5 Dollars

The British North Borneo Chartered Company was one of the last privately administered colonial territories to issue its own currency — a peculiarity of its founding 1881 royal charter, which granted commercial and governmental powers simultaneously. By 1940, the political logic of a trading company running a currency had long since grown uncomfortable, though London allowed the arrangement to continue.

Japanese forces occupied British North Borneo in January 1942, rendering these notes obsolete almost immediately after issue. Blades, East & Blades printed the series in small quantities, and wartime attrition was severe — the combination of tropical humidity, the occupation, and post-war demonetization eliminated much of the surviving stock.