Thai baht
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- ''Tical redirects here. For the musical album by Method Man, see Tical (album).
Baht is also a unit of gold measure and is used commonly in jewellers and goldsmith in Thailand, 1 baht = 15.244 grams. (15.244 gram is used for "raw" gold or bullions, in case of jewelery, one baht should be more than 15.16 grams)
Monetary History
Until 1897, the baht was subdivided into 8 fuang, each of 8 att. The present decimal system, in which one baht = 100 satang (สตางค์), was introduced by king Chulalongkorn. However, until the 1940s it was named tical, then renamed to baht. Originally the term baht was a weight unit of about 15 g and was adopted because one tical was equivalent to 15 g of silver.Until November 27, 1902 the tical was fixed on a purely silver basis, but as the value of silver fell relative to gold-fixed currencies, the fixing was changed. From the lowest rate of 21.75 tical per pound sterling it could be soon raised to 17 tical per pound. In the same year, on September 19, the first banknotes were issued, with denomination of five, ten, twenty, one hundred and one thousand tical. Coins in 1902 were
- Silver coins
- *Tical, 15.244 g
- *Salung (1⁄4 tical), 3.8 g
- *Fuang (1⁄8 tical), 1.9 g
- Copper coins
- *Song Phai (1⁄16 tical), 18.9 g
- *Phai (1⁄32 tical), 11.3 g
- *Att (1⁄64 tical), 5.6 g
- *Solot (1⁄128 tical), 2.8 g
Coins
| Currently Circulating Coins [link] () | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Diameter | Weight | Composition | Obverse | Reverse | First Minted Year |
| 1 satang (only in bank circulation) | 15 mm | 0.5 g | Aluminium | H.M. King Bhumibol Adulyadej | Haripunchai Temple | 1987 |
| 5 satang (only in bank circulation) | 16 mm | 0.6 g
| Phra Patom Temple | 1987 | ||
| 10 satang (only in bank circulation) | 17.5 mm | 0.8 g
| Phrathat Chungchum Temple | 1987 | ||
| 25 satang | 16 mm | 1.9 g | Aluminium bronze
| Mahatat Temple | 1987 | |
| 50 satang | 18 mm | 2.4 g
| Doi Suthep Temple | 1987 | ||
| 1 baht | 20 mm | 3.4 g | Cupronickel
| Phra Kaew Temple | 1986 | |
| 2 baht | 21.75 mm | 4.4 g | Cupronickel clad steel
| Saket Temple | 2005 | |
| 5 baht | 24 mm | 7.5 g | Cupronickel clad copper
| Benchamabophit Temple | 1988 | |
| 10 baht | 26 mm | 8.5 g | Ring: Cupronickel Center: Aluminium bronze
| Arun Temple | 1988 | |
Many commemorative 10 baht coins have been made for special events. Even though the satang-denominated coins are legal tender, small shops usually don't accept them anymore. Older coins which are still in circulation only had the Thai numerals, but the new design also has Hindu-Arabic numerals.
Banknotes
| Currently Circulating Banknotes [link] | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Color | Obverse | Reverse | Issued Date | |
--> |
--> | 20 baht | 138 x 72 mm | Green | H.M. King Bhumibol Adulyadej
| H.M. King Ananda Mahidol (Rama VIII) | 3 March 2003 |
--> |
--> | 50 baht | 144 x 72 mm | Blue
| H.M. King Mongkut (Rama IV) | 1 October 2004 | |
--> |
--> | 100 baht | 150 x 72 mm | Red
| H.M. King Chulalongkorn (Rama V) | 21 October 2005 | |
--> |
--> | 500 baht | 156 x 72 mm | Purple
| H.M. King Nangklao (Rama III) | 1 August 2001 | |
--> |
--> | 1000 baht | 162 x 72 mm | Gray
| H.M. King Bhumibol Adulyadej | 25 November 2005 | |
Historical exchange rates
Before 1880 the exchange rate was fixed at eight Baht per Pound sterling, falling to ten to the Pound during the 1880s. A falling silver price further depressed rates, reaching almost twenty-two per Pound in 1902, but after switching to the gold standard, rates stabilised at thirteen Baht to the Pound. After World War I, which hurt other countries much more than Thailand, the rate rose to eleven Baht per Pound where it remained until the onset of World War II.From the end of World War II until 1980 the Baht was pegged to the US Dollar at an exchange rate of twenty Baht to one Dollar. A strengthening US economy caused Thailand to re-peg its currency at 25 to the Dollar from 1985 until July 2, 1997, when the country was stung by the Asian financial crisis. The Baht was floated and halved in value, reaching its lowest rate of 56 to the Dollar in January 1998. It stabilized again at a rate of about 40 per Dollar, where it has since remained.
Trivia
- The 10 baht coin is very similar to the two–euro coin in size, shape and weight and likewise consists of two different alloys. Vending machines that are not equipped with an up-to-date coin-checking system might therefore accept them as €2 coins.
- It is considered rude to put baht banknotes in a wallet that sits in the back pocket, as this allows someone to sit on the image of the King, which is considered highly disrespectful. Similarly, stepping on a baht banknote is considered disrespectful.
- Some shops in Thailand, especially in rural areas, display low-denomination banknotes in front of the shop, both as a charm for wealth and out of respect for the King.
- In addition to the Bank Notes currently in circulation (above) numerous commemorative notes have been issued:
- 60 Baht - 1987 - H.M. Bhumibol Adulyadej's 60th birthday
- 50 Baht - 1996 - H.M. Bhumibol Adulyadej's 50th Anniversay of Accession to the Throne
- 500 Baht - 1996 - H.M. Bhumibol Adulyadej's 50th Anniversay of Accession to the Throne
- 50 Baht - 2000 - Wedding Anniversay Commemorative
- 100 Baht - 2002 - 100th year anniversary of Thai Currency
- 100 Baht - 2004 - H.M. The Queen's 72nd Birthday
- 60 Baht - 2006 - H.M. Bhumibol Adulyadej's Sixtieth Anniversay of Accession to the Throne
See also
References
- Cecil Carter eds., The Kingdom of Siam 1904, reprint by The Siam Society 1988, ISBN 9748298132 - Chapter X Currency and Banking
External links
- () () [Bank of Thailand]
- [The Royal Thai Mint]
- () [Current Series of Coins in Circulation]
- () [Ron Wise's - World Paper Money Page]
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