When Baron Von Overbeck failed to obtain support of the Austrian Government to develop North Borneo concession, he withdrew his partnership from the concession in 1879, leaving Alfred Dent and his associates in London as the owner of a large tract of territory in North Borneo. In early 1881, Alfred Dent and his associates formed a British North Borneo Provisional Association Limited to acquire Alfred Dent's interests and claims in North Borneo as well as to obtain a Royal Charter with the intent to set up a British North Borneo Company.
On 1st November 1881, the the House to the Royal Charter assigned The North Borneo Chartered Company or British North Borneo Company as a chartered company to administer North Borneo.
On 21st July 1882, the new company was granted it's Coat of Arms by the College of Arms.
Arms: Azure in base on waves of the sea a native boat of North Borneo with sails manned and oars in action proper, a chief Or, thereon a lion passant guardant Gules.
Crest: Upon a wreath of the colours, two arms embowed that on the dexter side being an arm of a native of North Borneo proper, that on the sinister side being an arm vested Azure cuffed Argent, the hands grasping a staff proper thereon hoisted a flag flowing to the sinister Or charged with a lion guardant Gules.
Supporters: On either side a Dayak of North Borneo that on the dexter supporting with its exterior hand a native shield and that on the sinister supporting in his exterior hand a native sword point downwards all proper.
Motto: pergo et perago
The two arms in the crest symbolize the European and native populations. the company motto ” PERGO ET PERAGO” in latin mean "I undertake and I accomplish".
Alfred Dent and his associates had planned to introduce their own coinage in British North Borneo since 1879. The Birmingham Mint Limited struck PATTERN coins in denominations which are believed to correspond to a 1/4 cent, 1/2 cent and a 1 cent with a central hole and Arabic inscriptions on both sides.
The obverse of the patterns has the name Sultan Miuhammad Jamala'l-a'zam 1295A.H. (1878) year two. However no Sultan bearing the name Miuhammad Jamala'l-a'zam is known to have existed either in Sulu or Brunei around the period when the pattern coins were struck. The ruler of Sulu at this time was Sultan jamulul-a'lam. It is probable that the name on the patterns could be a fantasy which was inserted to acknowledge a former hereditary Ruler of Northern Borneo by the new regime of Alfred Dent. Due to subsequents events, the above patterns were rejected as by 1880, plans had been a foot to set up a British North Borneo Company.
The standard monetary unit in Borneo was the Mexican Silver Dollar (8 Reales). However, from it's inception in 1881, the British North Borneo Chartered Company adopted the monetary units of the Straits Settlements. Later by Ordinance No.3 of 1914, the Straits Settlements silver dollar was declared legal tender to a limit of ten dollars.
In 1882, the British North Borneo Chartered Company introduced the copper 1 cent coinage followed by the 1/2 cent in 1885. At that time, British North Borneo Company don't produce Silver coins because they don't get enough profit.
The 1 cent, 2 1/2 cents and 5 cents coinage in Cupro Nickel was introduced in 1903/4. In 1929 the only 25 cents coin in silver was minted for the State of North Borneo. These denominations were issued at intervals up to 1941. All coins were minted at the mint of Ralph Heaton and sons Limited (after 1879 known as the Birmingham Mint Limited). The limit of legal tender of the British North Borneo Chartered Company's coinage was as follows:
1/2 cent copper & 1 cent copper-limit of legal tender $21 cent, 2 1/2 cents and 5 cents Cupro-Nickel & 25 cents silver-limit of legal tender $5
British North Borneo 1/2 cent coin
Technical Specifications:
Denomination: 1/2 cent
Issued By: British North Borneo Company, British North Borneo.
Year: 1885H, 1886H, 1887H, 1891H, 1907H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: Bronze
Dimensions: 28.5 mm (Diameter)
Weight: 4.629 g (Weight)
Coin Edge: Plain
References: KM#1
British North Borneo 1 cent (bronze) coin
Technical Specifications:
Denomination: 1 cent
Issued By: British North Borneo Company, British North Borneo.
Year: 1882H, 1884H, 1885H, 1886H, 1887H, 1888H, 1889H, 1890H, 1891H, 1894H, 1896H, 1907H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: Bronze
Dimensions: 29 mm (Diameter)
Weight: 9.303 g (Weight)
Coin Edge: Plain
References: KM#2
British North Borneo 1 cent (copper nickel) coin
Technical Specifications:
Denomination: 1 cent
Issued By: British North Borneo Company, British North Borneo.
Year: 1904H, 1921H, 1935H, 1938H, 1941H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: Copper-Nickel
Dimensions: 20 mm (Diameter)
Weight: 3.120 g
Coin Edge: Plain
References: KM#3
British North Borneo 2 1/2 Cents coin
Technical Specifications:
Denomination: 2 1/2 Cents
Issued By: British North Borneo Company, British North Borneo.
Year: 1903H, 1920H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: Copper-Nickel
Dimensions: 25 mm (Diameter)
Weight: 4.97 g
Coin Edge: Plain
References: KM#4
British North Borneo 5 Cents coin
Technical Specifications:
Denomination: 5 Cents
Issued By: British North Borneo Company, British North Borneo.
Year: 1903H, 1920H, 1921H, 1927H, 1928H, 1938H, 1940H, 1941H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: Copper-Nickel
Dimensions: 28 mm (Diameter)
Weight: 7.360 g
Coin Edge: Plain
References: KM#5
British North Borneo 25 Cents coin
Technical Specifications:
Denomination: 25 Cents
Issued By: British North Borneo Company, British North Borneo.
Year: 1929H
Mint: Heaton & Sons, Birmingham, England.
Shape: Round
Material: .500 Silver
Dimensions: 18 mm (Diameter)
Weight: 2.83 g
Coin Edge: Milled
References: KM#6
On 31 December 1941, the Japanese invasion convoy occupy Jesselton (Kota Kinabalu). All North Borneo coins were discontinued to be legal tender in 1941 with Japanese invasion. After the surrender of the Japanese in 1945, North Borneo coins regain their position as legal tender.
The sovereignty of the British North Borneo Company was abolished on 15 July 1946 and British North Borneo became a British Crown Colony. On September 9, 1948 North Borneo received new arms. When British North Borneo acceded to the Malaysian Federation as the state of Sabah in 1963, the coat of arms was modified. The lion and dhow disappeared from the shield, but the two-armed crest was retained. Today, those same two arms grasp the current flag of Sabah.
Source: Wikipedia, Saran Singh "The Encyclopaedia of the coins of Malaya Singapore and Brunei 1400-1967".
