The baht (/bɑːt/; Thai: บาท, pronounced[bàːt]; sign: ฿; code: THB) is the official currency of Thailand. It can be divided into 100 satang (สตางค์, pronounced[sà.tāːŋ]). 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 January 2019.[1]
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 phot duang.[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]
That 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]
Coins
Podduang Coinage
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.[14][15] 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.
Podduang of the Thai Tical (Rama III & Rama IV)[16]
Image
Value
Width
(mm)
Weight
(g)
Composition
Inscription, Description
Date of Issue
Name
Secondary Name
Silver Baht Value
Gold Baht Value
Bia
เบี้ย
1⁄6400
1⁄102400
25
1.58
Calcium Carbonate
None
1238-1869
Half Pai
กึ่งไพ
Att
อัฐ
1⁄64
1⁄1024
2
0.25
Silver
State Ensign of Rattanakosin
1824-1851
Pai
ไพ
1⁄32
1⁄512
4
0.5
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
2 Pai
สองไพ
Half Feuang
กึ่งเฟื้อง
1⁄16
1⁄256
6
1
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Feuang
เฟื้อง
1⁄8
1⁄128
6.5
1.98
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Saleung
สลึง
1⁄4
1⁄64
9
3.7
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
2 Saleung
สองสลึง
Half Baht
กึ่งบาท
1⁄2
1⁄32
11
7.6
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Baht
บาท
1
1⁄16
14.5
15.14
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Gold Half Feuang
กึ่งเฟื้องทอง
Gold 2 Pai
สองไพทอง
1
1⁄16
5
1
Gold
State Ensign of Rattanakosin
1851-1856
2 Baht
สองบาท
Half Tamleung
กึ่งตำลึง
2
1⁄8
17.5
30.30
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Gold Feuang
เฟื้องทอง
2
1⁄8
6
1.5
Gold
State Ensign of Rattanakosin
1851-1856
4 Baht
สี่บาท
Tamleung
ตำลึง
4
1⁄4
23.5
60.50
Silver
State Ensign of Rattanakosin,
Castle
1824-1856
Gold Saleung
สลึงทอง
4
1⁄4
8
3.7
Gold
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1851-1856
Gold Half Baht
กึ่งบาททอง
Gold 2 Saleung
สองสลึงทอง
8
1⁄2
9.5
7.56
Gold
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1851-1856
Gold Baht
บาททอง
16
1
12
15.14
Gold
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1851-1856
Gold Half Tamleung
กึ่งตำลึงทอง
Gold 2 Baht
สองบาททอง
32
2
16
30.01
Gold
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1851-1856
40 Baht
สี่สิบบาท
Half Chang
กึ่งชั่ง
40
2.5
48
606.5
Silver
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1880
80 Baht
แปดสิบบาท
Chang
ชั่ง
80
5
59
1216
Silver
State Ensign of Rattanakosin,
Phra Maha Mongkut Seal
1859
Pre-decimal coinage
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.[17][18]
In 1860, modern style coins were introduced. These were silver 1 sik, 1 fuang, 1 and 2 salung, 1, 2 and 4 baht, with the baht weighing 15.244 grams and the others weight-related. Tin 1 solot and 1 att followed in 1862, with gold 2+1⁄2, 4 and 8 baht introduced in 1863 and copper 2 and 4 att in 1865. Copper replaced tin in the 1 solot and 1 att in 1874, with copper 4 att introduced in 1876. The last gold coins were struck in 1895.
In 1897, the first coins denominated in satang were introduced, cupronickel2+1⁄2, 5, 10 and 20 satang. However, 1 solot, 1 and 2 att coins were struck until 1905 and 1 fuang 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 salung 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.
In 2008, 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 February 3, 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, Maha Vajiralongkorn.
The 1, 5 and 10 satang are used only internally between banks and are not in circulation.[19]
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.[21]
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 att 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 September 19, 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,[22] 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;[23] English speakers continued to refer to these as "ticals".[24]
On 27 July 2010, the Bank of Thailand announced that the 16th-series banknotes would enter circulation in December 2010.[25][26] On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday.[27] 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 its 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.[28]
In 2018, the Bank of Thailand announced a new family of banknotes featuring a portrait of its current king, Maha Vajiralongkorn.
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.[29]
2003-present (Series 14 to Series 17) Later Rama 9 and Rama 10 Era
Images of banknotes have been removed lest they infringe copyright,[30] but may be viewed at the Thai-language article linked in the margin.
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
1948-2003 (Series 9 to Series 13) Early Rama 9 Era
These banknotes series are not demonitized, hence would be legal tender. Though, they are never seen in circulation anymore.
Series 9, Second Portrait
Series 10
Series 11
Series 12 & 13
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;[4]
So as to serve as an educational material, only one side is shown, and any series beyond series 13 is omitted.
Series 9
Series 9 Banknote Portrait Difference, young portrait (left), new portrait (right)
Series 9 banknotes are 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.[43]
9th series banknotes (First Portrait ; Second Portrait)
Series 10 banknotes are produced by Thomas De La Rue & Company Limited,due to heavy counterfiting, series 10 was issued in series 9's stead.[44] The 100 baht is the only denomination issued in this series.
In this series, the 500 baht note was introduced for the first time ever, this coincides with the Bank of Thailand fully convering to an in-house production.[45] As a consequence, the 1 baht note's production was cancelled.
Series 12 and 13 aims to glorify past thai monarchs, the Bank of Thailand dubbed this as "The Great Series". The 5 baht note's production was cancelled. The note 50 baht and 500 baht are a part of series 13, and was issued to commemorate the bicentennial celebration of Bangkok in 1982, though the production had to be delayed for the new printing press to be installed.[46]
1935-1948 (Series 3 Type II to Series 8) Rama 8 Era
Series 3 Type II
Series 3 type ii banknotes are produced by Thomas De La Rue & Company Limited. It is the first series to hold Rama 8's portrait, which replaced Rama 7's portrait in the Type I.
Series 4 type ii banknotes are produced by Royal Thai Survey Department and the Naval Hydrographic Department. During world war 2, Thailand 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 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 sastisfactory.
At the end of world war 2, 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.
Series 3 type i banknotes are produced by Thomas De La Rue & Company Limited. This series was actually delayed due to the Siamese Revolution to abolish the absolute monarch and transform the institution into a constitutional monarchy. The issuance was supposed to happen in the early 1930s.
Series 1 was chosen due to the series which precedes this were non-decimal. Series 1 banknotes is 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 are onesided and multilingual, containing Chinese, Malay (in Jawi script), and Latin script.[47] 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 circulated notes.
The characteristic of the banknotes of this era is that there were no series isued at the same time, rather they are issued sporatically and have multiple banks producing their own banknotes.
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.[48] 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.
Exchange rates
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.[49]
^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. Siam Heritage Trust. 33.2c. 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.
^Lekhakum, Nawarat (2009). เบี้ย บาท กษาปณ์แบงค์ [Cowrie, Baht, Coins, and Bank] โดย นวรัตน์ เลขะกุล (in Thai). สำนักพิมพ์สารคดี [Sarakhadee Press].
^ abThe 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. Pattaya: Pattaya Mail Publishing Co. XI (26). 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.
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