mm	Dark blue	Vanda Janet Kaneali	Blocks of flats in a housing estate	Lion's head	12 June 1967	BWC
[7]	[8]	$5	127 mm × 71 mm	Green	Vanda T.M.A.	A busy scene on the Singapore River
[9]	[10]	$10	133 mm × 79 mm	Red	Dendrobium Marjorie Ho "Tony Pek"	4 clasped hands on a background of a map of Singapore			TDLR
[11]	[12]	$25	140 mm × 79 mm	Brown	Renanthopsis Aurora	Supreme Court Building		7 August 1972
[13]	[14]	$50	146 mm × 87 mm	Blue	Vanda Rothscildiana "Teo Choo Hong"	Clifford Pier		12 June 1967
[15]	[16]	$100	159 mm × 95 mm	Mid-blue and mauve	Cattleya	A peaceful scene along the Singapore Waterfront			BWC
[17]	[18]	$500	160 mm × 96 mm	Green	Dendrobium Shangri-La	Government Office at Saint Andrew's Road		7 August 1972	TDLR
[19]	[20]	$1,000	159 mm × 95 mm	Mauve and dark grey	Dendrobium Kimiyo Kondo "Chay"	Victoria Theatre & Empress Place		12 June 1967
[21]	[22]	$10,000	203 mm × 133 mm	Green	Aranda Majulah	The Istana		29 January 1973
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Bird series

The Bird Series of currency notes is the second set of notes to be issued for circulation in Singapore. Issued in the years 1976 to 1984, it has nine denominations, the same number as in the Orchid Series, albeit the $25 note was replaced by the $20 note.

Each note features a bird on the left side of the note's front, a theme selected to represent a young Singapore "ever ready to take flight to greater heights". Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have a vertically embedded security thread, while the $1,000 and $10,000 notes have two.

2nd Series – Bird Series (1976–1984) [23]
Image		Value	Dimensions	Main Colour	Description			Date of issue
Obverse	Reverse				Obverse	Reverse	Watermark
[24]	[25]	$1	125 mm × 63 mm	Blue	Black-naped Tern	National Day Parade	Lion's head	6 August 1976
[26]	[27]	$5	133 mm × 66 mm	Green	Red-whiskered Bulbul	Cable cars and aerial view of the harbour
[28]	[29]	$10	141 mm × 69 mm	Red	White-collared Kingfisher	Garden city with high rise public housing in background
[30]	[31]	$20	149 mm × 72 mm	Brown	Yellow-breasted Sunbird	Singapore Changi International Airport with the Concorde in the foreground		6 August 1979
[32]	[33]	$50	157 mm × 75 mm	Blue	White-rumped Shama	School band on parade		6 August 1976
[34]	[35]	$100	165 mm × 78 mm	Blue	Blue-throated Bee-eater	Dancers of various ethnic groups		1 February 1977
[36]	[37]	$500	181 mm × 84 mm	Green	Black-naped Oriole	Oil Refinery
[38]	[39]	$1,000	197 mm × 90 mm	Purple	Brahminy Kite	Container terminal		7 August 1978
[40]	[41]	$10,000	203 mm × 133 mm	Green	White-bellied sea-eagle	2 scenes of the Singapore River		1 February 1980
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Ship series

The Ship Series of currency notes is the third set of notes to be issued for circulation in Singapore. Issued in the years 1984 to 1999, it retains the number of denominations as was in the previous two series of notes, but switches the $20 note for the $2 one.

A maritime theme to reflect Singapore's maritime heritage was adopted, and progressively shows across the various denominations, the different kinds of ships which have plied Singapore's waters as the country developed. These vignettes are located on the front of the note. On the back, various scenes depicting Singapore's achievements are shown, as well as an orchid, to symbolise the country's national flower.

Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the board of Commissioners of Currency, Singapore, on the front of the note. As an added security feature, all notes have a vertically embedded security thread.

3rd Series – Ship Series (1984–1999) [42]
Image		Value	Dimensions	Main Colour	Description			Date of issue
Obverse	Reverse				Obverse	Reverse	Watermark
[43]	[44]	$1	125 mm × 63 mm	Blue	"Sha Chuan"	Sentosa Satellite Earth Station	Lion's head	12 January 1987
[45]	[46]	$2	133 mm × 63 mm	Red	"Tongkang"	Chinese people participating in Chinese New Year		28 January 1991
[47]	[48]	$2		Purple				16 December 1991
[49]	[50]	$5	133 mm x 66 mm	Green	"Twakow"	View of the Port of Singapore Authority Container terminal		21 August 1989
[51]	[52]	$10	141 mm × 69 mm	Red	Barter trading vessel "Palari"	View of Public Housing		1 March 1988
[53]	[54]	$50	156 mm × 74 mm	Blue	Coaster vessel "Perak"	Bird's-eye view of Benjamin Sheares Bridge		9 March 1987
[55]	[56]	$100	165 mm × 78 mm	Brown	Passenger liner "Chusan"	Bird's-eye view of Singapore Changi International Airport and a Singapore Airlines (B747-300)		1 August 1985
[57]	[58]	$500	175 mm × 83 mm	Green	General cargo vessel "Neptune Sardonyx"	Group of men & women from the 3 services of the armed forces & the Civil Defence Force with the outline map of Singapore in the background		1 March 1988
[59]	[60]	$1,000	185 mm × 88 mm	Purple	Container ship "Neptune Garnet" and two container quay cranes	Bird's-eye view of a shipyard		22 October 1984
[61]	[62]	$10,000	195 mm × 93 mm	Red	General bulk carrier "Neptune Canopus"	1987 National Day Parade		21 August 1989
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Portrait series

The current Portrait series was introduced in 1999, with the one- and 500-dollar denominations omitted. These notes feature the face of Yusof bin Ishak, the first president of the Republic of Singapore, on the obverse, and the reverse depicts a feature of civic virtue. There are both paper and polymer notes in circulation. The designs of the polymer notes are very similar to the corresponding paper note except for the slightly slippery feel and a small transparent window design in the corner of the banknote. Polymer notes are progressively replacing the paper banknotes in circulation. The notes also have Braille patterns at the top right-hand corner of the front design.

4th Series – Portrait Series (1999–present) [63]
Image		Value	Dimensions	Main Colour	Description		Date of issue	Status	Material
Obverse	Reverse				Obverse	Reverse
$2	$2	$2	126 × 63 mm	Violet	President Yusof bin Ishak, Money Cowrie	Education	9 September 1999	Circulation	Paper
$2	$2						12 January 2006		Polymer
$5	$5	$5	133 × 66 mm	Green	President Yusof bin Ishak, Gold-Ringed Cowrie	Garden City	9 September 1999		Paper
$5	$5						18 May 2007		Polymer
$10	$10	$10	141 × 69 mm	Red	President Yusof bin Ishak, Wandering Cowrie	Sports	9 September 1999		Paper
$10	$10						4 May 2004		Polymer
$50	$50	$50	156 × 74 mm	Blue	President Yusof bin Ishak, Cylindrical Cowrie	Arts	9 September 1999		Paper
$100	$100	$100	162 × 77 mm	Orange	President Yusof bin Ishak, Swallow Cowrie	Youth			Paper
$1000	$1000	$1,000	170 × 83 mm	Purple	President Yusof bin Ishak, Beautiful Cowrie	Government			Paper
$10000	$10000	$10,000	180 × 90 mm	Brown	President Yusof bin Ishak, Onyx Cowrie	Economics			Paper

The S$10,000 and B$10,000 note are the world's most valuable banknotes (that are officially in circulation). As of August 2011, it is worth over seven times as much as the next most valuable, the 1,000-franc note. On 2 July 2014, the Monetary Authority of Singapore announced that it would stop printing $10,000 notes starting from 1 October 2014, to reduce the risk of money laundering. Singapore has now officially stopped producing the S$10,000 banknote and has thus begun the process of withdrawing it from active circulation. This is a trend in many countries like Canada's withdrawal of the C$1000 banknote the previous decade and the European Central Bank's announcement on 4 May 2016 that they would stop the production and issuance of the 500-euro banknote. The MAS said that the notes will likely remain legal tender until all the notes slowly get returned as they get damaged.

Commemorative banknotes

Commemorative banknotes are also released, usually in limited quantities. The first commemorative banknote was released on 24 July 1990 to celebrate the 25th anniversary of Singapore's independence. Of the 5.1 million $50 polymer banknotes issued, 300,000 came with an overprint of the anniversary date "9 August 1990". This $50 note was the first commemorative note issued by the Board of Commissioners of Currency, Singapore (BCCS) and was also the first polymer banknote in the history of Singapore's currency. In addition, the $50 note was the first note designed in Singapore by a Singapore artist.

On 8 December 1999, to celebrate the coming 2000 millennium, three million $2 millennium notes were circulated. The note is similar to the $2 portrait series, except that the prefix of the serial number is replaced with a Millennium 2000 logo. These millennium notes are printed on paper as polymer notes were not introduced yet then.

On 27 June 2007, to commemorate 40 years of currency agreement with Brunei, a commemorative S$20 note was launched; the back is identical to the Bruneian $20 note launched simultaneously. A circulation version of the $20 note can be exchanged at banks in Singapore beginning 16 July 2007, limited to two pieces per transaction.

On 18 August 2015, to commemorate Singapore's 50 years of nation-building, the Monetary Authority of Singapore launched a set of six commemorative notes. These commemorative notes comprise five S$10 polymer notes and a S$50 note. The note design's draw inspiration from significant milestones and achievements in Singapore's history, the multiracialism that defines the nation and the values and aspirations that underpin Singapore's progress. The front of both the $50 and $10 notes feature a portrait of Yusof Ishak, Singapore's first president, as in the current Portrait series notes. The $50 note highlights Singapore's history, transformation and future. It shows the late Prime Minister of Singapore, Lee Kuan Yew, shouting "Merdeka!"—the rallying cry of Singapore's independence struggle. The note makes distinctive use of the colour gold, reflecting Singapore's Golden Jubilee. The five $10 notes have a common front design and varying back designs depicting the theme 'Vibrant Nation, Endearing Home'. Each note reflects a value or aspiration that defines the theme: 'Caring Community, Active Citizenry', 'Opportunities for All', 'Safe and Secure', 'Strong Families' and '...regardless of race, language or religion...'.

In 2017, to commemorate the 50th anniversary of its Currency Interchangeability Agreement between Brunei and Singapore, both the Monetary Authority of Brunei Darussalam and the Monetary Authority of Singapore issued $50 polymer banknotes to commemorate that event. On 5 June 2019, a $20 note commemorating the Singapore Bicentennial was issued.

Singapore commemorative banknotes
Image		Value	Dimensions	Main Colour	Occasion	Description		Date of issue	Material	Ref.
Obverse	Reverse					Obverse	Reverse
$50	$50	$50	156 × 74 mm	Red	25th Anniversary of the Independence of Singapore	Optically variable device shows President Yusof bin Ishak, Singapore Harbour in 1861, four blossoms of the "Vanda Miss Joaquim" orchid, Tanjong Pagar container port and some prominent office buildings	1st Parliament of Singapore held on 8th December 1965 and group of multi-racial Singaporeans in jubilant celebration	24 July 1990	Polymer
$25		$25	141 × 79 mm	Brown	25th Anniversary of the Monetary Authority of Singapore	Monetary Authority of Singapore Building set against a view of Singapore's financial district and scene of the SIMEX trading floor	Singapore's financial sector skyline	10 May 1996	Paper
$20	$20	$20	149 × 72 mm	Orange	40 Years of the Currency Interchangeability Agreement	President Yusof bin Ishak and the "Dendrobium Puan Noor Aishah" orchid	The Esplanade, skyline of Singapore's financial district and the Omar Ali Saifuddien Mosque with the Royal Barge and the water village shown	27 June 2007	Polymer
$50	$50	$50	156 × 74 mm	Gold	SG50: Celebrating Singapore’s 50 years of nation-building	President Yusof bin Ishak, Prime Minister Lee Kuan Yew and a group of children of different races and gender	First National Day Parade 1966 and the Punggol New Town	11 August 2015	Polymer
$10	$10	$10	141 × 69 mm	Red		President Yusof bin Ishak and the "Vanda Miss Joaquim" orchid	"…regardless of race, language or religion…"	11 August 2015	Polymer
$10	$10	$10	141 × 69 mm	Red			"Opportunities for All"	11 August 2015	Polymer
$10	$10	$10	141 × 69 mm	Red			"Safe and Secure"	11 August 2015	Polymer
$10	$10	$10	141 × 69 mm	Red			"Strong Families"	11 August 2015	Polymer
$10	$10	$10	141 × 69 mm	Red			"Caring Community, Active Citizenry"	11 August 2015	Polymer
$50	$50	$50	158 × 75 mm	Gold	50 Years of the Currency Interchangeability Agreement	President Yusof bin Ishak, the "Vanda Miss Joaquim" orchid, the "Simpur" flower and the window security feature showing Brunei Darussalam's Istana Nurul Iman and Singapore's Istana	Military personnel from the Royal Brunei Armed Forces and the Singapore Armed Forces, students from both countries, Brunei Darussalam's Ulu Temburong National Park and Singapore Botanic Gardens	5 July 2017	Polymer
$20	$20	$20	162 × 77 mm	Beige-Peach	Singapore Bicentennial	President Yusof bin Ishak, National Gallery Singapore (former Supreme Court and City Hall)	Eight pioneering individuals, namely Munshi Abdullah, Henry Nicholas Ridley, Tan Kah Kee, P. Govindasamy Pillai, Teresa Hsu Chih, Alice Pennefather, Adnan Saidi and Ruth Wong Hie King, portrayed against a backdrop of the Singapore River	5 June 2019	Polymer
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