The rubber industry was a key industry, which contributed to the growth of the Malayan economy. Rubber coupons were introduced during the depression in the rubber industry after the First world War under the Stevenson Restriction Scheme, 1922.
Before World War II, The Malay States were the world's largest producer of natural rubber. In an effort to increase the world price of rubber, restrictions were placed on the export of rubber. Rubber growers were issued Rubber Export Coupons based on the size their rubber plantation and the age of their trees. The coupons had to be turned in when the rubber was exported. Many small producers found it easier and more profitable to sell or trade their rubber coupons than to actually harvest and sell their quota of rubber. The coupons became a form of currency in many rubber growing areas. The picture is describing 1 Picul Rubber Coupon from Sarawak. The coupon states "This Coupon is Valid for the Export of 1 Picul of Dry Rubber until 31st March1942". 1 Picul is equivilent to100 katis about 133.3 pounds (60.48 Kg./0.595 ton.) of rubber. Depending on the price of rubber, the coupon could trade for 100 Malay Dollars or more!
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