Historical buying power of the Baht throughout history

The value of the baht (bimetallic standard) has fluctuated over the years, and the baht inflated massively after switching to a fiat standard. This can be seen in the price of a bowl of Guay Jap (a type of noodle). One bowl of guay jap was around 1 att during the reign of Rama V, but during the era of Rama VI it cost around 1 satang.^[14] The decimal equivalent of 1 att was around 1.5 satang. As of 2024, the baht had depreciated since the reign of Rama V by a factor of around 500,000%. Note that the 500,000% inflation is a linear and static decrease in value, it is just a comparative percentage of how much the value had "decreased". It is not a yearly compounded value.^{[clarification needed][15]}

Historical Exchange Rate

Currency exchange in ancient times were determined by the metal's relative value at the time. In this, a pound of metal, for example a silver, would be worth a pound else where but be measure in different unit. To explain, a pound is 413.33g, this would be worth a little under 7 tamleungs or 27 silver baht.^[29] This was seen to be applied during Rama IV era, where spanish dollars were traded according to their weight, in which 5 baht is converted to 3 spanish dollars.^[6] Moreover, this can be used to extrapolate conversion rate with other currencies which came before or existing concurently the baht such as: Roman Denarius, Old Greek Drachma, Ducat, and more.

More information Value in baht, Currency converted to ...

Value in baht	Currency converted to	Years active	Converted value	Base value	Note
1 Baht silver*	British Pound[30]	775 - 1971	2 shllings 6 pence (1/8 pounds)	1 £ = 7.32g gold*	1 pound = 20 shilling = 240 pence 1 shilling = 12 pence
	Scandinavian Krone[31]	1873-1914	2 kroner 36 øre (2.36 krone)	1 Kr = 0.40g gold*	1 krone = 100 øre
	Conventionsthaler[32]	1754-1825	18 groschen 6 pfennig (186/240 thaler)	1 Th = 19.49g silver*	1 thaler = 24 groschen = 240 pfennig = 480 heller 1 groschen = 10 pfennig ; 1 pfennig = 2 heller
	Austro-Hungarian Gulden[33]	1754-1892	1 gulden 8 kreuzer (before 1857) 1 gulden 13.4 kreuzer (after 1857)	1 Fl = 0.834g gold*	1 gulden = 60 kreuzer (before 1857) 1 gulden = 100 kreuzer
	German Imperial Mark[34]	1871-1914	2 mark 64 pfennig (2.643 mark)	1 ℳ︁ = 0.358g gold*	1 mark = 100 pfennig
	Spanish Dollar[35]	1350-1868	4 reales 47 maravedies (303/512 dollar)	1 $ = 25.56g silver*	1 dollar = 8 reales = 512 maravedies 1 reales = 64 maravedies
	Indian Rupee[36]	1717-1957	1 rupee 4 annas 13 pices (7/5 rupee)	1 Rs. = 21.19g silver*	1 rupee = 16 annas = 64 pices = 192 pies 1 anna = 4 pices; 1 pices = 3 pies
	Ottoman Lira[37]	1844-1927	3 piastre 229 para (1429/4000 lira)	1 £ = 6.62g gold*	1 lira = 5 mecidiye = 100 piastre = 4000 para 1 mediciye = 25 piastre; 1 piastre = 400 para
	Japanese Ryo[38]	1601-1867	241 mon (241/4000 ryo)	1 両 = 15.59g gold*	1 ryo = 4 bu = 16 shu = 4000 mon 1 bu = 4 shu; 1 shu = 250 mon
	Qing Cash[39]	1644-1912	4 mace 4 cash (404/1000 tael)	1 兩 = 37.5g silver* Canton rate**	1 tael = 10 mace = 1000 cash 1 mace = 100 cash
	Roman Denarius[40]	300 BC -1400s	3 denarius 14 as 2 quadrans (3.88 denarius)	1 D = 3.9g silver* 14-37 AD weight** 1:25 conversion rate between gold and silver***	1 aureus = 25 denarius = 400 as = 8 quadrans 1 denarius = 16 as; 1 as = 8 quadrans
1 gold baht = 16 silver baht; pre-decimal currencies*; 1 baht = 8 feuang = 64 att; 15.14g (gold) = 242.24g (silver)

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Buying power discrepency

This refers to the buying power of banknotes based relatively upon a certain commodity, be it: gold, noodles, and etc. Basing the "discrepency" on the lowest cirrculating denomination coins and banknotes, which demonstrates a relative buying power of a certain currency. It can be understood as, how much could a certain denomination buy a certain commodity, or the percentage in which the price of the commodity makes up the denomination.

The illusion that "1 baht" could buy "a lot" back in the 1900s - 1950s come from the buying power of the lowest denomination.^[41] The discrepency between the views and perspective come from the generation which grew up during those era and the generation far removed. Consider the 1 baht banknote in the 1900s, and the 1 baht coin in the 2020s. Their buying power are so different, it creates a rift in one's perception in a certain denomination when "one baht could buy you a bowl of noodle back then" is told to the later generations. When in reality, 1 baht banknote's buying power is closer to the 2024's 1000 baht banknote. Which calls into question, the over-buying-power of the 1910's 1000 baht banknote, which is akin to a 5 000 000 baht banknote in 2024 baht. In the end, value stays the same, only the number changes.

Phot duang coinage

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.^[42][43] Denominations issued included 1⁄128, 1⁄64, 1⁄32, 1⁄16, 1⁄8, 1⁄2, 1, 1+1⁄2, 2, 2+1⁄2, 4, 4+1⁄2, 8, 10, 20, 40 and 80 baht in silver and 1⁄32, 1⁄16, 1⁄8, 1⁄2, 1, 1+1⁄2, 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.

Predecimal coinage

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.^[45][46]

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+1⁄2, 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.

Decimalization

The decimalization of the Thai Baht came about at the end of the 19th century. The minister of treasury, Jayanta Mongkol, the Prince Mahisara Rajaharudaya, suggested to King Rama V, that decimalization would make counting easier and further modernize Siam. Initially, there would be one superunit, chang, and subunit, att. with the baht being in the middle. In summary, 64 att = 1 baht = 1/80 chang. In reality, this was just a simplification of the old system, which was scrapped. ^[52] In which, during the period of 1902–1908, Siam went back to the old system.

Though, in comparison, in Laos, att is used as the subunit, compared to the satang in the Thai Baht.

The second attempt came at the end of Rama V's reign, where it was more widely accepted and put into effective use.

Decimal coinage

In 1897, the first coins denominated in satang were introduced, cupronickel 2+1⁄2, 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 1⁄2 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.

Current coinage

The current coin series is the 14th issue.

In 2008, in the 13th issue, 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 the satang coins 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.

More information Coins of the Thai baht (Rama X), Image ...

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	Nickel-plated steel	King Maha Vajiralongkorn	Monogram of Maha Vajiralongkorn	2018
		2 baht	Aluminum bronze	King Maha Vajiralongkorn	Monogram of Maha Vajiralongkorn	2018
		5 baht	Copper nickel-clad copper	King Maha Vajiralongkorn	Monogram of Maha Vajiralongkorn	2018
		10 baht	Outer Ring: Copper nickel Center Plug: Aluminium bronze	King Maha Vajiralongkorn	Monogram of Maha Vajiralongkorn	2018

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Remarks

1. The 1, 5 and 10 satang are used only internally between banks and are not in circulation.^[53]
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.^[54]
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.^[55]

Timeline

2003-present (Series 14 to Series 17) Later Rama 9 and Rama 10 Era

Images of banknotes have been removed lest they infringe copyright,^[64] but may be viewed at the Thai-language article linked in the margin.

1948-2003 (Series 9 to Series 13) Early Rama 9 Era

These banknotes series are not demonitized, hence would be legal tender. Though, they are never seen in circulation anymore.

• Series 9, Second Portrait
• Series 10
• Series 11

These banknotes images are allowed under a strict copyright infringement exemption under the Chapter 1: Copyright, Part 6: Exceptions to Infringement of Copyright, Clause 7 of Copyright Act B.E. 2537 (1994) Amended by Copyright Act (NO. 2) B.E. 2558 (2015), and Copyright Act (NO.3) B.E. 2558 (2015) and Copyright Act (NO.4) B.E. 2561 (2018): reproduction, adaptation in part of a work or abridgement or making a summary by a teacher or an educational institution so as to distribute or sell to students in a class or in an educational institution, provided that the act is not for profit;

So as to serve as an educational material, only one side is shown, and any series beyond series 13 is omitted.

1935-1948 (Series 3 Type II to Series 8) Rama 8 Era

• Series 3 Type 2
• Series 4 Type 1
• Series 4 Type 2
• Series 5
• Series 6
• Series 7
• Series 8

1925-1935 (Series 2 to Series 3 Type I) Rama 7 Era

• Series 3 Type 1
• Series 2

1902-1925 (Series 1) Rama 5 and Rama 6 Era

Before 1902 Pre Decimalization Era

The characteristic of the banknotes of this era is that there were no series issued at the same time, rather they are issued sporadically and have multiple banks producing their own banknotes.