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The 'baht' (, symbol ฿, ISO 4217 code THB) is the currency of Thailand. It is subdivided into 100 ''satang'' (สตางค์). The issuance of currency is the responsibility of the Bank of Thailand.
A baht is also a unit of weight for gold and is commonly used in jewellers and goldsmiths in Thailand. 1 baht = 15.244 grams (15.244 grams is used for "raw" gold or bullion; in the case of jewellery, 1 baht should be more than 15.16 grams).

Contents

History

Coins

Remarks

Banknotes

Exchange rates

See also

References

External links

History

The currency was originally known as the ''tical'' and this name was used in the English language text on banknotes until 1925. However, the name baht was established as the Thai name by the 19th century. Both tical and baht were originally units of weight and coins were issued in both silver and gold denominated by their weight in baht and its fractions and multiples.
Until 1897, the baht was subdivided into 8 ''fuang'' (เฝือง), each of 8 ''att'' (อัธ). Other denominations in use were:

'Denomination'	'Value'
solot	½ att
sio	2 att
sik	4 att
salung	2 fuang
tamlung	4 baht
chang	80 baht

The present decimal system, in which 1 baht = 100 satang, was introduced by king Chulalongkorn in 1897. However, coins denominated in the old units were issued until 1910. One hangover from the pre-decimalization system: the 25 satang (¼ baht) is still colloquially called a ''salueng'' or ''salung'' (สลึง). It is occasionally used for amounts not exceeding 10 salueng or 2.50 baht. A 25-satang coin is also sometimes called ''salueng coin'' (เหรียญสลึง, pronounced 'rian salueng').
Until November 27, 1902, the tical 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 1857, the values of certain foreign silver coins were fixed in law, with the 1 baht = 0.6 Straits dollar and 5 baht = 7 Indian rupees. Before 1880 the exchange rate was fixed at eight baht per pound sterling, falling to ten 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 = 1 British pound, the currency rose in value until, in 1908, a fixed peg to the British pound was established of 13 baht = 1 pound. This was revised to 12 baht in 1919 and then, after a period of instability, to 11 baht in 1923. During the Second World War, the baht was fixed at a value of 1 Japanese yen.
From 1956 until 1973, the baht was pegged to the U.S. dollar at an exchange rate of 20.8 baht = 1 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 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 has since risen to about 30 per dollar.

Coins

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.^[1] Denominations issued included , , , , ⅛, ½, 1, 1½, 2, 2½, 4, 4½, 8, 10, 20, 40 and 80 baht in silver and , , ⅛, ½, 1, 1½, 2 and 4 baht in gold. Between 1858 and 1860, foreign trade coins were also stamped by the government for use in Thailand.
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 2½, 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, cupro-nickel 2½, 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 ½ 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 WWII. 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. It should be notes that 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. Cupro-nickel 1 baht coins were introduced in 1962 and struck without date change until 1982.
In 1972, cupro-nickel 5 baht coins were introduced, switching to cupro-nickel-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, cupro-nickel 1 baht, cupro-nickel-clad-copper 5 baht and bimetallic 10 baht. Cupro-nickel-clad-steel 2 baht were introduced in 2005.

Currently Circulating Coins [1]
Image		Value	Technical parameters			Description		Date of first minting
Obverse	Reverse		Diameter	Mass	Composition	Obverse	Reverse
1 Satang		1 satang 1	15 mm	0.5 g	Aluminium	H.M. King Bhumibol Adulyadej	Haripunchai Temple, Lamphun	1987
5 Satang		5 satang 1	16 mm	0.6 g			Phra Patom Temple, Nakhon Pathom	1987
10 Satang		10 satang 1	17.5 mm	0.8 g			Phrathat Chungchum Temple, Sakon Nakhon	1987
25 Satang		25 satang	16 mm	1.9 g	Aluminium bronze	H.M. King Bhumibol Adulyadej	Mahathat Temple, Nakhon Si Thammarat	1987
50 Satang		50 satang	18 mm	2.4 g			Doi Suthep Temple, Chiang Mai	1987
1 baht		1 baht	20 mm	3.4 g	Cupronickel	H.M. King Bhumibol Adulyadej	Phra Kaew Temple, Bangkok	1986
2 baht		2 baht	21.75 mm	4.4 g	Cupronickel clad steel		Saket Temple, Bangkok	2005
5 baht		5 baht	24 mm	7.5 g	Cupronickel clad copper		Benchamabophit Temple, Bangkok	1988
10 baht		10 baht	26 mm	8.5 g	'Ring:' Cupronickel 'Center:' Aluminium bronze	H.M. King Bhumibol Adulyadej	Arun Temple, Bangkok	1988

Remarks

# The 1, 5 and 10 satang are very rare to see in circulation only^[2].
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 designs also have Arabic numerals.
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.

Banknotes

In 1851, the government issued notes for ⅛, ¼, ⅜, ½ and 1 tical, followed by 3, 4, 6 and 10 tamlung 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 tamlung, and 1 chang. 1 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 for 5, 10, 20, 100 and 1000 ticals, with 1 and 50 ticals notes following in 1918. In 1925, notes were issued with the denomination baht used in the English text, in denominations of 1, 5, 10, 20, 100 and 1000 baht.
In 1942, the Bank of Thailand as founded and took over responsibility for the issuance of paper money. 50 baht notes were briefly reintroduced in 1945, with 50 satang notes issued in 1946. The 1 baht note was replaced by a coin in 1957 and the 5 baht was replaced in 1972. 50 baht note were again reintroduced in 1985, with the 10 baht note replaced by a coin in 1988.

Currently Circulating Banknotes [2]
Image		Value	Dimensions	Main Colour	Description		Date of issue
Obverse	Reverse				Obverse	Reverse
20 baht	20 baht	20 baht	138 × 72 mm	Green	H.M. King Bhumibol Adulyadej	H.M. King Ananda Mahidol (Rama VIII)	3 March 2003
50 baht	50 baht	50 baht	144 × 72 mm	Blue		H.M. King Mongkut (Rama IV)	1 October 2004
100 baht	100 baht	100 baht	150 × 72 mm	Red		H.M. King Chulalongkorn (Rama V)	21 October 2005
500 baht	500 baht	500 baht	156 × 72 mm	Purple		H.M. King Nangklao (Rama III)	1 August 2001
1000 baht	1000 baht	1000 baht	162 × 72 mm	Gray		H.M. King Bhumibol Adulyadej	25 November 2005

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 (or coin) 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 - 1990 - Princess Mother Srinagarindra's 90th birthday (commemorative text added to regular 50 baht notes)

★ 500 baht - 1990 - Princess Mother Srinagarindra's 90th birthday (commemorative text added to regular 500 baht notes)

★ 1000 baht - 1992 - HM Sirikit's 60th birthday (commemorative text added to regular 1000 baht notes)

★ 10 baht - 1996 - 120th anniversary of the ministry of finance (commemorative text added to regular 10 baht notes)

★ 50 baht - 1996 - H.M. Bhumibol Adulyadej's 50th Anniversary of Accession to the Throne

★ 500 baht - 1996 - H.M. Bhumibol Adulyadej's 50th Anniversary of Accession to the Throne

★ 1000 baht - 1999 - H.M. Bhumibol Adulyadej's 72nd birthday (a different emblem)

★ 50 baht - 2000 - Wedding Anniversary Commemorative

★ 500,000 baht - 2000 - Identical previous, except denomination

★ 100 baht - 2002 - 100th anniversary of Thai Currency

★ 100 baht - 2004 - H.M. Sirikit's 72nd Birthday

★ 60 baht - 2006 - H.M. Bhumibol Adulyadej's 60th Anniversary of Accession to the Throne

Exchange rates

There was no significant difference between offshore rate and onshore rates until they were introduced by Reserve Requirement on Short-Term Capital Inflows on December 19, 2006. Since then, the divergence has become marked, with the smaller offshore rates being up to 10% or more higher than large turnover onshore rates. It seems that ATM withdrawals get the onshore rate.

See also

★ Economy of Thailand

★ Stock Exchange of Thailand

References

1. The History of Siamese Money
2. Eliot, Joshua. ''Thailand Handbook''. 2003 Footprint Travel Guides page 32


★ Cecil Carter eds., ''The Kingdom of Siam 1904'', reprint by The Siam Society 1988, ISBN 974-8298-13-2, Chapter X ''Currency and Banking''

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External links

★ Current Series of Coins in Circulation