Thai Currency Baht

The Thai Currency is the Baht. The bank of Thailand has the sole authority to issue the standard currency in Thailand. Long ago the currency was known as the Tical and this name was also used in the bank notes in the English Language until 1925. And when Thailand gained independence in the 19th century they named it as Baht.

Apart from Baht being the Thai Currency the name was also used in measuring units of weights. The coins were mostly issued in Gold but later due to theft the currency was made in silver. Early in the 1897 King Chulalongkorn introduced the satang where 1 baht was equal to 100 satang. The same coins were in use till 1910. Denominations which did not exceed 10 are used even recently. These coins are also called the Salueng coin.

The Thai Currency compared to dollars was 1 baht equals 0.6 dollar. Before 1880 when Thailand was under British Rule their currency was absolutely value less. From the 1800s to the 1880s exchange rates with pound were low ranging from eight Baht per pound and later as ten Baht per pound. Then after independence the currency came under the control of the government and the exchange rates began to increase.

The Baht was at its down low, it was valued at 21.75 baht for 1 British pound, which was a shock to the whole nation. The Thai Currency once again was not adjusted with the value of gold and silver accordingly. During the Second World War things slightly changed when the Baht was valued equal the Japanese Yen. But recently due to immense growth in the US economy the Baht has again lost its value. On January 1998 one dollar equaled fifty-six Baht.

During the making of the Thai Currency in 1941, silver coins were introduced in denominations of 5, 10, 20 Satang. The forthcoming years saw nickel coins in denominations of 1, 5 and 10 Satang and the following years brought in higher values of 25 and 50. Recently bronze coins are being used for exchange along with copper, nickel, silver and mainly zinc. In 1851 notes were issued, it was below 1 tical and later in 1868 denominations of 5, 7, 8, 12 and 15 tical.

Later the Thai Currency notes were issued at 1, 5, 10, 40, 80, 100 and 1000 baht. During the 1942 when the Bank of Thailand took over the issue of paper currency it reintroduced 50 satang notes. The 10 baht note was later replaced by a single coin as the denominations increased. The currency is still struggling due to the economy. Different rates are maintained in different parts of Thailand for ease of use. Thai baht