What is Ratchet money

It was issued by the British colonial governments of Malaysia, Singapore and Brunei during the British colonial period.

A currency issued by a British colonial government.

It was issued by the Government of Cape Lat (i.e. Strait Colony) and was used from 1826 to 1939.

The Chinese commonly call it “laksi yuan” because “Selat” means strait in Malay.

In 1939, the British colonial government introduced a new currency, the Malayan Dollar, to replace the ratchima, but the term “ratchima” is still sometimes used by the Chinese people to refer to the local currency.