Thai baht


The baht is the official currency of Thailand. It is divided into 100 satang. Prior to decimalisation, the baht was divided into eight fueang, each of eight at. 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.

History


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from:2017 till: 2024 color:b text:"Series 16-2 (Rama IX)"
from:2018 till: 2024 color:b text:"Series 17 (Rama X)"
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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, and was in use probably as early as the Sukhothai period in the form of bullet coins known in Thai as photduang. 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: Though the coins themselves have names like: solot, siao,'' sik, etc, the formal division of the Thai baht 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. 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. 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.
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. 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'', which was used in English language text on banknotes until the series 2 1925.

Currency sub-unit equivalents

*Silver or silver equivalents
** Weights for the baht is based upon the 1908 weight standard

Currency symbol

The currency symbol for the baht is . In 1986, this symbol was given a codepoint for computer use in the Thai Industrial Standard 620-2533, at position 0xDF. This national standard was subsequently subsumed into international standards as ISO/IEC 8859-11. In turn, the ISO 8859 series were transposed into the Unicode standard, where the symbol was allocated the codepoint.
The symbol is also used for the Panamanian balboa.

Abbreviation

In Thai usage, the baht is legally abbreviated as บ. according to Section 7 of the Currency Act, B.E. 2501.

Bitcoin

For a time, the baht symbol was appropriated by some as a symbol for Bitcoin, a cryptocurrency. Following representations, a separate code point was allocated in Unicode version 10.0.

Square katakana

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. The CJK codepoint,, is documented in subsequent versions of the standard as "a mistaken, unused representation" and users are directed to instead. Consequently, only a few computer fonts have any content for this codepoint and its use is deprecated.
. However, the reference glyph and the character name correspond to

Historical symbols used before decimalization

Before decimalization, the Siamese government employed Chinese, Latin, Jawi, 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 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.
p=yuán : 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.
s=铢 : 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.
s=銭 : This character was in use from 1851–1908 officially on banknotes and coins to represent salueng.
p=fāng : 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.

Coins

Summary

History
''*actual year produced vs year in active use''

Events

1238 - The baht was adopted as the national currency in the forms of Podduang. The currency used the bi-metallic standard at 1:16 gold to silver ratio.1500 - Modern pre-decimal denominations of the baht were fully in use, mainly: 1 att, 2 att, 4 att, 1 fuang, 2 fuang, 4 fuang, and 1 baht.1835 - Government moved toward the adoption of flat coins1852 - The first circulating banknotes were introduced1862 - The first circulating flat coins were introduced1875 - The production of all coins above the 1 baht value and all gold coins was halted 1869 - Adoption of 0.900 fineness standard for silver coins, prior to this, the mint used the "best silver available".1897 - Government started the process of decimalization, the introduction of 2.5 satang, 5 satang, 10 satang, and 20 satang coins. These coins co-circulated with the pre-decimal coins1904 - Demonetization of the Podduang, 1908 - Introduction of the 1 satang, 25 satang, abd 50 satang coins. The production of the 2.5-satang coins was halted. 1 baht coin is now 15g, and made of 13.7g silver at 0.900 purity. 1910 - Government finished the process of decimalization, all non-decimal currency, including banknotes and coins, were demonetized. The new series of coins; consisting of 1 satang, 5 satang, 10 satang, 25 satang, 50 satang, and 1 baht coin; was introduced. 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 fineness1918 - 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 fineness1920 - Re-establishment of silver standard to 0.650 fineness, coinciding with the lowering of silver price1945 - 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 circulation1950 - Removal of 1 satang from circulation1957 - Debasement of silver standard to 0.030 fineness, re-introduction of the 1 silver baht coin 1962 - Adoption of the fiat currency, and the abandonment of the silver standard. Due to this, the production of the last silver coin was halted.1972 - Introduction of 5 baht coin.1977 - Removal of 5 satang and 10 satang from circulation.1987 - Introduction of 10 baht coin2005 - Re-introduction of 2 baht coin

Mint involved in producing Siamese and Thai coins

Mint history timeline


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''Photduang'' 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. Denominations issued included,,,,,, 1,, 2,, 4,, 8, 10, 20, 40 and 80 baht in silver and,,,, 1,, 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.

Sukhothai and Ayutthaya ''photduang''

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.

Thonburi and Rattanakosin ''photduang''

The Thonburi period 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
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.

Markings on the ''photduang''

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, 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, an elephant, and an anchor, each symbolizing different aspects of the king's reign or divine associations.

''Photduang'' timeline


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 ''*continues in the coin section*''

Predecimal coinage

Rama III 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.
In 1860, modern-style coins were introduced. These were silver [One-sik coin|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, 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.

Coin timeline


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Issue 0 – 1835 - Muang Thai Series (trial series)

During the reign of King Rama III, 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.
The proposed designs featured an elephant motif, which bore resemblance to the coinage of 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.

Issue 1 – 1856 (transitional)

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.

Issue 2, 3 – 1860, 1869 – Tributary Series

This series in thai is called: เหรียญบรรณาการ which means tributary coins or coin gifts. As 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. It is worth noting that coins of the half-fuang denomination were not mentioned in official announcements.
Though the silver coins within issue 2 has three production date: 1857, 1860, and 1863 in which they differ slightly in design, they are nevertheless counted as a single issue. 1857 issue was the original sets which were given by Queen Victoia.
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. The pit means twenty, as in 1/20 of a chang, the other name is ekkang, or one thai tamlueng. The tot means ten, as in 1/10 of a chang. The coin was also called thukkang, which means two tamlueng. 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.
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 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.
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 is exceedingly rare today.
In 1866, these thin copper coins, in sik and siao 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 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, making them trustworthy. Therefore, thinner and lighter coins would still serve their purpose effectively without causing harm.
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 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.
These tin coins were extensively counterfeited, and brought in from Hong Kong.

Issue 4 – 1875 – Chulalongkorn Paramarachathirat Series

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. 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. 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 onwards.
Decree of October 29th 1863: Proclaiming sizes and specification of denominations
Decree of June 29th 1874: Proclaiming the use of temporary paper money, in order to transition into the new series of coins

Issue 5 – 1888 – Siam Devadhiraj Series

This was a minor issue, in which the lower denominations' designs were updated to incorporate the three-parted shield into the design. This shield is a part of the national seal at the time. This copper coin was produced to replace previous versions and was minted in England, with additional production by the Royal Mint of Thailand. 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. For example, in this series there were four mints which contributed to the minting: Royal Mint of Belgium, Bangkok Mint, Heaton and Sons, and Hamburgische Münze. For the 1 Solot coin, the coin minted in the year R.S. 109 was medal aligned and was minted in the Birmingham Mint, but R.S. 118 coins were minted in Hamburg had coin alignement. Medal alignment is where the portrait of the king is facing up, with the back's design also facing up. Coin alignment is where the sides of the coins' designs are flipped.
Excerpt on the sizes of these lower denominations

Decimal coinage

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. 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, cupronickel, 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 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.

Issue 6 – 1897 – Siam Anachak Series (transitional)

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
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" was initially misspelled as "อานาจักร," causing controversy. King Rama V intervened, insisting that the most accurate phrasing should be "Siam Ratcha-Anachak". 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 system, the RS system, the BE system.
During the year 1897, it is persumed that Rama V had arranged this series to be made during his tour in europe. This series was denonetized in 1908.
Royal Proclamation of 21st. August R. S. 117 (1898) : The proclaimation of issuance of decimal currency
  • H stands for Heaton mint, which is where the coin were minted

Issue 7, 8, 9 – 1908 to 1937 – Chakra Series

This series is a widely minted and used series during the era of Rama V to Rama VIII. This series is also notable for being minted in many countries, in which the Siamese government would commission mints around the world to produce Thai coins and repatriate them back into the country and subsequently into circulation. The designs would vary between mints such as on the 1 satang coin, the font of the texts and the date would have slightly different positioning or texture.
Mints Involved
Following the issue of an earlier proclamation, accounts in Siam continued to be kept in ticals and att until after the enactment of the Gold Standard Act on 11 November 1908. After this date, the currency system was changed to a decimal system, and a new series of satang coins was introduced. At the same time, earlier nickel coins were withdrawn from circulation.
A new series of satang coins, minted in Europe, entered circulation in 1908 in connection with the Gold Standard Act. The series consisted of three denominations: 1, 5, and 10 satang. All three coins had a round central hole. Two denominations were struck in nickel, and one in copper. In 1909, a modification was made to the obverse design. The letters indicating the Ratanakosin Era were removed, leaving only the numerals of the date. This form continued into 1910. In 1913, the Buddhist Era replaced the Ratanakosin Era in coin dating. Coins issued thereafter bore dates such as B.E. 2456, corresponding to A.D. 1913. The coins were minted until 1937.

Issue 7 – 1908 – Mustache Series

In 1908, the Siamese government commissioned the Monnaie de Paris mint to produce a new series of coins for Rama V. These 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.

Issue 8 – 1913 – Erawan Series

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. 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. 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.

Issue 9 – 1929 – Regalia Elephant Series

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" and "หนึ่งสลึง" to the new system using Satang as a unit of currency. Though, people today still refer to these denomination using the old terminology.

Issue 10 – 1937, 1941, 1942, 1945 – Kranok-lotus Series

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. 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.
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.

Issue 11 – 1946 – Garuda Series

This was the first series minted in the reign of King Ananda Mahidol (Rama VIII), and it marked the return of national symbols, such as the Garuda emblem, which had been used as the national seal since the Ayutthaya period. This emblem, created during
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.
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).
While this series lacks a circulating 1 baht coin, a trial piece were produced but never released into circulation., 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.

Current coinage

The current coin series is the 17th issue.
In 2008, in the 16th 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.

Remarks

  1. The 1, 5 and 10 satang are used only internally between banks and are not in circulation.
  2. Older coins, some of which are still in circulation, had only Thai numerals, but newer designs also have Arabic numerals.
  3. 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.
  4. 10-baht coins are very similar to 2-euro coins in size, shape and weight, and are likewise bi-metallic, although they are worth only about €0.25. Vending machines not equipped with up-to-date coin detectors might therefore accept them as €2 coins or old Italian 500 lira coins as well.
  5. 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.
In February 2010 the Treasury Department of Thailand stated that it has been planning a new circulation 20-baht coin.

Names used on coins

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 and personal names.

Calendar systems of Thai coinage

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 which started at the founding of the Rattanakosin Kingdom. The system in use right now is the Phuttha Sakarat system or the Buddhist calendar

Banknotes

In 1851, the government issued notes for,,, 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, 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; English speakers continued to refer to these as "ticals".
On 27 July 2010, the Bank of Thailand announced that the 16th-series banknotes would enter circulation in December 2010. On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday. 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. 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.
In 2018, the Bank of Thailand announced a new family of banknotes featuring a portrait of the current King 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.

Timeline


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from:1853 till: 1902 color:r text:"Mai Series"
from:1856 till: 1902 color:r text:"Bai Phraratchathan Ngoentra Series"
from:1892 till: 1902 color:r text:"Royal Treasury Series"
from:1889 till: 1902 color:r text:"Hong Kong and Shanghai Banking Corporation Series"
from:1884 till: 1902 color:r text:"Chartered Bank of India, Australia, and China Series"
from:1886 till: 1902 color:r text:"Banque de L'Indo-Chine Banknotes Series"
from:1902 till: 1925 color:b text:"Series 1"
from:1925 till: 1934 color:b text:"Series 2"
from:1934 till: 1937 color:b text:"Series 3-1"
from:1935 till: 1937 color:b text:"Series 3-2"
from:1937 till: 1942 color:b text:"Series 4-1"
from:1942 till: 1942 color:b text:"Series 4-2"
from:1942 till: 1945 color:b text:"Series 5"
from:1945 till: 1945 color:b text:"Series 6"
from:1945 till: 1945 color:b text:"Series 7"
from:1945 till: 1948 color:b text:"Series 8"
from:1948 till: 1968 color:b text:"Series 9-1"
from:1955 till: 1968 color:b text:"Series 9-2"
from:1968 till: 1969 color:b text:"Series 10"
from:1969 till: 1978 color:b text:"Series 11"
from:1978 till: 2003 color:b text:"Series 12"
from:1985 till: 2003 color:b text:"Series 13"
from:1994 till: 2024 color:b text:"Series 14"
from:2003 till: 2024 color:b text:"Series 15"
from:2013 till: 2024 color:b text:"Series 16-1"
from:2017 till: 2024 color:b text:"Series 16-2"
from:2018 till: 2024 color:b text:"Series 17"
barset:skip

Predecimal banknotes

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.

1868–1902, Rama V era banknotes

Royal Treasury banknotes
Hong Kong and Shanghai Banking Corporation (HSBC) banknotes
Chartered Bank of India, Australia, and China banknotes
Banque de L'Indo-Chine banknotes

Decimal banknotes

1902–1925 (Series 1), Rama V and Rama VI era

Series 1
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, and Latin scripts. 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.

1925–1935 (Series 2 to Series 3 Type 1), Rama VII era

Series 2
Series 2 banknotes were produced by Thomas De La Rue & Company Limited.
Series 3 Type 1
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.

1935–1948 (Series 3 Type 2 to Series 8), Rama VIII era

Series 3 Type 2
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 4 Type 1
Series 4 type 1 banknotes were produced by Thomas De La Rue & Company Limited.
Series 4 Type 2
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 5
Series 5 banknotes were produced by Notes Printing Works of Japan.
Series 6
Series 6 banknotes were produced by Royal Thai Survey Department.
Series 7
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.
Special series
The special series were banknotes that were issued during World War II, each at different times.
Series 8
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.

1948–2003 (Series 9 to Series 13), early Rama IX era

These banknotes series are not yet demonetized and hence still legal tender, though they are never seen in circulation anymore.
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 Amended by Copyright Act B.E. 2558, and Copyright Act B.E. 2558 and Copyright Act B.E. 2561 : 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.
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 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.
Series 10
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. The 100-baht note is the only denomination issued in this series.
Series 11
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. As a consequence, the 1-baht note's production was cancelled.
Series 12 and 13
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.

2003–present (Series 14 to Series 17), late Rama IX and Rama X era

Images of banknotes have been removed lest they infringe copyright, but may be viewed at the Thai-language article linked in the margin.
Series 14
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.
Series 15
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.
Series 16
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 17
On the occasion of there being now 10 kings within the current dynasty. The central bank of Thailand decided that this series would commemorate all the kings of the Chakri dynasty. The front depicting the King Rama X, while the back depict 2 kings. While initially, the series was printed on cotton-paper, on March 24, 2022, the central bank decided to upgrade the material to polymer. This would set a trend where more denominations is to be converted into polymer. This is seen when on the November 21, 2025, the 50-baht and 100-baht note was converted into polymer.

Money and unit of mass

Ngoen is Thai for "silver" as well as the general term for money, reflecting the fact that the baht is foremost a unit of weight for precious metals and gemstones. One baht = 15.244 grams. 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

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.
2000200120022003200420052006200720082009
40.2440.2637.9232.3432.9934.3431.7330.4831.0730.71
2010201120122013201420152016201720182019
32.4834.2535.2833.9132.4834.2535.3033.9432.3131.05
2020202120222023202420252026202720282029
31.30---------

'
'

Historical Exchange Rate in 1900s

Due to the fact that during these time periods, often the currencies were non-decimals, hence the non-decimal notations for these currencies.