Thai baht

''Tical redirects here. For the musical album by Method Man, see Tical (album).

The baht (บาท, symbol ฿, ISO 4217 code THB) is the official currency of Thailand. It is divided into 100 satang. The issuance of currency is the responsibility of the Bank of Thailand.

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 ( tical), 3.8 g
- Fuang ( tical), 1.9 g
Copper coins
- Song Phai ( tical), 18.9 g
- Phai ( tical), 11.3 g
- Att ( tical), 5.6 g
- Solot ( tical), 2.8 g

One leftovers from the pre-decimalization system, the 25 satang ( baht) is still colloquially called 'salueng' or 'salung' (สลึง). It is occasionally used for not exceeding 10 salueng or 2.50 baht. A 25-satang coin is also sometimes called salueng coin (เหรียญสลึง, pronounced 'rian salueng').

Coins

Currently Circulating Coins ^*
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	Aluminium bronze		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 ^*
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

References

Cecil Carter eds., The Kingdom of Siam 1904, reprint by The Siam Society 1988, ISBN 9748298132 - Chapter X Currency and Banking

External links

Economy of Thailand | Currency signs

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