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The baht (/bɑːt/; Thai: บาท, pronounced[bàːt]; sign: ฿; code: THB) is the official currency of Thailand. It is divided into 100 satang (สตางค์, pronounced[sà.tāːŋ]). Prior to decimalisation, the baht was divided into eight fueang (เฟื้อง, pronounced[fɯá̯ŋ]), each of eight at (อัฐ, pronounced[ʔat̚]). The issuance of currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th-most-frequently used world payment currency as of December 2023.[1]
This infobox shows the latest status before this currency was rendered obsolete.
The Thai baht, like the pound, originated from a traditional unit of mass. Its currency value was originally expressed as that of silver of corresponding weight (now defined as 15 grams), and was in use probably as early as the Sukhothai period in the form of bullet coins known in Thai as photduang.[2] These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht. These are listed in the following table:[3][4] Though the coins themselves have names like: solot, siao, sik, etc, the formal division of the Thai baht (tical) is 1 baht = 8 fueang = 64 at. This means that one baht is divided into eight fueang, and each one fueang is divided into 8 at. Currently, the Thai baht do not employ the at as a subunit, but the at is the current subunit of the Lao kip.
This predecimal system was in use up until 1897, when the decimal system devised by Prince Jayanta Mongkol, in which one baht = 100 satang, was introduced by his half-brother King Chulalongkorn along with the demonetization of silver bullet coins on 28 October 1904 after the end of silver bullet coin production by the opening of Sitthikarn Royal Mint in 1857.[5] However, coins denominated in the old units were issued until 1910, and the amount of 25 satang is still commonly referred to as a salueng, as is the 25-satang coin.
Until 27 November 1902, the baht was fixed on a purely silver basis, with 15 grams of silver to the baht. This caused the value of the currency to vary relative to currencies on a gold standard. From 1856 to 1864, the values of certain foreign silver coins were fixed by law, with 5 baht = 3 Spanish dollar = 7 Indian rupees.[6] Before 1880 the exchange rate was fixed at 8 baht per pound sterling, falling to 10 to the pound during the 1880s.
In 1902, the government began to increase the value of the baht by following all increases in the value of silver against gold but not reducing it when the silver price fell. Beginning at 21.75 baht per pound sterling, the currency rose in value until, in 1908, a fixed peg to the British pound sterling was established of 13 baht per pound. This was revised to 12 baht in 1919 and then, after a period of instability, to 11 baht in 1923. During World War II, the baht was fixed at a value of one Japanese yen on 22 April 1942.[7][8]
From 1956 until 1973, the baht was pegged to the US dollar at an exchange rate of 20.8 baht = one dollar and at 20 baht = 1 dollar until 1978.[9][10] A strengthening US economy caused Thailand to re-peg its currency at 25 to the dollar from 1984 until 2 July 1997, when the country was affected by the 1997 Asian financial crisis. The baht was floated and halved in value, reaching its lowest rate of 56 to the dollar in January 1998. It rose to 30 per dollar in January 2021.
The baht was originally known to foreigners by the term tical,[11] which was used in English language text on banknotes until the series 2 1925.[12][13]
The currency symbol for the baht is ฿ (a Latin letter B with a vertical stroke). In 1986, this symbol was given a codepoint for computer use in the Thai Industrial Standard 620-2533 (Thailand's extension of ASCII), at position 0xDF. This national standard was subsequently subsumed into international standards as ISO/IEC 8859-11 ("ISO Latin-Thai"). In turn, the ISO 8859 series were transposed into the Unicode standard,[14] where the symbol was allocated the codepoint U+0E3F฿THAI CURRENCY SYMBOL BAHT.[15]
The symbol is also used for the Panamanian balboa.[16]
For a time, the baht symbol was appropriated by some as a symbol for Bitcoin, a cryptocurrency. Following representations,[18] a separate code point (U+20BF₿BITCOIN SIGN, a Latin letter B with two vertical strokes) was allocated in Unicode version 10.0.[19]
In Unicode 1.0, two codepoints were allocated to the baht, one as the currency symbol in the Thai range and one in the CJK Compatibility block as a square version of the Japanese word for "baht", written in katakana script.[20] The CJK codepoint, U+332C㌬SQUARE PAATU, is documented in subsequent versions of the standard as "a mistaken, unused representation" and users are directed to U+0E3F฿THAI CURRENCY SYMBOL BAHT instead.[21] Consequently, only a few computer fonts have any content for this codepoint and its use is deprecated.[20]
(The Japanese for "baht" is バーツ (bātsu). However, the reference glyph ⟨㌬⟩ and the character name correspond to パーツ (pātsu, from English "parts").[20])
Before decimalization, the Siamese government employed Chinese, Latin, Jawi (Malay), Devanagari, Khmer and Khom, Lanna, and Burmese scripts in banknotes and coins, as seen. The reason is not clear, though it is a common understanding that it is to ease the facilicitation of trade within Siam. It could also be the case that at the time, the capital, Bangkok (Phra Nakhon) was still a multi-cultural city, so as to be more inclusive, the government added various other language onto the currency – though by the second series after the decimalization in the 1900s, the currency was all but monolingual.
圓; yuán (บาท): This character was use during the times of Rama IV to represent baht, though this was phased out by another character which is in partially and informally used today. The only occurrence of this character was in Rama IV's banknote series.
銖; 铢; zhū (บาท): This character was in use from 1868–1925 officially on banknotes to represent baht. It is still in use today unofficially to refer to the Thai baht in general, as in 泰銖 or 泰铢.
錢; 銭; qián (สลึง): This character was in use from 1851–1908 officially on banknotes and coins to represent salueng.
方; fāng (เฟื้อง): This character was in use from 1851–1908 officially on banknotes and coins to represent fueang.
The notation for these Chinese character are written like they are in Thai, though there is a caveat: it is written right to left, as was the convention back then, so one baht is written 圓壹 or 銖壹, if there are smaller units involved the notation can write like such: 方銭參圓壹 for one baht, three salueng, and one fueang.
[Adoption] 1238 - The baht was adopted as the national currency in the forms of Podduang. The currency uses the bi-metallic standard at 1:16 gold to silver ratio.
1500 - Modern pre-decimal denominations of the baht is fully in use, mainly: 1 att, 2 att, 4 att, 1 fuang, 2 fuang, 4 fuang, 1 baht
1835 - Government moves towards the adoption of flat coins
1852 - The first circulating banknotes were introduced
1862 - The first circulating flat coins were introduced
1875 - Halting the production of all coin above the 1 baht value and all gold coins.
1869 - Adoption of 0.900 fineness standard for silver coins, prior to this, the mint use “best silver available”
1897 - Government starts the process of decimalization, the introduction of 2.5 satang, 5 satang, 10 satang, and 20 satang coins. These coin co-circulated with the pre-decimal coins
1908 - Introduction of the 1 satang, 25 satang, 50 satang coins, 2.5 satang's production is halted.
[Decimalization] 1910 - Government finishes the process of decimalization, all non-decimal currency including banknotes and coins are demonetized. The a new series of coin containing 1 satang, 5 satang, 10 satang, 25 satang, 50 satang, and 1 baht coin is introduced.
[Silver crisis] 1915 - Debasement of silver standard to 0.800 fineness, worldwide silver price crisis starting a global trend towards fiat currency.
1916 - Debasement of silver standard to 0.650 fineness
1918 - Removal of 1 baht from circulation, silver became too expensive to use in coins - doubling in value.
1919 - Debasement of silver standard to 0.500 fineness
1920 - Reestablishment of silver standard to 0.650 fineness, coinciding with the lowering of silver price
1945 - De facto move towards fiat currency and the abandonment of the silver standard due to coins no longer being made from silver.
1946 - Removal of 20 satang from circulation
1950 - Removal of 1 satang from circulation
1957 - Debasement of silver standard to 0.030 fineness, reintroduction of 1 silver baht coin
[Debasement] 1962 - Adoption of the fiat currency, and the abandonment of the silver standard. Due to the last silver coin's production (1 baht) being halted.
1972 - Introduction of 5 baht coin.
1977 - Removal of 5 satang and 10 satang from circulation.
Example of the Spanish dollar which was marked with the Siamese government's emblem – marking that it is legal tender
Cowrie shells from the Mekong River had been used as currency for small amounts since the Sukhothai period. Before 1860, Thailand did not produce coins using modern methods. Instead, a so-called "bullet" coinage was used, consisting of bars of metal, thicker in the middle, bent round to form a complete circle on which identifying marks were stamped.[23][24] Denominations issued included 1⁄128, 1⁄64, 1⁄32, 1⁄16, 1⁄8, 1⁄2, 1, 1+1⁄2, 2, 2+1⁄2, 4, 4+1⁄2, 8, 10, 20, 40 and 80 baht in silver and 1⁄32, 1⁄16, 1⁄8, 1⁄2, 1, 1+1⁄2, 2 and 4 baht in gold. One gold baht was generally worth 16 silver baht. Between 1858 and 1860, foreign trade coins were also stamped by the government for use in Thailand.
Photduang, a form of currency used during the Sukhothai period, was characterized by its longer legs, which created a larger and wider hole in the middle. These coins were primarily made of silver and featured a cut across the front of each leg. This cut served a dual purpose: it authenticated the money and allowed for the quality of the silver to be tested. Over time, as the Sukhothai Kingdom declined and became a vassal state of Ayutthaya—which was established as the capital in 1350—the design of photduang evolved. The coins became rounder with shorter legs, and the central hole, while still present, grew smaller. By the end of this era, the hole disappeared completely. The cuts on the legs also reduced in size and were eventually replaced by a small elliptical nick, known as "Met Kao San," on one side of the coin.[25]
The Thonburi period (1767–1782) and the Rattanakosin period, beginning in 1782, adopted the photduang design from the late Ayutthaya period. The coins from these periods had no central hole, and the legs were even shorter. A key difference was that
Siam at the time of podduang issue 4 (1805)
Thonburi photduang lacked the elliptical nick, whereas the Rattanakosin coins reintroduced this feature, similar to the Ayutthaya coins. Photduang from these later periods typically featured two stamped marks: the dynasty mark on top and the king's personal mark on the front part. The dynasty mark often symbolized the kingdom's ruling dynasty, while the king's personal mark represented the reigning monarch.[25]
The markings on photduang coins varied across different periods. During the Sukhothai era, some coins bore no marks, while others had up to 11. This variation was because, at that time, individuals and merchants could produce their own money. However, from the Ayutthaya period onward, the production of photduang was monopolized by the government, making it easier to identify coins from each era. Ayutthaya photduang typically bore two marks: the dynasty mark, which could be a spoked wheel symbolizing the "Wheel of Law" from Buddhist teachings or the Chakra (Vishnu's weapon), represented by a pattern of 8 dots surrounding a central dot. The king's personal mark varied with each ruler and included symbols such as a conch shell, a Garuda bird (khrut), an elephant, and an anchor, each symbolizing different aspects of the king's reign or divine associations.[25]
Rama III (1824–1851) was the first king to consider the use of a flat coin. He did so not for the convenience of traders, but because he was disturbed that the creatures living in the cowrie shells were killed. When he learned of the use of flat copper coins in Singapore in 1835, he contacted a Scottish trader, who had two types of experimental coins struck in England. The king rejected both designs. The name of the country put on these first coins was Muang Thai, not Siam.[28][29]
In 1860, modern-style coins were introduced. These were silver 1 sik; 1 fueang; 1 and 2 salueng; 1, 2, and 4 baht; with the baht weighing 15.244 grams and the others weight-related. Tin 1 solot and 1 at followed in 1862, with gold 2+1⁄2, 4, and 8 baht introduced in 1863 and copper 2 and 4 at in 1865. Copper replaced tin in the 1 solot and 1 at in 1874, with copper 4 at introduced in 1876. The last gold coins were struck in 1895.
Siam at the time of coin issue 1, 2, 3, and 4 (1856-1875)
During the reign of King Rama III (1824–1851), an initiative was made to introduce Thailand’s first flat coinage, intended to replace the widely used cowrie shells. To aid in this modernization of the monetary system, the king employed Robert Hunter, a Scottish merchant, to produce pattern coins.[30]
The proposed designs featured an elephant motif, which bore resemblance to the coinage of Lanka (modern-day Sri Lanka). Concerned about the symbolic inappropriateness of the elephant, which could imply foreign influence or association, King Rama III ultimately rejected all of the submitted patterns. As a result, none of the proposed coins were officially adopted or denominated.
These pattern coins, though never circulated, represent an early attempt at modernization of Siamese currency prior to the eventual adoption of machine-struck coinage in the reign of King Rama IV.
The first issue of coins were commissioned by Rama IV, though it was never brought into circulation. This was one of the first attempt to replace the bullet coins, but few were ever minted without making it into circulation.[32]
The first circulating issue of the Siamese coins. This marked the start of the move away from using photduang currency. Though in this era, the photduang were still legal tender. In this series, the lower denominations were made of silver, and the higher ones were made of gold. These higher denominations were given nicknames: pot dueng, pit, and tot. Pot dueng means thirty two, as in 1/32 of a chang. The other nickname was the chinkang or one Chinese tamlueng.[33] The pit means twenty, as in 1/20 of a chang, the other name is ekkang, or one thai tamlueng.[34] The tot means ten, as in 1/10 of a chang. The coin was also called thukkang, which means two tamlueng.[35] In the lower denominations materials such as tin, copper and brass are used, since these are quite low value.
In 1857, a series of trial coins were produced. But due to the broken and rusted die pieces along with the rusted minting press, the coins of this trial series were not to the satisfaction of Rama IV, hence testing continued. The flawed coins of this series is noted to have an inconsistent and rough "sand-like" texture. In 1857-1860 small amounts of trial circulation coins were produced to circulate within the palace walls, so that the noblemen could give feedback and test the new system.[31]
According to the Thai Treasury, regarding the gold coins, they were minted during a period when large amounts of gold were entering Thailand. Inspired by the widespread use of gold coins in other countries, such as the gold coins of England, King Mongkut (Rama IV) ordered the production of gold coins for domestic use. These coins, with their higher value, facilitated trade as the silver coins in circulation at the time were of lower value. They were officially issued on October 29, 1863, and were withdrawn from use in 1908.[36]
This series of coins was produced using manually operated machinery that had been presented as a royal gift by Queen Victoria of England. Due to the limited production capacity of these machines, the coins could not be minted in sufficient quantities to meet the country's demand. Consequently, their use was discontinued. This coincided with the arrival of steam-powered machinery, which allowed for more efficient and larger-scale coin production.[37] It is worth noting that coins of the half-fuang denomination were not mentioned in official announcements.[38]
In 1863, the royal treasury was reportedly overflowing with gold, with this Rama IV ordered the production of gold coin in addition to the already existing silver series. Intended for circulation, the coin was released to an unfimilar populus, this the people made this coin into jewery instead. A fully intact coin with no holes are exceding rare today.[31]
In 1866, These thin copper coins, in sik (half-fuang) and siao (quarter-fuang) denominations, were produced to replace their thicker counterparts, which were heavier and had the same value. The decision to issue lighter, thinner coins was made after an incident where King Mongkut (Rama IV) distributed the thicker coins during a charitable event, and recipients were injured with head wounds and bruises. His Majesty considered that the copper coins already bore stamped marks and inscriptions (indicating that 2 coins equaled 1 fuang and 4 coins equaled 1 fuang), making them trustworthy. Therefore, thinner and lighter coins would still serve their purpose effectively without causing harm.[39]
With the crowning of King Rama 5 in 1868, his majesty decided to tackle the massive counfeiting of base-metal coins in his era. His majesty decided to produce a new large solot (1/128 baht) coin so that the old smaller solot coin were rendered unusable and unprofitable to counterfeit. The large solot coins were only produced for a small period of time, but the coin fulfilled its duties and eliminated a huge portion of counterfeited productions.[31]
The first series to depict king Rama V, the coins of this issue were made of copper, silver, and gold. Though gold was strangely only used for the 1 fueang denomination.[40] The new shield emblem was introduced in this issue. This shield was separated into three section. Drawing from western influences, symbols within these sections represented territories Siam was controlling. The tree-headed elephant represented Siamese territory, the bottom-left elephant represented Lan Xang, and the warangka represented Siamese Malaya.
Due to a malfunction in the minting machinery at the government mint, which prevented the production of circulating coinage, King Chulalongkorn ordered the design of this coin series and commissioned its production by a mint in Birmingham, England. This marked the first time that coins were minted abroad for circulation in Siam.[41] The copper coins in this issue were made in the same size as the coins of the United Kingdom, with the Solot being the same size as the Farthing, the Att being the same size as the Half-Penny, and the Siao being the same size as the Penny. The silver coins differ in size to the British counterpart due to the baht being pegged to a different unit of silver. The copper coin in this case were base metal and were not pegged to any standard metal, hence their size tend to differ more throughout history. These copper coins only represent a certain amount of silver.
These silver coins were minted when the Sathit Kuang machinery was put into use in 1889 at the Sathit Kuang Coin Mint, marking the beginning of a new coinage system. The year markings started to appear on the coins from R.S. 120 (1898) onwards.[42]
This was a minor issue, in which the lesser denominations' designs were updated to incorporate the three-parted[clarification needed] shield into the design. This copper coin was produced to replace previous versions and was minted in England, with additional production by the Royal Mint of Thailand.[43] In this issue, depending on where the coin was minted, the minting alignment was different. This means that in this specific series, the alignment will show at which mint the coin was minted.[44] For example, in this series there were four mints which contributed to the minting: Royal Mint of Belgium, Bangkok Mint, Heaton and Sons (Burmingham Mint), and Hamburgische Münze. For the 1 Solot coin, the coin minted in the year R.S. 109[clarification needed] was medal aligned and was minted in the Birmingham Mint, but R.S. 118 coins were minted in Hamburg had coin alignement.[45]
The decimalization of the Thai baht came about at the end of the 19th century. The minister of treasury, Jayanta Mongkol, the Prince Mahisara Rajaharudaya, suggested to King Rama V, that decimalization would make counting easier and further modernize Siam. Initially, there would be one superunit, chang, and one subunit, at. with the baht being in the middle. In summary, 64 at = 1 baht = 1/80 chang. In reality, this was just a simplification of the old system, which was scrapped.[46] In which, during the period of 1902–1908, Siam went back to the old system. Though in comparison, at is used as the subunit in Laos, compared to the satang in the Thai baht. The second attempt came at the end of Rama V's reign, where it was more widely accepted and put into effective use.
In 1897, the first coins denominated in satang were introduced, cupronickel2+1⁄2, 5, 10, and 20 satang. However, 1 solot, 1, and 2 at coins were struck until 1905 and 1 fueang coins were struck until 1910. In 1908, holed 1, 5, and 10 satang coins were introduced, with the 1 satang in bronze and the 5 and 10 satang in nickel. The 1 and 2 salueng were replaced by 25 and 50 satang coins in 1915. In 1937, holed, bronze 1⁄2 satang were issued.
In 1941, a series of silver coins was introduced in denominations of 5, 10, and 20 satang, due to a shortage of nickel caused by World War II. The next year, tin coins were introduced for 1, 5, and 10 satang, followed by 20 satang in 1945 and 25 and 50 satang in 1946. In 1950, aluminium bronze 5, 10, 25, and 50 satang were introduced whilst, in 1957, bronze 5 and 10 satang were issued, along with 1-baht coins struck in an unusual alloy of copper, nickel, silver and zinc. Several Thai coins were issued for many years without changing the date. These include the tin 1942 1 satang and the 1950 5 and 10 satang, struck until 1973, the tin 1946 25 satang struck until 1964, the tin 50 satang struck until 1957, and the aluminium bronze 1957 5, 10, 25, and 50 satang struck until the 1970s. Cupronickel 1-baht coins were introduced in 1962 and struck without date change until 1982.
In 1972, cupronickel 5-baht coins were introduced, switching to cupronickel-clad copper in 1977. Between 1986 and 1988, a new coinage was introduced, consisting of aluminium 1, 5 and 10 satang, aluminium bronze 25 and 50 satang, cupronickel 1 baht, cupronickel-clad copper 5 baht and bimetallic 10 baht. Cupronickel-clad steel 2 baht were introduced in 2005.
The old monetary system of Siam was based on a binary system that proved challenging for accounting purposes. This system initially consisted of three main units of currency: Chang, Baht, and Att. Under this system, there were 64 Att to 1 Baht and 80
Siam at the time of coin issue 6 (1897)
Baht to 1 Chang. Despite its widespread use, the system’s complexity made it difficult to manage and calculate.
Recognizing the inefficiencies, the Minister of Treasury proposed to King Rama V that Siam’s currency system should be decimalized. The proposal aimed to modernize the monetary system and align it with the decimal systems increasingly adopted by other countries at the time. King Rama V approved the transition to a decimal-based currency, which simplified accounting processes.
The transition to a decimal currency system faced numerous challenges even before the new coins were issued. Notably, the word "Anachak" (อาณาจักร) was initially misspelled as "อานาจักร," causing controversy. King Rama V intervened, insisting that the most accurate phrasing should be "Siam Ratcha-Anachak" (สยามราชอาณาจักร; Kingdom of Siam).
Despite the initial enthusiasm for the decimal system, the new coins struggled to gain popularity among the public. Many people were unfamiliar with the decimal system and preferred the traditional currency. Consequently, the new coins quickly faded from circulation, forcing the government to continue producing coins under the old system.
The production of coins from the old system persisted until RS 127 / BE 2451 / AD 1907. Ultimately, both pre-decimal coins and the early decimal coins were demonetized on May 17, RS 128 / BE 2452 / AD 1909. Citizens were given a grace period to exchange the demonetized coins for the new decimal currency, with the deadline set for May 16, RS 128 / BE 2452 / AD 1910.
This gradual shift is shown in the fact that coins after the transition often switched between three calendar systems, the CS (Chulasakarat) system, the RS (Rattanakosin Sok) system, the BE (Buddhist Era / Phutthasakarat) system.[47]
In 1908, the Siamese government commission Monnaie de Paris mint to produce a new series of coins for Rama V. The coins were engraved by A. Patey and became the most popular coins to collect amongst the collector today, though with massive conterfeit problems. The coins' shipment were delayed and were shipped to Siam around the time of the passing of Rama V, and so the coins were never put in to circulation. With this, the mint saw fit that the designs were to be adapted to depict Rama VI.[31]
These coins were all produced abroad, and they feature changes in year formatting and design differences over time. The coins were initially produced with the R.S. year system but transitioned to using the B.E. system from 1913 onwards.[48] The 1 Baht coins were replaced with banknotes starting in 1918 due to the high cost of silver. The 2 Salung and 1 Salung coins experienced changes in metal composition due to fluctuating silver prices during World War I, and these coins have slight design variations based on these changes.
During issue, there were also various debasements of the silver content of these coins. Initially, the composition was 80% silver and 20% copper. In 1918, during World War I, silver prices surged, leading to a change in the composition to 65% silver and 35% copper. In 1919, the silver percentage dropped further to 50% silver and 50% copper. After the war, in 1919, the composition returned to 65% silver and 35% copper.[49] In 1917, the price of silver rose and exceeded the face value of silver coins. The coins were then melted down and sold. The government solved this by changing the pure silver coin to alloy. Vajiravudh eventually forbade exports of Siamese coins. In 1918, the usage of 1-baht coins was nullified and 1-baht banknotes were introduced. Coins were recalled and kept as a national reserve.
Near the end of this issue of coins, the transition into decimal currency was completed. The Rama VII coin was produced in two denominations, 50 Satang and 25 Satang, and marked the transition from the old currency system of "สองสลึง" (two salung) and "หนึ่งสลึง" (one salung) to the new system using Satang as a unit of currency.[50] Though, people today still refer to these denomination using the old terminology.
This series of coins is distinctive as it lacks the royal insignia and the state seal, which were commonly featured in earlier designs. This series also includes a 20 satang denomination; thus at one point the 25-satang and the 20-satang circulated at the same time.[51] The half-satang was introduced in 1937 to address the issue of low-value currency units in Thailand. The value of 1 Satang was considered too high for certain low-priced items, causing economic hardship for the poor. Previously, 1 Baht could be exchanged for 128 Solot, but after the switch to Satang, 1 Baht was only equivalent to 100 Satang. The introduction of this coin aimed to make it easier for ordinary people to purchase items without the burden of inflated prices. The coin was produced only once and was discontinued soon afterwards. It was minted in Japan and first issued on July 12, 1937.[52]
In 1942, a group of denominations switched material due to the costs of World War II: the 1-satang coin lost its hole in the middle and was made smaller.[53]
the reign of King Chulalongkorn (Rama V), became the national seal to be used permanently, avoiding the need for a new one with each reign. There are two versions of this series minted in the same year, the young portrait and the teen portrait.[54]
After World War 2, the government instructed the mint to start the production of coins depicting Rama VIII, since prior to this coins with no royal portrait were minted. These coins were made with pure tin. These coins were made with particularly low quality tin. During circulation, a lot of the coins from this series were damaged, lost, or rendered unusable. Even so, after the death of Rama VIII, the mint continue to produce this series of coins until the burial of Rama VIII, a tradition seen in the latest series of coins where new series were not introduced until after the coronation. Thus, this series of coins were used for 4 years after the passing of King Ananda Mahidol (Rama VIII).[31]
While this series lacks a circulating 1 baht coin, a trial piece were produced but never released into circulation.[31], the coin was 30.5 mm in diameter and made with tin. As a reference, this is the size of 5 baht coin up until issue 16 coins, or the last Rama 9 series of coins.
In 2008, in the 13th issue, the Ministry of Finance and the Royal Thai Mint announced the 2009 coin series, which included changes in materials to reduce production costs as well as an update of the image on the obverse to a more recent portrait of the king. The two-baht coin, confusingly similar in color and size to the one-baht coin, was changed from nickel-clad low-carbon steel to aluminium bronze. New two-baht coin was the first of the new series released on 3 February 2009, followed by the satang coins in April, a five-baht coin in May, a ten-baht coin in June, and a one-baht coin in July 2009.
In 2018, the Royal Thai Mint and the Ministry of Finance issued a new series of general circulation coins, featuring the same standard specifications, but feature a portrait of its current king, Vajiralongkorn.
The 1, 5 and 10 satang are used only internally between banks and are not in circulation.[55]
Older coins, some of which are still in circulation, had only Thai numerals, but newer designs also have Arabic numerals.
The standard-issue 10-baht coin has, at the 12 o'clock position on the reverse, raised dots corresponding to Braille cell dot 1 and dots 2-4-5, which correspond to the number 10.
Many commemorative 1-, 2-, 5- and 10-baht coins have been made for special events. There also are 20-, 50-, 100-baht base metal commemorative coins and higher-denomination precious metal coins as well.[which?]
In February 2010 the Treasury Department of Thailand stated that it has been planning a new circulation 20-baht coin.[57]
Thai kings traditionally had 2 names: regnal, and personal. In everyday life, personal name are used more often than regnal names. A good example of this is King Narai, whose regnal name is King Ramathobodi III. The personal names of king also have variations in itself. An example is Rama X's personal name: Vajiralongkorn, in which the variation one might see is Vajiraklao. So when the new coinage was being carried out, the question of "what name should the mint depict?" pops up. Initially it's a mix of the variations of the personal names, later after King Rama VIII, and the switch to constitutional monarchy along with the changing of the country name to Thailand, the coin now use both regnal (alternative name) and personal names.
Over the course of Siamese coinage history, various calendar systems were used. The first one to be applied onto the coins was the burmese calendar system or Chula Sakarat (C.S.), which was subsequently supplanted by the Rattanakosin Sok system (R.S.) which started at the founding of the Rattanakosin Kingdom. The system in use right now is the Phuttha Sakarat system or the Buddhist calendar (B.E.)
In 1851, the government issued notes for 1⁄8, 1⁄4, 3⁄8, 1⁄2 and 1 tical, followed by 3, 4, 6 and 10 tamlueng in 1853. After 1857, notes for 20 and 40 ticals were issued, also bearing their values in Straits dollars and Indian rupees. Undated notes were also issued before 1868 for 5, 7, 8, 12 and 15 tamlueng, and 1 chang. One at notes were issued in 1874.
In 1892, the treasury issued notes for 1, 5, 10, 40, 80, 100, 400 and 800 ticals, called "baht" in the Thai text.
On 10 September 1902, the government introduced notes which were printed by Thomas De La Rue & Company Limited, England, during the reigns of Kings Rama V and Rama VI, denominated 5, 10, 20, 100 and 1000 ticals, still called baht in the Thai text — each denomination having many types,[58] with 1 and 50 tical notes following in 1918. In 1925, notes were issued in denominations of 1, 5, 10, 20, 100 and 1,000 baht with the denomination in both Arabic and Thai numerals without English text;[59] English speakers continued to refer to these as "ticals".[60]
On 27 July 2010, the Bank of Thailand announced that the 16th-series banknotes would enter circulation in December 2010.[61][62] On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday.[63] It was the first Thai banknote that featured Crane's MOTION security thread.
In 2017, the Bank of Thailand announced a new family of banknotes in remembrance of the late King Bhumibol Adulyadej (Rama IX). The notes are the same size and dimensions as the "Series 16" banknotes, with the front designs as before, but the back designs featuring images of the king's life in infancy, adolescence and maturity. The new family of banknotes were issued on September 20.[64]
In 2018, the Bank of Thailand announced a new family of banknotes featuring a portrait of the current King Vajiralongkorn (Rama X). The main colors and dimensions of the notes are the same as before, with the back designs featuring images of the Kings of Thailand from past to present. The 20, 50 and 100 baht banknotes were issued on Chakri Memorial Day, April 6, 2018. The final two denominations, 500 and 1,000 baht were issued on the anniversary of the birth of King Maha Vajiralongkorn, July 28, 2018.[65]
The characteristic of the banknotes of this era was that there were no series issued at the same time, rather they were issued sporadically and had multiple banks producing their own banknotes.
Series 1 was chosen due to the series which precedes this were non-decimal. Series 1 banknotes was the first series to be produced by Thomas De La Rue & Company Limited. In 1900, Charles James Rivett Carnac, a Royal Treasury Ministry advisor proposed that the Siamese baht followed the issuances of banknotes followed the British standard. The banknote department was established quickly thereafter. The main characteristic of this series was that the notes were one-sided and multilingual, containing Chinese, Malay (in Jawi script), and Latin scripts.[66] It was also the last series to use the term "tical" to refer to the Thai baht and the largest in term of size of the circulated notes.
Series 1 banknotes (Rama V, VI) issued for 26 years
Series 3 type 1 banknotes were produced by Thomas De La Rue & Company Limited. This series was actually delayed due to the Siamese revolution to abolish the absolute monarchy and transform it into a constitutional monarchy. The issuance was supposed to happen in the early 1930s.
Series 3 Type 1 banknotes (Rama VII) issued for 1 years
Series 3 type 2 banknotes were produced by Thomas De La Rue & Company Limited. It was the first series to hold King Rama VIII's portrait, which replaced King Rama VII's portrait in the type 1.
Series 3 Type 2 banknotes (Rama VIII) issued for 2 years
Series 4 type 2 banknotes were produced by Royal Thai Survey Department and the Naval Hydrographic Department. During World War II, Thailand was allied with the Empire of Japan. This meant that the government of Thailand could not order banknotes from Thomas De La Rue & Company Limited.
Series Type II banknotes (Rama VIII) issued for <1 years
Series 7 banknotes relied on private printing under the supervision of the Bank of Thailand. According to the Bank of Thailand, the quality of this series was barely satisfactory.
Series 7 banknotes (Rama VIII) issued for <1 years
At the end of World War II, Thomas De La Rue & Company Limited's printing house suffered damage from German bombing, thus the Royal Thai Government turned to the United States government to produce the series 8. The Tudor Press Company produced this series.
These banknotes series are not yet demonetized and hence still legal tender, though they are never seen in circulation anymore.
Series 9, second portrait
Series 10
Series 11
These banknotes images are allowed under a strict copyright infringement exemption under the Chapter 1: Copyright, Part 6: Exceptions to Infringement of Copyright, Clause 7 of Copyright Act B.E. 2537 (1994) Amended by Copyright Act (NO. 2) B.E. 2558 (2015), and Copyright Act (NO.3) B.E. 2558 (2015) and Copyright Act (NO.4) B.E. 2561 (2018): reproduction, adaptation in part of a work or abridgement or making a summary by a teacher or an educational institution so as to distribute or sell to students in a class or in an educational institution, provided that the act is not for profit.[67]
So as to serve as an educational material, only one side is shown and any series beyond series 13 is omitted.
Series 9 banknote portrait difference, young portrait (left) and new portrait (right)
Series 9 banknotes were produced by Thomas De La Rue & Company Limited. There are two variations within this series, the young, and new portrait. According to the Bank of Thailand, the color schemes of this series established the denominations' colors for all of the following series due to the series circulating for 20 years.[68]
Series 10 banknotes were produced by Thomas De La Rue & Company Limited. Due to heavy counterfeiting, series 10 was issued in series 9's stead.[69] The 100-baht note is the only denomination issued in this series.
In this series, the 500-baht note was introduced for the first time ever. This coincided with the Bank of Thailand fully converting to an in-house production.[70] As a consequence, the 1-baht note's production was cancelled.
Series 12 and 13 aimed to glorify past Thai monarchs, the Bank of Thailand dubbed this as "The Great Series." The 5-baht note's production was cancelled. The 50-baht and 500-baht notes are part of series 13 and were issued to commemorate the bicentennial celebration of Bangkok in 1982, though their production had to be delayed for the new printing press to be installed.[71]
Series 12 & 13 banknotes (Rama IX) issued for 25 years
The series 14 aims to focus on the activities and contributions of the Chakri kings. Officially, only three notes were issued, but the 50-baht notes were also produced alongside this series. The polymer 50-baht is considered to be a part of series 15, even though the production date began in 1994.[73][74]
Series 14 banknotes (Rama IX)[75]issued for 13 years
The series 15 aims to update and expand the previous series 14's design. The 1000-baht note was resized down. There are two variants of this series, with the second and later variant having updated security features.[76]
Series 15 banknotes (Rama IX)[75]issued for 10 years
Similar to the series 15, the series 16 banknotes update the design to include a more later portrait of King Rama IX. There are two variants of this series, the later one being a circulated commemorative series circulating for a year after King Rama IX's passing. The series 16-2 notes depict the life and achievements of King Rama IX on the reverse.
Series 16 banknotes (Rama IX)[75]issued for 6 years
King Naresuan the Great pouring water for declaration of independence monument; Statue of King Naresuan the Great on war elephant; Phra Chedi Chai Mongkol temple
King Phutthayotfa Chulalok the Great (Rama I) monument; Wat Phra Chetuphon Vimolmangklararm Rajwaramahaviharn (Wat Pho); Phra Sumen Fort (Bangkok city wall)
Ngoen (เงิน) is Thai for "silver" as well as the general term for money, reflecting the fact that the baht (or tical) is foremost a unit of weight for precious metals and gemstones. One baht = 15.244 grams.[88] Since the standard purity of Thai gold is 96.5 percent, the actual gold content of one baht by weight is 15.244 × 0.965 = 14.71046 grams; equivalent to about 0.473 troy ounces. 15.244 grams is used for bullion; in the case of jewellery, one baht should be more than 15.16 grams.
Historical exchange rate of USD/THB from 1980 to 2015Historical exchange rate of EUR/THB since 2005
The Bank of Thailand adopted a series of exchange controls on 19 December 2006, which resulted in a significant divergence between offshore and onshore exchange rates, with spreads of up to 10 percent between the two markets. Controls were broadly lifted on 3 March 2008 and there is now no significant difference between offshore and onshore exchange rates.[90]
^เหรียญกษาปณ์ของไทย [Coins of Thailand]. Ministry of Defense of Thailand (in Thai). Archived from the original on 2012-02-04. Retrieved 15 October 2011.
^เงินตรา [Money] (in Thai). Royal Thai Mint. Archived from the original on 4 March 2016. Retrieved 22 November 2020.
^รัชกาลที่ 4 รับสั่งทำ "เหรียญกระษาปณ์" รับมือการค้ากับต่างชาติ [King Mongkut ordered the production of western style coins as the response to the rising trades with foreigners]. Silpa Watthanatham Magazine (in Thai). 27 March 2019. Archived from the original on 21 November 2020. Retrieved 22 November 2020.
^de Campos, J. J. (1941). "The Origin of the Tical"(PDF). Journal of the Siam Society. 33.2c. Siam Heritage Trust. Archived(PDF) from the original on 2022-10-09. Retrieved June 23, 2013. From the earliest times in Southern Burma, the weight adopted were not the Chinese liang or tael or its variants, but the Indian bahur and the viss, the latter being divided into 100 ticals. It is this Burmese tical, which was and continues to be in Burma the designation of a definite weight of uncoined silver or its compound, that throws light on the problem of the Thai tical.
^"Banknotes, Series 1". Bank of Thailand. 23 February 2012. Archived from the original on 4 April 2016. Retrieved 9 May 2012. each denomination had many types which were printed by Thomas De La Rue & Company Limited, England.
^"Chapter 3/2"(PDF). The Unicode Standard, version 1.0. October 1991. p. 80.
^"Símbolos o signos no alfabetizables". Diccionario panhispánico de dudas (in Spanish) (2.ª (versión provisional) ed.). Real Academia Española y Asociación de Academias de la Lengua Española. Retrieved 16 July 2024.
^The Treasury Department (January 3, 2020). "ราคาประเมินมูลค่าเงินตราโบราณ". www.treasury.go.th. Archived from the original on June 8, 2023. Retrieved September 4, 2023.
^"Banknotes, Series 1". Bank of Thailand. Feb 26, 2012. Archived from the original on April 4, 2016. Retrieved November 22, 2012. The design was printed only on one side; so the note was called 'Uniface banknote'. There were 7 denominations....
^Duncan Stearn (27 June – 3 July 2003). "Rise of state-sponsored militarism and socialism". Pattaya Mail. XI (26). Pattaya: Pattaya Mail Publishing Co. Archived from the original on 1 November 2011. Retrieved 18 Feb 2012. Does Japan dominate Siam?" I asked a leading Englishman in Bangkok. He laughed quietly: "Have you any Siamese money?" he asked. I drew out a five-ticul note (about 2 dollars 50c). "Read what is printed at the foot of the note", he commanded. I read, "Thomas de la Rue and Co., London". With calm confidence he said: "As long as the word 'London' stands on that Siamese bill, it is not Japan but another little island which will have the larger say in the Kingdom of Siam.
^Wararat, service manager. "Reproduction of Thai banknotes". Bank of Thailand. Archived from the original on 2011-12-06. Retrieved 27 Nov 2011. In Thailand, the Bank of Thailand (BOT) has the sole right to design, produce, issue, circulate and manage Thai banknotes. The reproduction of Thai banknotes is protected by the Copyright Act B.E. 2537 Ch.1 Pt.5 §27 (2) communication to public.
^Thailand - Inflation, Consumer Prices (annual %) - 2024 Data 2025 Forecast 1960-2023 Historical. Tradingeconomics.com. Published 2024. Accessed December 21, 2024. https://tradingeconomics.com/thailand/inflation-consumer-prices-annual-percent-wb-data.html#:~:text=Inflation%2C%20consumer%20prices%20(annual%20%25)%20in%20Thailand%20was%20reported%20at,compiled%20from%20officially%20recognized%20sources.
Sources
Cecil Carter eds. [clarification needed], The Kingdom of Siam 1904, reprint by the Siam Society 1988, ISBN974-8298-13-2, chapter X Currency and Banking
Thailand
Siam
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1857
1869
1875
1875
1888
1908
1910
1913
1929
1941
1946
1946
1957
1962
1972
1977
1982
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Series 1
Series 2
Series 3 Type 1
Series 3 Type 2
Series 4 Type 1
Series 4 Type 2
Series 5
Series 6
Series 7
Series 8
Series 9, second portrait
Series 10
Series 11
British Pound (lsd) to THB (£1=฿17/6/1)
THB to British Pound (lsd) (฿1=£0/1/1½)
Latin Monetary Union unit to THB (1=฿0/5/5)
THB to Latin Monetary Union unit (฿1=1.42)
Deutsche Mark to THB (ℳ︁1=฿0/6/7½)
THB to Deutsche Mark (฿1=ℳ︁1.15)
Dutch Gulden to THB (1ƒ=฿1/3/7)
THB to Dutch Gulden (฿1=0.68ƒ)
USD to THB ($1=฿3/4/4½)
THB to USD (฿1=$0.28)
JPY to THB (¥1=฿1/2/2½)
THB to JPY (฿1=¥0.55)
INR (British Raj) to THB (Rs.1=฿0/5/5½)
THB to INR (British Raj) (฿1=Rs.1/6/2)
Egyptian Lira to THB (£E1/5=฿3/6/5)
Philippines Peso to THB (P$1=฿1/6/2½)
Imperial Ruble to THB (₽1=฿1/6/5)
THB to Imperial Ruble (฿1=₽0.55)
Konbaung Kyat to THB (1ကျပ်=฿0/5/5½)
Mexican Peso to THB (M$1=฿1/5/2½)
Canadian Dollar to THB (C$1=฿3/5/2½)
Scandinavian Monetary Unit to THB (SKr.1=฿0/5/5)
Panamanian Balboa to THB (B/.1=฿3/4/4½)
Austro-Hungarian Corona to THB (K.1=฿0/5/7½)
Austria Thaler to THB (MTT$1=฿1/3/6½)
Ottoman Kurush to THB (Kş.6=฿0/3/½)
Pervian Sol to THB (S/.2=฿2/6/3½)
Indochinese Piastre to THB (Ps.1=฿3/4/1)
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