Thailand’s Currency
Currency is an integral part of any nation’s identity, and Thailand is no exception. Thailand’s official currency is the Thai Baht, denoted by the symbol "฿". It is subdivided into 100 satang and is used for daily transactions in the country. The Bank of Thailand is the issuing authority for the currency and regulates its circulation and exchange rates.
The Baht: Official Currency of Thailand
The word "Baht" is derived from the Sanskrit word "bhāṭa," which means money. The Baht was introduced as the official currency of Thailand in 1897, replacing the previous currencies in circulation. The Baht has undergone various changes throughout its history due to the political and economic developments in the country.
Evolution of Thai Currency
The Thai currency has evolved over the years, reflecting the changes in the country’s political and cultural landscape. The first Thai coins were issued during the Sukhothai period (1238-1438), followed by the Ayutthaya period (1351-1767), where various types of coins were used for trade and commerce.
The First Thai Banknotes
The introduction of banknotes in Thailand began during the reign of King Rama III in 1828. These banknotes were issued by private banks and were not considered legal tender. The first official banknotes were issued in 1902 by the Royal Treasury Department.
Banknotes of the Reign of King Rama V
King Rama V, also known as King Chulalongkorn, is credited with modernizing Thailand and introducing significant reforms in the country. During his reign, new banknotes were introduced to reflect the modernization and progress of the country.
The Introduction of Portraits on Banknotes
In 1925, portraits of the kings of Thailand were introduced on banknotes to pay homage to the monarchy and the country’s rich cultural heritage. The portraits on banknotes changed with each successive reign, reflecting the changing times and cultural developments.
The Current Banknote Series
The current series of Thai banknotes was introduced in 2018 and features the portraits of King Rama IX, who passed away in 2016. The new banknotes incorporate advanced security features to prevent counterfeiting and are made of polymer to increase longevity.
The Person on the 100-Baht Banknote
The current 100-Baht banknote features the portrait of Queen Sirikit, the wife of King Bhumibol Adulyadej, also known as King Rama IX. Queen Sirikit is known for her charitable work and promotion of Thai culture and arts.
The Person on the 500-Baht Banknote
The current 500-Baht banknote features the portrait of King Mongkut, also known as King Rama IV. King Mongkut is known for his efforts to modernize Thailand and his promotion of science and technology.
The Person on the 1,000-Baht Banknote
The current 1,000-Baht banknote features the portrait of King Bhumibol Adulyadej, also known as King Rama IX. He was the longest-reigning monarch in Thai history and is widely revered for his contributions to the country’s development and welfare.
Criticisms and Controversies
There have been criticisms and controversies surrounding the use of royal portraits on banknotes. Some argue that it reinforces the power of the monarchy and is not in keeping with democratic values. Others argue that it is a way to pay homage to the country’s cultural heritage and promote national identity.
Conclusion: Thailand’s Banknotes and National Identity
Thailand’s banknotes reflect the country’s rich cultural heritage and its progress towards modernization and development. The use of royal portraits on banknotes has been a contentious issue, but it is also a way to pay homage to the monarchy and promote national identity. As Thailand continues to progress and evolve, its currency will continue to reflect these changes and remain an integral part of its national identity.
