I believe many of us have never seen these notes before. These are two pieces of hand executed essay for the proposed of $1 meant to replace "The Government of The Straits Settlements" note circulated from 1931 to 1935. In other words, these notes are the trial design notes for the "Board of Commissioners of Currency Malaya" which was issued officially on 1st July 1941.
Hand executed essay for a proposed issue for $1 Note - Type 1 (1937)
Hand executed essay for a proposed issue for $1 Note - Type 2 (1938)
Through observation of these notes, you can find the Type 1 of the hand executed note (1937)shown above is likely to adopt the design of Straits Settlements Note issued from 1931 to 1935. The blue color used for this $1 note is also similar to the Straits Settlements $1 note.
The Type 2 of the hand executed note which was produced in 1938 was the pre-design note for the Malaya Banknote. The color of this design (green color) matches the 1940 of Board of Commissioners of Currency Malaya which was issued on 1st January 1940 but was unable to release to the public due to the World War II.
These notes were auctioned and sold recently in Singapore for S$20,000.00 and S$13,000.00 respectively.