The last trading monopoly of the East India Company was abolished in 1853 after which the company acted only as an administrative entity though it was not until 1858 that its property and powers were officially transferred to the Crown. Under the Indian Act XIII of 1862, the coinage of India was redesigned with specific provisions for coinage of the Straits Settlements to be redesigned also.
Coins were struck from 1862 to 1867 though all coins were dated 1862. They were issued in the denominations of quarter cent, half cent and one cent with the quarter cent being the scarcest of the three with a mintage of just over 3 million. Proof strikes were also issued for all denominations while the one cent was also issued as a specimen strike.