After the Asian financial crisis that began in 1997, the Bank of Thailand decided to let the baht float freely in the foreign exchange market instead of setting a fixed exchange rate value. The USD/THB exchange rate then increased to 56 baht to 1 USD. From 2020, the exchange rate will be around 30 baht to the US dollar. Currently, 1, 2, 5 and 10 baht coins and notes of 20, 50, 100, 500 and 1,000 Thai baht are in circulation. Each baht is divided into 100 satangs and there are coins of 50 and 25 satangs. In 2018, the Bank of Thailand announced a new family of banknotes with a portrait of its current king, Maha Vajiralongkorn. The main colors and dimensions of the banknotes are the same as before, with the rear designs depicting images of Thailand`s kings from past to present. The 20, 50 and 100 baht notes were issued on Chakri Memorial Day, April 6, 2018. The last two denominations, 500 and 1,000 baht, were issued on the anniversary of the birth of King Maha Vajiralongkorn on July 28, 2018. [28] In 1892, the Ministry of Finance issued banknotes of 1, 5, 10, 40, 80, 100, 400 and 800 ticals, called “baht” in the Thai text.
Baht (/bɑːt/; Thai: บาท, pronounced [bàːt]; Character: ฿; The code is the official currency of Thailand. It is divided into 100 satang (สตางค์, pronounced [sà.tāːŋ]). The issuance of foreign currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th most used payment currency in the world in January 2019. [1] The Thai baht is the official legal tender of the Kingdom of Thailand (formerly Siam). For currency, the baht is divided into 100 satangs (comparable to cents in Canadian or US dollars). The baht is designated by the symbol ฿. Thailand, which is part of mainland Southeast Asia, is popular for its delicious cuisine, religious temples, beautiful beaches, and friendly people. Formerly called Siam and officially called the Kingdom of Thailand, it has a colorful currency called Thai Baht. The currency of Thailand is the “baht” – sometimes written “bath”, but pronounced to rhyme with “hot”.
One baht is divisible into 100 Satang. Major credit cards are accepted by hotels and department stores, but cash is the preferred method of payment almost everywhere. Traveler`s checks aren`t widely accepted outside of hotels, so exchange them for cash at a bank exchange office, which you`ll find at any tourist destination. In 1860, modern-style coins were introduced. These were silver 1 sik, 1 fuang, 1 and 2 salung, 1, 2 and 4 baht, the baht being 15,244 grams and the others being related to weight. Tin 1 Solot and 1 Att followed in 1862, with 2 + 1⁄2, 4 and 8 baht gold in 1863 and copper 2 and 4 att in 1865. Copper replaced tin in 1 solo and 1 att in 1874, with copper 4 att introduced in 1876. The last gold coins were minted in 1895. Some Thais have expressed concerns on Facebook that merchants might confuse banknotes and give more change to customers, as the new 100 baht note is mistakenly considered the old 1,000 baht note.
Before the use of flat banknotes and coins, Thailand used shells, baked clay coins, and duang pot as legal tender. The baht is the monetary unit of Thailand and its origins date back to 1902. The baht was originally known to foreigners as tical,[11] which was used in English texts on banknotes until Series 2 in 1925. [12] [13] 5 baht cupronickel coins were introduced in 1972, which were converted to copper cupronickel in 1977. Between 1986 and 1988, a new currency was introduced, consisting of aluminum 1, 5 and 10 satang, aluminum-bronze 25 and 50 satang, cupronickel 1 baht, cupronickel-copper 5 baht and bimetal 10 baht. Steel coated with cupronickel 2 baht was introduced in 2005. From 2020, Thai baht coins will be minted in denominations of 1, 5, 10, 25 and 50 satangs. There are also coins ฿1, ฿2, ฿5 and ฿10. Banknote denominations are ฿20, ฿50, ฿100, ฿500 and ฿1,000. The Thai baht, like the pound, comes from a traditional unit of mass. Its monetary value was originally expressed as silver of equivalent weight (now defined as 15 grams) and was probably used as early as the Sukhothai period in the form of spherical coins, known in Thai as Phot Duang.
[2] These were cast, solid silver coins with different weights corresponding to a traditional system of units connected by fractions and single multiples, including the baht. These are listed in the table below:[3][4] For example, the following behaviors could be illegal in Thailand: Official legal tender of the Kingdom of Thailand (formerly Siam) For example, if you use the Remitly app and select Thailand as your destination, you can check the current rates for USD to baht, GBP to baht, and more. Mekong Kauri shells have been used as currency for small quantities since the Sukhothai period. Before 1860, Thailand did not produce coins using modern methods. Instead, a so-called “sphere” coin was used, consisting of thicker metal rods in the middle and folded into a full circle on which identifying marks were stamped. [14] [15] The 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 baht of gold was usually worth 16 baht of silver. Between 1858 and 1860, foreign trade coins were also stamped by the government for use in Thailand. In 1902, the government began to increase the value of the baht by following all increases in the value of silver against gold, but did not reduce it when the price of silver fell. From 21.75 baht per pound sterling, the value of the currency increased until a firm peg to the British pound of 13 baht per pound was established in 1908. This was revised to 12 baht in 1919 and then, after a period of instability, to 11 baht in 1923.
During World War II, the baht was pegged to one Japanese yen on April 22, 1942. [7],[8] Banknotes vary in size and color depending on the denomination: 20 baht is green, 50 baht is blue, 100 baht is red, 500 baht is purple, and 1,000 baht is white. There is also a 10 baht note in circulation, brown in color, but these are quite rare. In fact, there are several versions of coins in circulation, and quite a few variations in the notes. They are all legal tender, so don`t worry if you start comparing the currency in your pocket and notice a few differences. The new 100 (S$4.45) and 1,000 baht (S$44.50) notes issued by the Bank of Thailand were launched to commemorate the anniversary of His Majesty the King`s coronation. In 2011, a special 100 baht note was issued to celebrate the 7th birthday of His Majesty King Bhumibol Adulyadej the Great. The exchange rate range has fluctuated between 11 baht per pound sterling and 22 baht per pound over a period of about 20 years. The baht was also briefly pegged to the Japanese yen and the price of gold after World War II, with a fixed exchange rate of one baht for 0.25974 grams of gold. The new 1,000 baht note has an unusual size of 127×181 mm and a portrait format. For more information about understanding exchange rates, see an exchange rate guide.
You can also check with your bank or preferred money transfer company for the current Thai baht exchange rates. A meme shared by Thais includes a catchphrase from a popular Thai drama in which the main woman angrily asked, “Is your 1,000 baht note as big as your wall?” In 2008, the Ministry of Finance and the Royal Thai Mint announced the 2009 coin series, which included material changes to reduce production costs, as well as an updated image on the obverse for a more recent portrait of the king.