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Baht
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Baht

The baht (บาท, symbol ฿, ISO 4217 code THB) is the official currency of Thailand.

Paper currency includes 1,000 (grey), 500 (purple), 100 (red), 50 (blue) and 20 (green) baht notes. The brown 10 baht banknote has become rare. Ten-baht coins are brass disks in a (silver-coloured) copper nickel ring. Many commemorative 10 baht coins have been made for special events. Five-baht coins are copper nickel with copper rims. One-baht coins are copper nickel. The 50 and 25 satang coins are brass. Even though the satang coins are legal tender, small shops often don't accept them anymore. Older coins which are still in circulation only had the Thai numerals, but the new design also has arabic numerals. All coins have a portrait of King Bhumibol Adulyadej on one side. The king is also depicted on each of the banknotes.

Table of contents
1 History
2 Exchange rates
3 References

History

The present decimal system, in which one baht = 100 satang, was introduced in 1897 by king Chulalongkorn. However until the 1940s it was named tical, then renamed to baht. Originally the term baht was a weight unit of about 15g, and was adopted because one tical was equivalent to 15g of silver.

Until November 27, 1902 the tical was fixed on a purely silver basis, but as the value of silver fell relative to gold-fixed currencies, the fixing was changed. From the lowest rate of 21.75 tical per Pound Sterling it could be raised to 17 tical per pound. In the same year, on September 19, the first banknotes were issued, with denomination of five, ten, twenty, one hundred and one thousand tical. Coins in 1902 were

Exchange rates

Since
World War II until 1980 the Baht was fixed to the US Dollar at an exchange rate of 1$ = 20 Baht. It then slowly decreased in value, and was again pegged to an exchange rate of 25:1 from 1985 until July 2, 1997, but then due to the Asian financial crisis it halfed its value, with the lowest rate of 56:1 in January 1998. It stabilized again at a rate of about 40:1, which it kept since then.

Sampled on January 3 2004.

References