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Thai baht
บาทไทย (Thai)
Thai money.jpg
Baht banknotes and coins issued by the Bank of Thailand
ISO 4217
CodeTHB (numeric: 764)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
 Freq. used฿20, ฿50, ฿100, ฿500, ฿1000
 Freq. used25, 50 satang, ฿1, ฿2, ฿5, ฿10
 Rarely used1, 5, 10 satang
Official user(s) Thailand
Unofficial user(s)
  • Cambodia
  • Laos
  • Myanmar
  • Vietnam
Central bankBank of Thailand
PrinterNote Printing Works of the Bank of Thailand
MintRoyal Thai Mint
 SourceInflation (annual %), World Bank, 2011–2015

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]

YouTube Encyclopedic

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  • Learn Thai Baht Currency Denominations (฿1 to ฿1,000)
  • US Dollar to Thai Baht Currency Exchange Rate History 1983 to 2022
  • 50 Thai Baht banknote 2018 Features & Security | Traveller's guide | Thailand



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 spelling Relative value Value relative to baht Notes
Bia เบี้ย 1100 at 16400 Bia is Thai for cowry, the shell of which was used as a trade medium of the same value.
Solot โสฬส 116 fueang 1128 Solot here literally means "sixteen" or sixteenth, referring to the fractional amount relative to a fueang.
At อัฐ 18 fueang 164 Likewise, at literally means eight.
Siao/Phai เสี้ยว/ไพ 14 fueang 132 Siao means quarter.
Sik ซีก 12 fueang 116 Sik means half.
Fueang เฟื้อง 18 baht 18 The smallest silver bullet coins available in the market.
Salueng สลึง 14 baht (0.25 baht, 25 satang 14 Thai version of the Mace (unit).
Song salueng สองสลึง 12 baht (0.50 baht, 50 satang) 12
Baht บาท 1
Tamlueng ตำลึง 4 baht 4 Thai version of the tael.
Chang ชั่ง 20 tamlueng 80 Thai 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. From 1856 to 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 US 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]


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 1128, 164, 132, 116, 18, 12, 1, 1+12, 2, 2+12, 4, 4+12, 8, 10, 20, 40 and 80 baht in silver and 132, 116, 18, 12, 1, 1+12, 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+12, 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+12, 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 12 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) [2] [3] (in Thai)
Value Technical parameters Description Date of first minting
Diameter Mass Composition Obverse Reverse
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 Phra That Doi Suthep, Chiang Mai 1987
18 mm 2.4 g Copper-plated steel King Bhumibol Adulyadej Wat Phra That 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
Coins of the Thai baht (Rama X)
Image Value Composition Description Date of minting
Obverse Reverse Obverse Reverse
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 coin (Rama X, obverse).jpg
1 baht coin (Rama X, reverse).jpg
1 baht Nickel-plated steel King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
2 baht coin (Rama X, obverse).jpg
2 baht coin (Rama X, reverse).jpg
2 baht Aluminum bronze King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
5 baht coin (Rama X, obverse).jpg
5 baht coin (Rama X, reverse).jpg
5 baht Copper nickel-clad copper King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018
10 baht coin (Rama X, obverse).jpg
10 baht coin (Rama X, reverse).jpg
10 baht Outer Ring: Copper nickel
Center Plug: Aluminium bronze
King Maha Vajiralongkorn Monogram of Maha Vajiralongkorn 2018


  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.[which?]

In February 2010 the Treasury Department of Thailand stated that it has been planning a new circulation 20-baht coin.[20]


In 1851, the government issued notes for 18, 14, 38, 12 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]
Value Dimensions Main colour Description Date of issue
Obverse Reverse
20 baht 138 × 72 mm Green King Bhumibol Adulyadej in the uniform of the supreme commander of the armed forces King Ananda Mahidol (Rama VIII) 3 March 2003
50 baht 144 × 72 mm Blue King Mongkut (Rama IV) 19 March 2004
100 baht 150 × 72 mm Red King Chulalongkorn (Rama V) and King Vajiravudh (Rama VI) 21 October 2005
500 baht 156 × 72 mm Purple King Nangklao (Rama III) 1 August 2001
1,000 baht 162 × 72 mm Brown King Bhumibol Adulyadej; Pa Sak Jolasid Dam 25 November 2005
16th series banknotes**[30]
Value Dimensions Main colour Description Date of issue
Obverse Reverse
20 baht[31] 138 × 72 mm Green 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 stele 1 April 2013[32]
50 baht[33] 144 × 72 mm Blue King Naresuan the Great pouring water for declaration of independence monument; Statue of king Naresuan the Great on war elephant; Phra Chedi Chai Mongkol temple 18 January 2012[34]
100 baht[35] 150 × 72 mm Red King Taksin the Great monument in Wongwian Yai circle; Phra Ratchawang Doem (King Taksin's palace); Wichai Prasit Fortress Thonburi 26 February 2015[36]
500 baht[37] 156 × 72 mm Violet 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 mm Brown King Chunla Chom Klao the Great (King Rama V) monument; Ananta Samakhom throne hall, Dusit palace ground king's monument, end of slavery in Siam 21 August 2015[40]
17th series banknotes


Value Dimensions Main colour Description Date of issue
Obverse Reverse
20 baht 138 × 72 mm Green 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 baht 144 × 72 mm Blue Kings Nangklao (Rama III) and Mongkut (Rama IV) 6 April 2018
100 baht 150 × 72 mm Red Kings Chulalongkorn (Rama V) and Vajiravudh (Rama VI) 6 April 2018
500 baht 156 × 72 mm Purple Kings Prajadhipok (Rama VII) and Ananda Mahidol (Rama VIII) 28 July 2018
1,000 baht 162 × 72 mm Brown 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 USD/THB from 1980 to 2015
Historical exchange rate of EUR/THB since 2005
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:

(Source 2014–2020: Bank of Thailand) [4]

Current THB exchange rates


See also


  1. ^ [1] Archived 2019-04-22 at the Wayback MachineRMB Tracker February 2019 Archived 2019-04-22 at the Wayback Machine
  2. ^ "Thailand Commemorative Bullet Coins (112)". Scott Semans World Coins. Archived from the original on 11 November 2017. Retrieved 25 October 2018.
  3. ^ "The History of Siamese Money". Welcome to Chiangmai & Chiangrai. June 16, 2010. Archived from the original on September 28, 2011. Retrieved October 25, 2018.
  4. ^ "เหรียญกษาปณ์ของไทย [Coins of Thailand]". Ministry of Defense of Thailand (in Thai). Archived from the original on 2012-02-04. Retrieved 15 October 2011.
  5. ^ "เงินตรา [Money]". Royal Thai Mint (in Thai). Retrieved 22 November 2020.
  6. ^ "รัชกาลที่ 4 รับสั่งทำ "เหรียญกระษาปณ์" รับมือการค้ากับต่างชาติ [King Mongkut ordered the production of western style coins as the response to the rising trades with foreigners]". Silpa Watthanatham Magazine (in Thai). 27 March 2019. Retrieved 22 November 2020.
  7. ^ "กฎกระทรวงการคลัง ออกตามความในพระราชบัญญัติ เงินตราในภาวะฉุกเฉิน พุทธศักราช 2484 (ฉะบับที่ 3) [Ministry of Finance Regulation issued according to Currency during the Emergency Situation of BE 2484 (Issue No. 3) ]". Legislative Institutional Repository of Thailand (in Thai). Retrieved 22 November 2020.[permanent dead link]
  8. ^ "THE CURRENCY BEFORE AND DURING THE WAR by Prince Vivadhanajaya 21 July BE 2488 (1945)". วชิรญาณ. Retrieved 23 November 2020.
  9. ^ "จากระบบอัตราแลกเปลี่ยนอิงตะกร้าเงินสู่ระบบอัตราแลกเปลี่ยนลอยตัว (From Monetary FOREX system to floating FOREX), เศรษฐสาร Vol. 11 No. 7 July BE 2540 (1997)" (PDF) (in Thai). Archived (PDF) from the original on 7 March 2020. Retrieved 28 May 2012.
  10. ^ "ลดค่าเงินบาทในภาษาที่ทุกคนเข้าใจ โดย เสรี ทรัพย์เจริญ นิตยสารผู้จัดการ พฤศจิกายน 2527" (in Thai). Archived from the original on 25 December 2015. Retrieved 22 November 2020.
  11. ^ de Campos, J. J. (1941). "The Origin of the Tical" (PDF). Journal of the Siam Society. Siam Heritage Trust. 33.2c. Archived (PDF) from the original on 2022-10-09. Retrieved June 23, 2013. From the earliest times in Southern Burma, the weight adopted were not the Chinese liang or tael or its variants, but the Indian bahur and the viss, the latter being divided into 100 ticals. It is this Burmese tical, which was and continues to be in Burma the designation of a definite weight of uncoined silver or its compound, that throws light on the problem of the Thai tical.
  12. ^ "Banknotes, Series 1". Bank of Thailand. 23 February 2012. Retrieved 9 May 2012. ...each denomination had many types which were printed by Thomas De La Rue & Company Limited, England....
  13. ^ "Banknotes, Series 2". Bank of Thailand. 22 November 2020. Retrieved 22 November 2020.
  14. ^ อันซีน "พิพิธภัณฑ์มีชีวิต ธนบัตรมีเรื่องราว" แห่งเดียวในประเทศไทย [Unseen living museum - Banknotes have stories from the unique museum in Thailand]. Matichon (in Thai). Archived from the original on 2015-12-22. Retrieved 8 December 2011.
  15. ^ Lekhakum, Nawarat (2009). เบี้ย บาท กษาปณ์แบงค์ [Cowrie, Baht, Coins, and Bank] โดย นวรัตน์ เลขะกุล (in Thai). สำนักพิมพ์สารคดี [Sarakhadee Press].
  16. ^ "1835 Rama III unadopted design copper coin "Lotus - MuangThai"".
  17. ^ เงินตรา. Royal Thai Mint (in Thai). Archived from the original on 4 March 2016. Retrieved 20 October 2015.
  18. ^ "Current coins – Royal Thai Mint". Archived from the original on 2019-06-25. Retrieved 2019-06-17.
  19. ^ Gibbs, William T. (Feb 11, 2002). "Thai bahts causing euro problems - 10-baht coins work in place of 2-euro coins in machines". Coin World. Amos Press. Archived from the original on March 2, 2009.
  20. ^[dead link]
  21. ^ "Banknotes, Series 1". Bank of Thailand. Feb 26, 2012. The design was printed only on one side; so the note was called 'Uniface banknote'. There were 7 denominations....
  22. ^ "Banknotes, Series 2". Bank of Thailand. Feb 26, 2012. Archived from the original on July 4, 2012. on the back side was the picture of the Royal Ploughing Ceremony. This type of banknote was called "Ploughing Ceremony Note".
  23. ^ Duncan Stearn (27 June – 3 July 2003). "Rise of state-sponsored militarism and socialism". Pattaya Mail. Pattaya: Pattaya Mail Publishing Co. XI (26). Archived from the original on 1 November 2011. Retrieved 18 Feb 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.
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