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Thailand Baht

 

 

Thailand Baht

Baht is the official currency of the beautiful land of smiles—Thailand. The currency was introduced by Thailand’s former ruler, King Chulalongkorn the Great, during his reign in 1897. Thailand Baht was formerly known as “tical”, which is actually a unit of measurement for weight.

It was just adapted to monetary use because in the olden days, denominations for gold and silver coins were determined by their weight.

For example, one tical (approx. 15 grams or so) was equivalent to one baht; one “gourd” (60 grams) was equivalent to 4 baht or what they call tamleung; one “catty” (1200 grams) of silver equaled to 80 baht or 20 tamleung, which was further grouped in a bigger denomination called “chang”;

 

 and 6400 baht, or 80 chang, which measured 96 kg of silver, was called one “hap”.Before 1897, one baht was equivalent to eight (8) fuang. Other smaller denominations were: mayon, which is baht; salung, quarter baht; sik, fuang; and py or sio, quarter fuang.

 

Thailand Baht

Fuang is further divided in much smaller denominations and they are: ath or att; solot; and att.

 

It wasn’t until Prince Mahisorn, the Father of Thai Banking, devised a decimal system for financial use did Baht was officially divided into 100 of what is now known as “satang”.

 

But as they say, old habits die hard. 25 satang, or baht, is still called “salung” today by Thai locals.

Early in the 1800s, Thai people didn’t have the means for the production of modern coins.

 

They only used what they call then “bullet coins”, which were made out of very short silver bars bent to form a circle like a seal ring.

 

Modern coins were only introduced in Thailand during the 1860s. The early coins were struck in gold, tin and copper and only in small denominations such as sik, fuang and salung.

It was also only in 1897 when the Thai government started minting coins in baht denominations. The metals aluminum, bronze, copper, nickel, cupronickel, and zinc were also subsequently introduced for coinage, sometimes in combinations, in the succeeding years.

The value of Thailand Baht rose and fell in relation with the value of silver over the years. It was at its best from 1984 to 1997 when it traded at 25 Baht for one U.S. dollar.

Baht Thailand
 

After which, it went down to its lowest at 56 Baht for one U.S. dollar in 1998. But it quickly bounced back and is enjoying around 30 Baht for every U.S. dollar rate until today.

 
 

  

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