History of Thai Baht
"Coins were first issued in Thailand by the Mon people during the ninth century. The coins were Indian in design, though copied from Burmese coins. During the thirteenth century, the Chiengmai stamped silver bars that were then bent to form a ring, though later they were bent and hammered into a tight ball forming 'bullet money.'

The Burmese ruled the kingdom from 1569-1574 and again from 1767-1768. Both gold and silver bullet coins were issued by the Bangkok kings until the reign of Rama IV. Cowrie shells and porcelain tokens were also used as money. Modern coins were not issued until 1859 when Queen Victoria sent a small coining press as a gift to Rama VI.

The Tical (Baht) was the primary unit of account in Thailand during the 1800s. Thailand had both an accounting system in Ticals as well as commodity money. The Tical was divisible into 4 Salung (Tamlung) or 64 Att. The specie money was based upon the Catty (Chang), which was equal to 20 Tamlung, or 80 Silver Ticals (Bahts). The Tical had subsidiary coins that followed the units of account for the Tical. One Gold Tical was equal to 10 Silver Ticals, and it took 2 Silver Ticals to get a Mexican Silver Dollar (Peso), and 5 Ticals to get a Chinese Tael.

From 1850-1879, the exchange rate was 8 Thai ticals (baht) = UK£1. In 1894, ratings for certain foreign coins were established, notably 1 Thai ticals = Mexican $0.60 and 5 Thai ticals = 7 Indian rupees (Thailand, Royal Edict No. 112, 1 August 1894). Thailand declared decimalization of the currency on 21 August 1898. Indian rupee coins circulated extensively in the north of Thailand until the early 1900s, and the Indian rupee and Straits Settlements circulated extensively in the south.

The monetary system was decimalized on November 25, 1902, and the Tical was subdivided into 4 Salung or 100 Satang. Thailand adapted the gold standard on April 15, 1928 and replaced the Tical with the Baht at par. Thailand left the Gold Standard on May 11, 1932. The Baht was linked to the Yen at par while Japan occupied Thailand, and though no Japanese Military currency was issued, the Baht depreciated as large amounts of paper Bahts were issued."





Sources: Central Bank of Thailand

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