Jump to navigation Jump to search “Baht” redirects here. For the river u.s dollar to thai baht Morocco, see Baht River.
For the town in Uzbekistan, see Baxt. Baht banknotes and coins issued by the Bank of Thailand. The issuance of currency is the responsibility of the Bank of Thailand. According to SWIFT, as of February 2017, the Thai baht is ranked as the 10th most frequently used world payment currency. According to a report in the South China Morning Post, the China Banknote Printing and Minting Corporation produces at least some Thai banknotes and coins.
The Thai baht, like the pound, originated from a traditional unit of mass. These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht. Bia is Thai for cowry, the shell of which was used as a trade medium of the same value. Solot here literally means “sixteen” or sixteenth, referring to the fractional amount relative to a fueang. 100 satang, was introduced by king Chulalongkorn.
However, coins denominated in the old units were issued until 1910, and the amount of 25 satang is still commonly referred to as a salueng, as is the 25-satang coin. Until 27 November 1902, the baht was fixed on a purely silver basis, with 15 grams of silver to the baht. This caused the value of the currency to vary relative to currencies on a gold standard. In 1902, the government began to increase the value of the baht by following all increases in the value of silver against gold but not reducing it when the silver price fell. From 1956 until 1973, the baht was pegged to the U. The baht was originally known to foreigners by the term tical, which was used in English language text on banknotes until 1925.
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. 2, and 4 baht in gold. 1 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. 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.