Thai baht

The baht (/bɑːt/; Thai: บาท, pronounced [bàːt]; sign: ฿; code: THB) is the official currency of Thailand. It is divided into 100 satang (สตางค์, pronounced [sà.tāːŋ]). 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]

Thai baht
บาทไทย (Thai)
Baht banknotes and coins issued by the Bank of Thailand
ISO 4217
CodeTHB (764)
Subunit0.01
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol฿‎
Denominations
Subunit
 1⁄100satang
Banknotes
 Freq. used฿20, ฿50, ฿100, ฿500, ฿1000
Coins
 Freq. used25, 50 satang ,฿1, ฿2, ฿5, ฿10
 Rarely used1, 5, 10 satang
Demographics
Official user(s) Thailand
Unofficial user(s)
  • Cambodia
  • Laos
  • Myanmar
  • Vietnam
Issuance
Central bankBank of Thailand
 Websitewww.bot.or.th
PrinterNote Printing Works of the Bank of Thailand
MintRoyal Thai Mint
 Websitewww.royalthaimint.net
Valuation
Inflation1.0%
 SourceInflation (annual %), World Bank, 2011–2015

History

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]

Unit (RTGS)Thai spellingRelative valueValue relative to bahtNotes
Biaเบี้ย1⁄100 at1⁄6400Bia is Thai for cowry, the shell of which was used as a trade medium of the same value.
Solotโสฬส1⁄16 fueang1⁄128Solot here literally means "sixteen" or sixteenth, referring to the fractional amount relative to a fueang.
Atอัฐ1⁄8 fueang1⁄64Likewise, at literally means eight.
Siao/Phaiเสี้ยว/ไพ1⁄4 fueang1⁄32Siao means quarter.
Sikซีก1⁄2 fueang1⁄16Sik means half.
Fueangเฟื้อง1⁄8 baht1⁄8The smallest silver bullet coins available in the market.
Saluengสลึง1⁄4 baht (0.25 baht, 25 satang1⁄4Thai version of the Mace (unit).
Song saluengสองสลึง1⁄2 baht (0.50 baht, 50 satang)1⁄2
Bahtบาท1
Tamluengตำลึง4 baht4Thai version of the tael.
Changชั่ง20 tamlueng80Thai version of the catty.

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. In 1856 - 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 U.S. 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

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.

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.[16][17]

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, cupronickel 2+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 a satang coin 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.

Coins of the Thai baht (Rama IX) (in Thai)
ValueTechnical parametersDescriptionDate of first minting
DiameterMassCompositionObverseReverse
1 satang 1 15 mm 0.5 g 97.5% Al, 2.5% Mg King Bhumibol Adulyadej Wat Phra That Hariphunchai, Lamphun 1987
99% Aluminium 2008
5 satang 1 16 mm 0.6 g 97.5% Al, 2.5% Mg Wat Phra Pathom Chedi, Nakhon Pathom 1987
16.5 mm 99% Aluminium 2008
10 satang 1 17.5 mm 0.8 g 97.5% Al, 2.5% Mg Wat Phra That Choeng Chum, Sakon Nakhon 1987
99% Aluminium 2008
25 satang 16 mm 1.9 g Aluminium bronze King Bhumibol Adulyadej Wat Phra Mahathat, Nakhon Si Thammarat 1987
16 mm 1.9 g Copper-plated steel King Bhumibol Adulyadej Wat Phra Mahathat, Nakhon Si Thammarat 2008
50 satang 18 mm 2.4 g Aluminium bronze King Bhumibol Adulyadej Wat Phrathat Doi Suthep, Chiang Mai 1987
18 mm 2.4 g Copper-plated steel King Bhumibol Adulyadej Wat Phrathat Doi Suthep, Chiang Mai 2008
1 baht 20 mm 3.4 g Cupronickel (1986-2008) King Bhumibol Adulyadej Wat Phra Kaew, Bangkok 1986
3 g Nickel-plated steel (2008–present) 2008
2 baht 21.75 mm 4.4 g Nickel-plated low-carbon steel King Bhumibol Adulyadej Wat Saket, Bangkok 2005
21.75 mm 4 g Aluminium bronze King Bhumibol Adulyadej Wat Saket, Bangkok 2008
5 baht 24 mm 7.5 g Copper nickel-clad copper King Bhumibol Adulyadej Wat Benchamabophit, Bangkok 1988
6 g 2008
10 baht 26 mm 8.5 g Outer Ring: Copper-nickel
Center Plug: Aluminium bronze		 King Bhumibol Adulyadej Wat Arun, Bangkok 1988
2008
Coins of the Thai baht (Rama X)
ImageValueCompositionDescriptionDate of minting
ObverseReverseObverseReverse
1 satang Aluminum King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
5 satang Aluminum King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
10 satang Aluminum King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
25 satang Copper-plated steel King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
50 satang Copper-plated steel King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
1 baht Nickel-plated steel King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
2 baht Aluminum bronze King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
5 baht Copper nickel-clad copper King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
10 baht Outer Ring: Copper nickel
Center Plug: Aluminium bronze		 King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018

Remarks
  1. The 1, 5, and 10 satang are used only internally between banks and are not in circulation.[18]
  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 25 eurocents. 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.[19]
  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.[20]

Banknotes

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,[21] 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;[22] English speakers continued to refer to these as "ticals".[23]

On 27 July 2010, the Bank of Thailand announced that the 16th series banknotes would enter circulation in December 2010.[24][25] On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday.[26] 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.[27]

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.[28]

Images of banknotes have been removed lest they infringe copyright,[29] but may be viewed at the Thai-language article linked in the margin.

15th series banknotes[30]
ValueDimensionsMain colourDescriptionDate of issue
ObverseReverse
20 baht138 × 72 mmGreen King Bhumibol Adulyadej in the uniform of the supreme commander of the armed forces King Ananda Mahidol (Rama VIII)3 March 2003
50 baht144 × 72 mmBlue King Mongkut (Rama IV)19 March 2004
100 baht150 × 72 mmRed King Chulalongkorn (Rama V) and King Vajiravudh (Rama VI)21 October 2005
500 baht156 × 72 mmPurple King Nangklao (Rama III)1 August 2001
1,000 baht162 × 72 mmBrown King Bhumibol Adulyadej; Pa Sak Jolasid Dam25 November 2005
16th series banknotes**[30]
ValueDimensionsMain colourDescriptionDate of issue
ObverseReverse
20 baht[31]138 × 72 mmGreen King Bhumibol Adulyadej in the Royal House of Chakri gown King Ram Khamhaeng the Great on the Manangkhasila Asana Throne monument; invention of the Thai script; Ramkhamhaeng stele1 April 2013[32]
50 baht[33]144 × 72 mmBlue King Naresuan the Great pouring water for declaration of independence monument; Statue of king Naresuan the Great on war elephant; Phra Chedi Chai Mongkol temple18 January 2012[34]
100 baht[35]150 × 72 mmRed King Taksin the Great monument in Wongwian Yai circle; Phra Ratchawang Doem (King Taksin's palace); Wichai Prasit Fortress Thonburi26 February 2015[36]
500 baht[37]156 × 72 mmViolet King Buddha Yodfa Chulalok the Great (King Rama I) monument; Wat Phra Chetuphon Vimolmangklararm Rajwaramahaviharn (Wat Pho); Phra Sumen Fort (Bangkok city wall)12 May 2014[38]
1,000 baht[39]162 × 72 mmBrown King Chunla Chom Klao the Great (King Rama V) monument; Ananta Samakhom throne hall, Dusit palace ground king's monument, end of slavery in Siam21 August 2015[40]
17th series banknotes

[41]

ValueDimensionsMain colourDescriptionDate of issue
ObverseReverse
20 baht138 × 72 mmGreen King Maha Vajiralongkorn in the uniform of the commander of the Royal Thai Air Force and wearing Order of the Nine Gems Kings Phra Buddha Yodfa Chulaloke (Rama I) and Phra Buddha Loetla Nabhalai (Rama II)6 April 2018
50 baht144 × 72 mmBlue Kings Nangklao (Rama III) and Mongkut (Rama IV)6 April 2018
100 baht150 × 72 mmRed Kings Chulalongkorn (Rama V) and Vajiravudh (Rama VI)6 April 2018
500 baht156 × 72 mmPurple Kings Prajadhipok (Rama VII) and Ananda Mahidol (Rama VIII)28 July 2018
1,000 baht162 × 72 mmBrown Kings Bhumibol Adulyadej (Rama IX) and Maha Vajiralongkorn (Rama X)28 July 2018

Money and unit of mass

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.[42] 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 2015
Historical 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.[43]

Year USD/THB average exchange rate
1999 41.34
2000 40.24
2001 40.26
2002 37.92
2003 32.34
2004 32.99
2005 34.34
2006 31.73
2007 30.48
2008 31.07
2009 30.71
2010 32.48
2011 34.25
2012 35.28
2013 33.91
2014 32.48
2015 34.25
2016 35.30
2017 33.94
2018 32.31
2019 31.05
2020 31.30

(Source 1999-2013: usd.fx-exchange.com)

(Source 2014-2020: Bank of Thailand)

Current THB exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY TWD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY TWD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY TWD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY TWD

See also
  • Economy of Thailand
  • Stock Exchange of Thailand

References
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  38. Press release announcing the issuance of the Series 16 500 baht banknote Archived 2015-04-03 at the Wayback Machine Bank of Thailand (www.bot.or.th). Retrieved on 2014-05-08.
  39. "1000 Baht Series 16".
  40. Press release announcing the issuance of the Series 16 1,000 baht banknote Archived 2015-10-09 at the Wayback Machine Bank of Thailand (www.boh.or.th). Retrieved on 2015-08-18.
  41. "The Bank of Thailand Launches New Series of Thai Banknotes (Series 17), BOT Press Release No. 17/2018" (PDF). Archived from the original (PDF) on 10 March 2018. Retrieved 8 March 2018.
  42. "A sure bet or fool's gold?", Bangkok Post 2010-01-10
  43. "UPDATE 1-Onshore and offshore Thai baht converge, c.bank seen". Reuters. 3 March 2008.
Sources
  • Cecil Carter eds. , The Kingdom of Siam 1904, reprint by the Siam Society 1988, ISBN 974-8298-13-2, chapter X Currency and Banking
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
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