½ Dollar

The 1788 Penang half dollar was minted by the British East India Company for use in the settlement of Prince of Wales Island, now known as Penang, Malaysia. Following the island's acquisition by Francis Light in 1786, the company required a standardized currency to facilitate trade and replace the diverse mix of Spanish and local coinage circulating in the region. These tokens served as an early effort to establish British monetary influence in the Malay Peninsula.

The design, featuring the emblem of the British East India Company—a bale mark consisting of the company initials G.E.I.C.—was intended to signal stability and commercial authority to merchants and the local population. While these pieces were struck in copper and meant to represent a significant local value, their distribution was relatively limited compared to subsequent colonial issues. Today, they are regarded by numismatists as essential artifacts documenting the early expansion of British mercantile interests in Southeast Asia.