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The Straits dollar was the currency used in the British colonies and protectorates in Malaya and Borneo, including the Straits Settlements until 1939.

In the early nineteenth century, the most common currency used in the East Indies was the Spanish dollar, including issues both from Spain and from the Spanish colonies, most significantly Mexico. Locally issued coinages included the Kelantan and Trengganu keping, and the Penang dollar.

In 1837, the Indian rupee was made the sole official currency in the Straits Settlements, as it was administered as part of India. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, administration of the Straits Settlements was separated from India and the dollar was made the standard currency.

From 1898, the Straits dollar was issued by a new Board of Commissioners of Currency and private banks were prevented from issuing notes. Its value depreciated over the next eight years and was then pegged at two shillings four pence sterling in 1906.

The Straits dollar was replaced at par by the Malayan dollar in 1939.

The first coins issued for the Straits Settlements in 1845 were ¼, ½ and 1 cent denominations in copper. They were issued by the East India Company and did not bear any indication of where they were to be used. A second issue of the same denominations was produced in 1862 by the government of British India. These bore the inscription "India - Straits".

In 1871, silver coins were issued in the name of the Straits Settlements for 5, 10 and 20 cents, followed by copper ¼, ½ and 1 cent the next year and silver 50 cents in 1886. Silver dollars were introduced in 1903. As a consequence of the depreciation in the dollar's value, the silver content of the coinage was reduced from 1907. The last ¼ cent coins were issued in 1916. Dollars were last struck for circulation in 1920, with 50 cents production ending in 1921. The remaining coins continued in production until 1935.

The Board of Commissioners of Currency introduced 5 and 10 dollars notes in 1898, followed by 50 and 100 dollars in 1901 and 1 dollar in 1906. Emergency issues of 10 and 25 cents were made between 1917 and 1920. 1000 dollars notes were issued in 1930 but during the 1930s only 1, 5 and 10 dollars notes were issued.

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