Both coins and banknotes were issued by the British North Borneo Company.

During the Japanese occupation period (1942–1945), paper money was issued in denominations ranging from 1 cent to 1000 dollars.

This currency was fixed at 1 dollar = 1 Japanese yen, compared to a 1:2 pre-war rate.

Following the war, the Japanese occupation currency was declared worthless and the previous issues of the British North Borneo dollar regained their value relative to sterling (two shillings four pence).

All coins depicted the company/state coat of arms on the obverse and denomination on the reverse.