The history of Thai money used as a medium of exchange and to settle accounts before the adoption of Thai bahtcoins and banknotes include novel designs and forms. For Thai people, money was considered as the symbol of civilization. Currency itself reflected faith in religion, culture, the customs and traditions of each era and also serve as a record of the development of Thailand.[citation needed]
The land which is now Thailand was once inhabited by various pre-historic communities. These groups of people left a heritage of social culture and ceremonies.[citation needed]
In the ancient days of Thai society, before money was created to serve as a medium of exchange, humans traded goods by bartering for products of similar value. However, many products differed in quality, and buyers and sellers differed in their assessments of value and in their requirements. To facilitate product sales, several mutually-agreed commodities came into use as mediums for exchange.[citation needed]
The Indo-China Peninsula or "Suvarnabhumi" which means 'golden peninsula', was the geographical area on which Thailand is presently situated. These ancient kingdoms were a prosperous homeland for a variety of diverse races and tribes. They were the regions that were later on known as the Funan Kingdom, Dvaravati Kingdom, Srivijaya Kingdom, and Sukhothai Kingdom. They used money as a medium of exchange which evolved into different forms of money. Thai money has the unique characteristics of the Thai nation with the Sukhothai Kingdom, using round shaped money made from silver which was known as "pod duang", and has been continued from that time down to the Ayutthaya, Thonburi and the early Rattanakosin periods.[citation needed]
Funan Kingdom (1st–6th centuries AD)
Funan was the most important region of Indo–China and became highly successful in trade during the 1st through 6th centuries. The Funan Kingdom was influenced by India, through trading and bartering→SOS. The coinage used during that period bears marks symbolizing the monarchy and the religion, these were mostly flat and round coins made from silver. These coins display, on one side, a half sun spreading rays between two rows of fish eggs. The opposite side carries, in a central position, the Sriwatsa design that represents Narayana in accordance with the Brahmin religion, with bandoh, a small Brahmin ceremonial drum, in one corner; and the swastika, a symbol that represents good luck, in the other. At the top of each coin the sign of the sun and the moon appear.
Dvaravati Kingdom (6th–11th centuries)
With the decline of the Funan Kingdom, several kingdoms declared their freedom and independence. They alternated as dominant powers in the area. They included the regions around the central Chao Phraya River basin such as Nakhon Pathom, Rajburi, Supanburi. They had become the important cities and formed themselves into the consolidated kingdom known as the Kingdom of Dvaravati in the 6th century AD. They also alternated at being the dominant power in the area and continued to follow the religious beliefs and administrative systems that had been adopted from India. They were also influenced by Khmer culture and beliefs. The Dvaravati Kingdom produced many types of coins as mediums of trade. They revealed, through the designs on the coins, symbols of monarchy and the power of the state, the beliefs of Buddhism, and the Bhramin religion.
Samples are coins inscribed with the large conch, the small conch, the rabbit on a lily leaf, and the goat, with a row of fish eggs decorating the outer edge. On the reverse side is the Sriwatsa symbol flanked by ankusha, with the sun and moon on the top and fish at the bottom. In addition, there are flat coins on one side. On some of these coins appeared the features of Buranaklod (water jar), the Dhama wheel and a cow. On the reverse side of the coins is ancient Sanskrit script.
Srivijaya Kingdom (8th–13th centuries)
Around the 8th century, the Srivijaya Kingdom was "the land of sea-faring traders". Therefore, the Malay Peninsula, especially the area of Chaiya and Nakhon Sri Thammaraj province prospered because they were vital ports on the trade route and also the central market of goods from Europe, the Middle East, India, and Cochin China (Vietnam). Merchant ships stopped to seek shelter from the southern monsoons of the Malaysian Peninsula. Eventually, these lands in the southern part down to Sumatra Island rose to power and banded together to form Srivijaya Kingdom. The people were Buddhists of the Mahayana sect, ruled by a king.
The two main types of money found originating from Srivijaya Kingdom were Dok Chan money and Namo money.
Silver and gold Dok Chan money is flat, round, and imprinted with a four-petal blossom on one side, with the other side imprinted with the ancient Sanskrit word wara.
Silver mixed with antimony Namo money is flat, round and small with one side bearing the ancient Sanskrit letter similar to Thai alphabet "น". On the other side, there are fold and gully marks.
Sukhothai Kingdom (13th–15th centuries)
The Sukhothai Kingdom was founded after the joint efforts and armies of Poh Khun (King) Pah Muang and Poh Khun (King) Bang Klang Hao successfully dislodged the Khmer from holding on the administrative powers over the territories of Suvarnaphumi. Poh Khun Bang Klang Hao ascended the throne of the Sukhothai Kingdom under a new title and name: King Sri Intharathit.
The pinnacle of political and administrative power, and the development of the Sukhothai Kingdom, was reached during the reign of King Ramkhamhaeng. This kingdom's territory was extended to cover the entire length of the Malaysian Peninsula. The initiation of the Thai alphabet and its inscription into stone. Besides, the people of Sukhothai made ceramics which were considered to be of high quality and known as sangkalok. Sangkalok was an important component of exports.
The medium of exchange used in this kingdom varied, but the type of money originated in Sukhothai was "pod duang" or "bullet money". It was in circulation for 600 years. It was round-shaped, with long, sharp and pointed tips of legs, and a large hole between the legs. It had marks to show the origin, as few as one and as many as seven marks have been found stamped into Sukhothai pod duang. The marks most often found are lion, elephant, conch, Dharma Wheel, lotus, rabbit and ratchawat (a pyramid of dots).
Additionally, it was found that Sukhothai used a hard mixture of many low value metals, such as tin, lead and zinc, to produce a shape resembling pod duang, but of larger size, they were called different names, such as "pod duang chin", ngern kub, ngern khub, or ngern kook. Cowrie shells or bia were also used as small change in the Sukhothai Kingdom.
Ayutthaya Kingdom (1351–1767)
The establishment of the Kingdom of Ayutthaya was in 1351 A.D. Due to the geographical location with the junction of four main rivers, namely, Chao Phraya, Noi, Lop Buri, and Pa Sak, Ayutthaya had become then the centre of commerce, communication, economics and administration.
The main Ayutthaya money remained pod duang as in the Sukhothai period, but with some modifications. The coins later became more compact, with shorter and wider apart legs, and with smaller and less deep notch marks. They also made the rice grains pattern instead. Pod Duang of the period bore only two marks. On the top was the chakra, which was the kingdom mark, and in the front was the reign marks, which varied in design, such as the Pum Khao Bin, Ratchawat, Elephant and Conch Shell marks.
Thonburi Kingdom (1767–1782)
After the fall of Ayudhya to the Burmese in 1767, King Taksin led the Thai army to push out and vanquish the Burmese. After liberation, King Taksin tried to put the country back in order, as Ayudhya had been sacked and burnt by the Burmese and was difficult to renovate in a short time. Therefore, King Taksin chose to establish his capital in Thonburi. Thonburi was close to the sea and suitable as a seaport for trading with foreign countries. It was a small city that was easy to take care of and defend. Later, he was enthroned as the king and the people passed a resolution to honor him as “King Taksin the Great”
The money that was used early in this reign was pod duang of Ayudhya and later King Taksin had pod duang produced for use in the economic system with similar characteristics as that of the later Ayudhya period but was stamped with the Chakra as the Kingdom mark. Regarding the Reign mark, it still remained controversial as to what symbol was used: "Trisula" or "Thavivudh".
Rattanakosin Kingdom
Following the Thonburi Kingdom, Rattanakosin was established as the new capital. The monetary system at the beginning of Rattanakosin Era was similar to Ayudhya monetary system consisting of pod duang but it was modified in order to exhibit the development of unique traits attributed to Thai people living in this era. Commemorating pod duang also came into being, which showed there was a shared interest in the importance of the events occurring in their time. Then, King Rama IV who had the royal intention to produce "flat coinage" for use. For the first time this became a period in which Thai money entered the international system.
Reign of King Rama I to King Rama III
In the reign of King Rama I until King Rama III, pod duang was continued in use but with the reign mark changed. King Phra Phutthayotfa Chulalok the Great (King Rama I) created pod duang with the Chakra representing the kingdom mark and the Bua Unalom and the royal emblem of King Rama I. The pod duang also had values: tamlueng, baht, half baht, salueng, fueang.
The money used in the reign of King Rama II continued to be pod duang which was similar to that of King Rama I's, but with the reign mark changed to the Garuda to represent the reign of King Rama II. It is assumed to have come from his former name "Chim Plee", the paradise home of Lord Garuda.
The money produced in the reign of King Rama III remained the pod duang carrying the Chakra-Prasat mark. The Prasat mark represents King Rama III's former name: "Tab" (Tee pratab), which was Phra Maha Prasat (royal palace). Additionally, it was found that pod duang was produced to commemorate some important occasions such as pod duang krut sio, pod duang chaleo, pod duang dok mai, and pod duang bai matum.
Reign of King Rama IV
The Thai monetary system changed significantly during the reign of King Rama IV. This period saw increasing trade between Thai and foreigners. During the early period of the reign, pod duang was still the main money, bearing the chakra as the kingdom mark and the Mongkut as the reign mark. The use of the Mongkut mark (crown) was the pre-ascension of his title and name "Crown Prince Mongkut".
Meantime, Thailand had a problem due to the inability of being able to produce sufficient pod duang and to meet demand as well as prevent widespread counterfeiting, King Rama IV had the paper money issued for use along with pod duang, being called "mai". Mai was produced from paper with simple printing and used together with pod duang, but this series of paper money was not popular with citizens.[1]
In 1857, Queen Victoria sent a small manually-powered coin production machine as a royal gift. King Rama IV had the first coin production machine. This coin was called "Rien Bannakarn" (royal gift coins). But, finally, the cessation of use of this machine was ordered because only a small number of coins could be produced per day. They had a new steam-powered machine for the production of flat coinage. Later, King Rama IV ordered the construction of the Sitthikarn Mint in front of the Royal Treasury in the Grand Palace. The first series of coins produced by this machine was similar to the royal gift coins. They could be used alongside pod duang, as the production of pod duang had been discontinued.
In this same year King Rama IV ordered the production of gold and silver coins of four baht value bearing the Monkut-Krung Siam mark as mementos of his 60th birthday.
Reign of King Rama V
The reign of King Rama V saw a significant development of the nation in almost every aspect including in monetary and financial system. In 1875, the king ordered a new mint built, including installation of a new machine with greater production capacity and efficiency. The new mint began producing silver coins with the royal portrait and the coat-of-arms design, the first time that the front side carried the profile of the ruling monarch. It became the operating format for later reigns. The king ordered the issuance of new tin Solos coins bearing on the obverse the Phra Kiew (the coronet), and in the reverse, the Elephant inside Chakra design. The Phra Kiew is also called "Chula Mongkut" as the royal emblem of King Rama V.
During his reign, his younger brother Prince Jayanta Mongkol was tasked with restructuring of the monetary system to realign Siam's monetary units along international lines, from the former 13 units, — Tos, Pit, Pad Duang, Chang, Tumlung, Baht, Salung, Fuang, Pai, Sik, Sio, Att and Solos. These had been based upon weight and made keeping accounts internationally difficult.
Pod Duang production had ceased in the reign of King Rama IV. King Rama V ordered the production of pod duang with the Chakra Phra Kiew mark as a memento in commemoration of the royal cremation of his youngest daughter, Princess Charoen Kamol Suksawat, and as a memento of the royal merit making ceremony dedicated to Somdej Phra Thep Sirin Tara Mataya, the princess mother.
Gold standard has been unofficial applied in 1902 in response to the depreciation of silver in comparison of gold and the introduction of paper currency after approving Paper Currency Act of RS121 (1902) which established Paper Currency Department as the office within Ministry of Finance before Siamese Tical has become officially gold standard by the Gold Standard Act of RS127 (1908) [2]
Rama V later ordered coins from the Paris Mint production facility, coins bearing the royal portrait engraved by Henri-Auguste Patey, and Airapo, the three-headed white elephant. Rama V however died before an announcement for use could be made, so Rama VI ordered distribution of the coins during the cremation of his father. These coins are generally called Rien Nuad' or "moustache coins".
Reigns of King Rama VI to VIII
During the reigns of King Rama VI to VIII, Siam faced economic crises due to the worldwide economic downturn caused by world wars and depressions.
During the early reign of King Rama VI, coins that had been produced during the reign of King Rama V continued to circulate. Rama VI ordered for the first time the production of baht coins with the portrait of the king on the obverse, with these first coins having on the reverse Airavata, the three-headed white elephant.
Rama VI inaugurated the Thai Banknotes Department under the Ministry of Finance with the Siamese Currency Notes Act, R.E. 121, promulgated on 24 June 1902.[3] Banknote Series 1 were printed by Thomas De La Rue & Company Limited, England, with the company name centered on the bottom margin. The notes were printed on one side only and in many types of seven denominations of 1 baht, 5 baht, 10 baht, 20 baht, 50 baht (Overprinted on 1 baht Banknotes Series 50Z-59Z), 100 baht and 1000 ticals[sic] with both Arabic and Thai numerals.[4] (Dual numeration continues, but tical was dropped from Series 2 on.)
Series 2 banknotes were first issued in 1925 during the reign of Rama VI and continuing into the reign of Rama VII dropped translation of baht and first added the legend,
สัญญาจะจ่ายเงินให้แก่ผู้นำบัตรนี้มาขึ้นเป็นเงินตราสยามPromise to pay (silver to) bearer on demand in (silver) currency of Siam;
later changed in 1928 to be in line with The Currency Act, B.E. 2471 [5] to
ธนบัตรเป็นเงินที่ชำระหนี้ได้ตามกฎหมายThis note is legal tender (lit. silver in payment of debt) according to law.
The front has a guilloche design with twelve rays, and the back, depictions of the Royal Ploughing Ceremony, printed in six denominations: 1, 5, 10, 20, 100 and 1000 baht in two types printed by De La Rue.[6]
Series 3 banknotes, first issued in 1934, were the first having a portrait of the king, appearing on the front with scenic designs as minor elements. The reverse depicts Phra Samut Chedi Temple with a statement of the penalty for counterfeit, also used for the first time. Series 3 continued until the reign of Rama VIII, printed by De La Rue in four denominations including 1, 5, 10 and 20 baht with the change of the royal portrait from King Rama VII to King Rama VIII in 1936.[7]
Series 4 banknotes were first issued in 1938 by De La Rue with five denominations including 1–5–10–20 and 1,000 baht. The second type has been issued in 1940 with the change from รัฐบาลสยาม (Government of Siam) to รัฐบาลไทย (Government of Thailand) due to the change of country name on 10 December 1939 which applied to four denominations including 1–5–10 and 1,000 baht.
To alleviate a scarcity of banknotes in the country during the Greater East Asia War, the Royal Thai Survey Department printed a special series of banknotes in four denominations, 1–10–20 and 100, like those of the 4th series. The phrase "the Royal Thai Survey" at the lower center of the front and back replaced that of Thomas De La Rue & Co., London.[8][9]
Series 5 were printed by the Note Printing Works of Japan in seven denominations including 50 satang, 1 baht, 5 baht, 10 baht, 20 baht, 100 baht and 1000 baht starting in 1942.[10]
Series 6 were by the Royal Thai Survey Department and the Naval Hydrographic Department in two denominations including 20 and 100 baht, each with two types.[11]
A special war-time issue was printed in England, Indonesia, and by the Royal Thai Survey Department in four denominations including 50 satang (over-stamped on 10 baht banknotes printed from Java), 1 baht (both from Royal Thai Survey Department and invasion notes issued in England), 50 baht (overprinted on the 1 Strait dollar notes issued for four Malayu States by Royal Thai Survey Department) and 1000 baht issued by Royal Thai Survey Department.[12]
Series 7 was printed in haste by private printing companies under supervision from Bank of Thailand of barely satisfactory quality in four denominations including 1 baht, 5 baht, 10 baht and 50 baht[13]
Reign of King Rama IX
In 1945, the government sought to renew its contract with Thomas De La Rue & Company Limited, England, but the company had been damaged during the war and was unable to accept orders. The US government was asked for assistance. The US assigned its Bureau of Engraving and Printing to prepare the printing plates and the Tudor Press Company to do the printing of the 8th series. The front portrayed King Rama VIII at a young age as main element, and the Phra Pathom Chedi as a minor element on every denomination. On the back of all five denominations was the constitution placed on a pedestal tray. The dimensions of low and middle denominations including 1 baht, 5 baht, and 10 baht were the same as the low denominations of MPCs while the dimensions of high denominations including 20 baht and 100 baht were the same dimensions as a US dollar (high denomination of MPC). These were issued in 1946 during the reign of King Rama IX. They had been ordered in the period of the King Rama VIII but had been shifted as Rama IX had already ascended the throne.[14]
Series 9 printed by De La Rue in six denominations returned to the familiar colors of each type and denomination model from Series 4 of De La Rue and Series 4 of Royal Thai Survey with the exception of 100 baht which used red instead of the azure color from Series 4 of Royal Thai Survey, and it can be assumed that the colors of the 9th Series are the standard for current Thai banknotes.[15]
The 100 baht banknotes of Series 9 were heavily counterfeited, so the multi-colored banknotes with the base color of red were needed. Series 10 consisted of only the 100 baht denomination printed by De La Rue, first issued in 1968.[16]
Series 11 began with 5 and 10 baht notes issued in 1969, 20 baht notes in 1971, and 100 baht notes in 1972. Five hundred baht banknotes were printed for the first time in 1975 when the production process, designing, engraving, and issuance of notes, shifted to Thailand's own note printing works.[17]
King Bhumibol Adulyadej ascended the throne on 9 June 1946. He ruled until his death on 13 October 2016, the longest reign of any Thai monarch. His era was one when society and the economy rapidly changed, accompanied by evolution of knowledge and technology in all areas, including that of coins, which have continuously been developed and modified in design and metal content in order to comply with the rapidly expanding economy, and to meet international standards.
In 1950, the first series of circulation coins was minted in aluminum bronze and copper in four denominations; 5, 10, 25 and 50 satang coins with the obverse design being King Bhumibol's portrait and the reverse design being the coat of arms that had been used during the reign of King Rama V.
In 1986, the changes had been generally partial and made on certain values of coins only, following a comprehensive major revision of coin production in denomination, composition, size, and pattern, they included and addition of 1 satang and 10 baht coins. The government then produced a series of eight coins: 10 baht, 5 baht, 1 baht, 50 satang, 25 satang, 10 satang, 5 satang, and 1 satang. In 2005, 2 baht coins were minted and made raised the number of circulation coin to 9 denominations. Only 25 satang up to 10 baht are used in circulation while the 1, 5 and 10 batang are minted to serve the accounting system.
During this reign, a large number of coins were issued. The first commemorative coin was minted in 1961 with the nickel 1 baht coin to mark the return of the king and queen from state visits abroad. It is the first coin featuring the portrait of a female royal family member.
Banknote Series 12 was The Great Series in denominations of 10 baht notes in 1980 until the termination of 10 baht banknote issuing after 1995 to be replaced by 10 baht coins which has been issued since 1988, 20 baht notes in 1981 and 100 baht notes in 1978 with engravings of monuments for those monarchs entitled "The Great".[18]"
In 1982, the first proof coin was minted to commemorate the bicentenary of Bangkok. The coins were presented to the king and royal family without being issued to the general public. It was not until Queen Sirikit's 50th anniversary on the 12 August 1982 that proof coins were released to the public.
Banknote Series 13 was to supposed issued to commemorate the Bicentennial Celebration of Bangkok in 1982, but a delay in the delivery of new printing machines along with heavy workload of the bank delayed the issuance of 50 baht notes until 1985, 500 baht notes in 1987 with engravings of monuments for the monarchs relating to Rattanakosin Celebration including King Prajadhipok and King Rama I.[19]"
The growing economy of Thailand caused demand for higher denominations. This caused the revival of 1000 baht notes in 1992 as a part of Series 14 banknotes along with the new notes in 100 baht denomination issued in 1994 and the new notes in 500 baht denomination issued in 1996.[20]"
21st century
Demands for anti-counterfeiting technology, along with the aim of the Thai government to draw public attention to the deeds of the monarchs of the Chakri Dynasty compelled the Bank of Thailand to issue the Series 15 Banknotes in five denominations: 20 baht in 2003, 50 baht in polymer sheets in 1997 before being replaced by the familiar paper notes (type 2) in 2004 due to the unpopularity of polymer notes, 100 baht in 2004 until the replacement with type 2 in 2005, 500 baht in 2001, and 1000 baht in 1999 until the replacement with type 2 in 2005.[21]"
2006: To celebrate the 60th year of the king's accession to the throne, the Treasury Department issued colored coins for the first time to mark "The First UNDP Human Development Lifetime Achievement Award" presented to the king by the United Nations. Apart from commemorative coins minted to mark special events and occasions, the Treasury Department also produces commemorative coins in cooperation with international organizations.
2012: Series 16 banknotes issued to glorify Thai kings of different periods from past to present[22]
50 baht issued to commemorate the declaration of independence of King Naresuan.[23]
2013: 20 baht Series 16 issued to commemorate King Ramkhamhaeng.[24]
500 baht Series 16 issued to commemorate King Rama I.[25]
100 baht Series 16 issued to commemorate King Taksin.[26]
20, 50, 100 baht Series 17 to honour King Maha Vajiralongkorn Bodindradebayavarangkun[28]
Thai money and coins are regarded as national treasures as they reflect not only Thai history, but also the Thai culture and economy of each period.[29]
Historical buying power of coin denominations throughout history
Historical buying power of the Baht throughout history
The value of the baht (bimetallic standard) has fluctuated over the years, and the baht inflated massively after switching to a fiat standard. This can be seen in the price of a bowl of Guay Jap (a type of noodle). One bowl of guay jap was around 1 att during the reign of Rama V, but during the era of Rama VI it cost around 1 satang.[32] The decimal equivalent of 1 att was around 1.5 satang. As of 2024, the baht had depreciated since the reign of Rama V by a factor of around 500,000%. Note that the 500,000% inflation is a linear and static decrease in value, it is just a comparative percentage of how much the value had "decreased". It is not a yearly compounded value.[clarification needed][33]
1 bowl of Guay Jap Noodles, or 1 plate of curry and rice, or 1 bottle of soda
1 Att + 1 Solot
3⁄128 baht 2.34 satang
7 satang
4 baht
7 baht
27 baht
100 baht
1 bowl of "good" noodles
1 Phai
1⁄32 baht 3.125 satang
11 satang
6 baht
10.5 baht
42 baht
156 Baht
1 bottle of lemonade
1 Phai + 1 Att
3⁄64 baht 4.68 satang
16 satang
9 baht
16 baht
63 baht
234 Baht
10 to 20 rolls of cigarettes, depending on the brand
3 Phai + 1 Solot
7⁄64 baht 10 satang
34 satang
20 baht
34 baht
134 baht
500 Baht
1 bowl of Oyster Porridge
1 Saleung
1⁄4 baht 25 satang
84 satang
50 baht
84 baht
336 baht
1250 Baht
1 pair of school shirts
2 Saleung
1⁄2 baht 50 satang
1.69 baht
100 baht
168 baht
672 baht
2500 Baht
1 time with a prostitute at Bang Khaek Road
2 Saleung + 1 Feuang
5⁄8 baht 62.5 satang
2.11 baht
126 baht
210 baht
840 baht
3125 Baht
1 pair of school trousers
3 Saleung
3⁄4 baht 75 satang
2.53 baht
152 baht
250 baht
1000 baht
3750 Baht
1 pair of "good" Japanese shoes
1 Tamleng
4 baht 400 satang
13.5 baht
800 baht
1350 baht
5380 baht
20 000 Baht
1 bottle of "western" liquor
2 Tamleng
8 baht 800 satang
27 baht
1620 baht
2690 baht
10,750 baht
40,000 baht
10 Rai of land "outside the city wall"
4 Tamleung + 2 Baht
10 baht 1000 satang
33.74 baht
2025 baht
3360 baht
13,440 baht
50 000 baht
1 big teak wood house
5 Tamleung
20 baht 2000 satang
67.48 baht
4050 baht
6720 baht
26,880 baht
100,000 baht
1barrel of "bad" rice
10 Tamleung
40 baht 4000 satang
135 baht
8100 baht
13 440 baht
53 770 baht
200 000 baht
1 barrel of "good" rice
Salaries
In these examples, salaries from pre-1900 are calculated according to inflation to demonstrate salaries through out the ages. These salaries are wage paied per month.
based on accounts by a document listing civil servant's salaries in 1926
salaries are shown in baht*
calculation are done based on the assumption that inflation before 1920 is nil, hence making this chart an approximation**
Remarks
Does not represent regional/market pricing variations, only the average price.
Does not represent minor fluctuations of price over history, meerely representing inflation trends.
Buying power discrepancy
This refers to the buying power of banknotes based relatively upon a certain commodity, be it: gold, noodles, etc. Basing the "discrepancy" on the lowest circulating denomination coins and banknotes, which demonstrates a relative buying power of a certain currency. It can be understood as, how much could a certain denomination buy a certain commodity, or the percentage in which the price of the commodity makes up the denomination.
Discrepancy relative to noodle prices*
Price
1 att
1.56 satang
5 satang
3 baht
5 baht
20 baht
78 baht
Lowest Denomination
1900
1920
1945
1967
1992
2003
2024
Coin
1 solot
1 satang
0.5 satang
5 satang
25 satang
25 satang
25 satang
Percentage Discrepancy
50%
150%
1000%
6000%
2000%
8000%
31 200%
Banknotes
1 baht
1 baht
50 satang
5 baht
10 baht
20 baht
20 baht
Percentage Discrepancy
0.01%
0.01%
10%
60%
50%
100%
390%
The illusion that "1 baht" could buy "a lot" back in the 1900s - 1950s come from the buying power of the lowest denomination.[44] The discrepancy between the views and perspective come from the generation which grew up during those era and the generation far removed. Consider the 1 baht banknote in the 1900s, and the 1 baht coin in the 2020s. Their buying power are so different, it creates a rift in one's perception in a certain denomination when "one baht could buy you a bowl of noodle back then" is told to the later generations. When in reality, 1 baht banknote's buying power is closer to the 2024's 1000 baht banknote. Which calls into question, the over-buying-power of the 1910's 1000 baht banknote, which is akin to a 5 000 000 baht banknote in 2024 baht. In the end, value stays the same, only the number changes.
Remarks
Does not represent regional/market pricing variations, only the average price
Related Research Articles
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The Sukhothai Kingdom was a post-classical Siamese kingdom (maṇḍala) in Mainland Southeast Asia surrounding the ancient capital city of Sukhothai in present-day north-central Thailand. It evolved from a trading hub to a city-state in 1127 and emerged into the kingdom by Si Inthrathit in 1238. Sukhothai existed as an independent polity until 1438 when it fell under the influence of the neighboring Ayutthaya after the death of Borommapan.
Phra Bat Somdet Phra Nangklao Chaoyuhua, personal name Thap, also styled Rama III, was the third king of Siam from the Chakri dynasty, ruling from 21 July 1824 to 2 April 1851.
Phra Bat Somdet Phra Phutthayotfa Chulalok Maharat, personal name Thongduang (ทองด้วง), also known as Rama I, was the founder of the Rattanakosin Kingdom and the first King of Siam from the reigning Chakri dynasty. His full title in Thai is Phra Bat Somdet Phra Paramoruracha Maha Chakri Boromanat Phra Phutthayotfa Chulalok. He ascended the throne in 1782, following the deposition of King Taksin of Thonburi. He was also celebrated as the founder of Rattanakosin as the new capital of the reunited kingdom.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
Ramkhamhaeng or Pho Khun Ramkhamhaeng Maharat was the third king of the Phra Ruang Dynasty, ruling the Sukhothai Kingdom from 1279 to 1298, during its most prosperous era.
The Thailand one-satang coin is a currency unit equivalent to one-hundredth of a Thai baht. It is rare in circulation but used in banking transactions.
The Thailand five-satang coin is a unit of currency equivalent to one-twentieth of a Thai baht. It was introduced in 1908 as a coin with a hole through its middle, which was minted until 1939. In 1946 the hole was removed and the new Thai monarch featured on the obverse: Rama IX. In 1996 a five-satang coin marked the 50th anniversary of his reign.
In Thailand, the two-baht coin is the coin which is worth 2 baht or 200 satang. The new 2-baht coin design features H.M. King Bhumibol Adulyadej, the Great on the obverse, like all other Thai legal tender coins presently in circulation. The reverse design depicts the Golden Mountain at Wat Saket Ratcha Wora Maha Wihan in Bangkok.
The Royal Ploughing Ceremony, also known as The Ploughing Festival, is an ancient royal rite held in many Asian countries to mark the traditional beginning of the rice growing season. The royal ploughing ceremony, called Lehtun Mingala or Mingala Ledaw (မင်္ဂလာလယ်တော်), was also practiced in pre-colonial Burma until 1885, when the monarchy was abolished.
Jayanta Mongkol, the Prince Mahisara Rajaharudaya was a son of King Mongkut, Rama IV, and his Royal Consort Huang. He was 13 years younger than his brother, Chulalongkorn, who would become Rama V. The prince was a leading member of the progressive clique known as the "Young Siam", on whom King Chulalongkorn relied for support in his efforts to reform the country. At the king's insistence, the younger members of his family and extended family were all educated in Western ways, sometimes attending schools abroad.
Bank of Thailand Museum is a museum in Bangkok. The museum is housed in the Bang Khun Phrom Palace, the former residence of Prince Paribatra Sukhumbandhu, who was the 33rd son of King Chulalongkorn. The Bank of Thailand, Northern Region also has a museum in Chiang Mai. In June 2017, the museum was reopened.
The monarchy of Thailand is the constitutional form of government of Thailand. The king of Thailand is the head of state and head of the ruling Chakri dynasty.
The Pavilion of Regalia, Royal Decorations and Coins is a museum showcasing regalia, royal Thai decorations of the early period, historical Thai money and ornaments used in the royal courts. It is under the supervision of the Bureau of Grand National Treasure, the Treasury Department which has the responsibility to safeguard, conserve, and display national treasures.
The Royal Thai Survey Department is a Special Services Group of Headquarters, Royal Thai Armed Forces (กองบัญชาการกองทัพไทย) tasked with conducting land and aerial survey, geodesy and geophysics works in Thailand. The headquarters of the Survey Department are located on Kanlayan Maitri Road in the Phra Borom Maha Ratchawang Subdistrict of Phra Nakhon District, Bangkok, and the current Department Director is Lieutenant General Noppadon Chotisiri.
The banknotes of the Thai baht are part of the physical form of the Thai baht, Thailand's currency. The issuance of the baht banknotes is managed by the Bank of Thailand. Throughout its history, the denominations have ranged from 1 baht to 1,000 baht. The circulating banknotes today in Thailand, however, are ranged from 20 baht, 50 baht, 100 baht, 500 baht and 1000 baht. The currently circulating series are 17th, 16th and 15th series. Thai baht banknotes commonly include the portrait or the picture of the sculpture of its kings. The obverses have been designed with the current king's portrait. Whilst, in the reverses, mostly the picture of notable kings and kings with the title "the great". Some reverses feature the King Bhumibol's sayings.
The 100 baht note (100฿) is one of the most commonly used Thai baht banknotes and has been used since 1892. The 17th series notes are currently in circulation having been introduced in 2018. The 15th, 16th and 16th (special) series are also very common in circulation. The front side shows a portrait of Vajiralongkorn, the current head of the state or the king. The reverse depicts King Chulalongkorn and King Vajiravudh.
The 20 baht note (20฿) is currently the lowest-in-value baht banknote and has been used since 1892. The 17th series notes are currently in circulation having been introduced in 2018. The 15th, 16th and 16th (special) series are commonly used as well. The front side shows a portrait of Vajiralongkorn, the current head of the state or the king. The reverse depicts Kings Phra Buddha Yodfa Chulaloke and Phra Buddha Loetla Nabhalai. Since 2022, this denomination has been printed in polymer.
Bullet money or bullet coins, known in Thai as photduang, were a type of coinage historically used in Siam and its predecessor kingdoms. They were almost exclusively made of silver, in the form of a bar bent into a roundish shape, and stamped with certain marks. Photduang were issued according to the baht system of weights, known among Westerners as the tical, which is the basis of the modern Thai currency. Their earliest common use is from the Sukhothai Kingdom, and they were used by Ayutthaya and its successor kingdoms Thonburi and Rattanakosin up until 27 October 1904, when their use was discontinued in favour of flat coinage.
↑ Duncan Stearn (27 June – 3 July 2003). "Rise of state-sponsored militarism and socialism". Pattaya Mail. XI (26). Pattaya: Pattaya Mail Publishing Co. Retrieved February 18, 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 (24 June 2011). "History and Series of Banknotes; 50 baht Series 16". Bank of Thailand. Archived from the original on 2 April 2019. Retrieved 11 April 2013. Front The portrait of King Rama IX in the Royal House of Chakri gown; Back The images of the statue of King Naresuan Pouring water on the ground, symbolizing the declaration of independence, King Naresuan with his sword leading his troops to beat the Burmese camp, the statue of King Naresuan at the Don Chedi Memorial compound, Phra Chedi Chai Mongkol located at Wat Yai Chai Mongkol, Phra Nakhon Si Ayutthaya Province. Notification Date June 24, 2011, Issue Date January 18, 2012
↑ Suraphan; Chantima (November 2, 2012). "History and Series of Banknotes; 20 baht Series 16". Bank of Thailand. Retrieved April 11, 2013. Front The portrait of King Rama IX in the Royal House of Chakri gown; Back The images of the royal statue of King Ramkhamhaeng the Great seated on the Manangkhasila Asana Throne, the invention of the Thai script, the Ramkhamhaeng stele, ancient Thai script Lai Sue Thai, the grievance hearing, the Bell of King Ramkhamhaeng, and Sangkhalok Wares. Notification Date November 2, 2012. Issue Date April 1, 2013
↑ Wisarut (July 14, 2016). "History and Series of Banknotes; 500 Baht Series 16". Bank of Thailand. Retrieved July 14, 2016. Front The portrait of King Rama IX in the Royal House of Chakri gown; The images of HM King Buddha Yodfa Chulalok the Great (King Rama I) monument, Wat Phra Chetuphon Vimolmangklararm Rajwaramahaviharn (Wat Pho), Phra Sumen Fort. Notification Date December 27, 2013, Issue Date May 12, 2014
↑ Wisarut (July 14, 2016). "History and Series of Banknotes; 1000 baht Series 16". Bank of Thailand. Retrieved July 14, 2016. Front The portrait of King Rama IX in the Royal House of Chakri gown; Back The images of His Majesty King Chulalongkorn (King Rama V) monument, The Ananda Samakhom Throne Hall, the image of abolition of slavery. Notification Date August 17, 2015, Issue Date August 21, 2015
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