The British North Borneo Company had the right to produce coin under its Royal Charter, granted in 1881. It had 1 cent coins struck in England from 1882 and 1/2 cent pieces from 1885. These coins were linked to the silver dollar as used in the Straits Settlement and Hong Kong. In 1903-1904 it moved from the use of bronze to copper-nickel, issuing 1 cent and new denominations of 2 1/2 cents and 5 cent in that metal.
This, the last issue under the control of the Company, occurred in 1941. One million each of the 1 and 5 cent coins were produced and placed into circulation that year.
The Japanese invasion in 1942 and occupation until 1945 ended the Company's control with the area becoming a British Colony after liberation.