It was subdivided into 100 cents, also called pice, and was equal to the Spanish dollar.
The dollar was introduced after the East India Company acquired the island in 1786.
In 1826, the Indian rupee was declared legal tender in Penang at a value of 48 pice.
In 1826, copper 1⁄2, 1 and 2 cents coins were issued which were also minted in 1828, after the dollar had been replaced by the rupee.
This was done under Company Rule to made trade with India and other rupee zone regions easier.