Time Period: 1947-1965

Currency: Thai Baht


Timeline

  • 1860-1863
  • Start of issuance of modern ("flat") coinage:
    - 17.09.1860: Royal decree on the issuance of silver coins of 2, 1, ½, ¼, ⅛, 116 Baht; effective immediately
    - 25.08.1862: Royal decree on the issuance of tin subsidiary coins of 1, ½ Att (= ⅛, 116 Füang); effective immediately
    - 29.10.1863: Rocal decree on the issuance of gold coins of 8, 4, 2½ Baht at a nominal rate of 1 Baht (gold) = 18 Baht (silver); effective immediately
    - 14.12.1865: Royal decree on the issuance of copper subsidiary coins of 4, 2 Att (= ½, ¼ Füang); effective immediately.
  • 1862-1904
  • Withdrawal of the pre-coinage moneys:
    - The use of cowrie snails as subsidiary coins was banned immediately upon issuance of the tin and copper subsidiary coinage.
    - The use of porcelain gaming pieces as subsidiary coins was terminated during 1871.
    - The round silver bullion pieces ("round money") were withdrawn and exchanged for silver content until October 1904.
  • 01.08.1894
  • Rating of foreign coins:
    - Gold: 1 British Pound = 8 Thai Baht
    - Silver: 3 Spanish Dollars = 5 Thai Baht, 7 Indian Rupees = 5 Thai Baht.
  • 21.08.1898
  • RS:21.08.117
  • Proclamation of the Royal Treasury on the issuance of decimal subsidiary coins; effective immediately:
    - 07.05.1909 [RS:07.05.128]: Demonetization of the non-decimal subsidiary coins.
    - 18.05.1910 [RS:18.05.129]: Demonetization of the 1898 subsidiary coins (dated RS116).
  • 29.06.1902
  • RS:29.06.121
  • Law [Notes Act] on the issuance of paper money by the Royal Treasury; effective immediately:
    - Issuance of the notes (dated 01.04.1902 [RS:01.04.121]) began on 07.09.1902.
  • 25.11.1902
  • RS:25.11.121
  • Ordinance [Royal Mint Amendment Act] on the abolition of free coinage of silver, corresponding to the abolition of the silver peg of the Baht: effective immediately:
    - The Baht was fixed at 1 British Pound = 17 Thai Baht; on 19.12.1902, the rate was revised to 1 British Pound = 20 Thai Baht and subsequently adjusted to the silver price.
    - On 06.02.1904, the rate was fixed to 3 Straits Dollars = 5 Thai Baht (or 1 British Pound = 16⅔ Thai Baht).
    - On 17.11.1905, the rate was revised to 1 British Pound = 16 Thai Baht and subsequently adjusted to the silver price.
  • 11.11.1908
  • RS:11.11.127
  • Law [Gold Standard Act] on the adoption of the gold standard; effective immediately
  • 15.04.1928
  • TH:15.04.2471
  • Law [Currency Act B.E.2471] on the revision of the currency and restoration of the gold standard; effective immediately
  • 10.12.1941
  • TH:10.12.2484
  • Law [Currency Emergency Act] on the monetary alignment with Japan; effective 31.01.1942:
    - Exchange of Baht against British currency was banned, and the Japanese currency obtained legal tender status.
    - A devaluation of the Baht to parity with the Japanese Yen was to be implemented in April 1942 (effected in June 1942).
  • 16.12.1941
  • TH:16.12.2484
  • Law [Bank of Thailand Act B.E.2485] on the establishment of a central bank; effective upon constitution of the bank on 10.12.1942 [BE:10.12.2485]
  • 07.02.1946
  • Withdrawal of banknotes of 1000 Thai Baht that were issued under Japanese occupation and transformation into state loan
  • 18.08.1958
  • TH:18.08.2501
  • Law [Currency Act B.E.2501] on the revision of the currency; effective immediately

Valuation Regimes

  • 1850-1902
  • Metallic currency based on circulating silver coins. Base weight was the Thai tical at 15.244 grams.
  • 1902-1908
  • Variable rate
  • 1908-1942
  • Fixed rate against British Pound; gold parity was suspended on ??.10.1919, restored on 15.04.1928, abandoned again on 11.05.1932
  • 1942-1945
  • Fixed rate against Japanese Yen
  • 1945-1949
  • Fixed rate against British Pound, from 07.09.1945 - 01.05.1946 no official exchange rate existed
  • 1949-1956
  • Fixed rate against US Dollar
  • 1956-1963
  • Variable rate, de facto peg to the US Dollar with a ±2% fluctuation margin
  • 1963-1978
  • Fixed rate against US Dollar
  • 1978-
  • Variable rate

Rate Arrangements

  • 17.09.1860
  • Metallic
  • Baht: 13'719.60mg AG fine
  • Baht at 1 Thai tical silver 0.900 fine
  • 19.12.1902
  • Variable
  • initially: British Pound at 1 : 20
  • -
  • 11.11.1908
  • Fixed
  • British Pound at 1 : 13 - [Gold parity] 563.26mg AU fine
  • -
  • 15.04.1928
  • Fixed
  • British Pound at 1 : 11 - [Gold parity] 665.67mg AU fine
  • +18.2%
  • 31.01.1942
  • Fixed
  • Japanese Yen at 1 : 1.557
  • ±0.0%
  • 15.06.1942
  • Fixed
  • Japanese Yen at 1 : 1
  • -35.8%
  • 01.05.1946
  • Fixed
  • British Pound at 1 : 40
  • -57.1%
  • 26.09.1949
  • Fixed
  • US Dollar at 1 : 12.50
  • -20.6%
  • 01.01.1956
  • Variable
  • initially: US Dollar at 1 : 20.70
  • -39.6%
  • 20.10.1963
  • Fixed
  • US Dollar at 1 : 20.80 - [Gold parity] 42.73mg AU fine
  • -
  • 08.05.1972
  • Fixed
  • US Dollar at 1 : 20.80 - [Gold parity] 39.35mg AU fine
  • ±0.0%
  • 10.04.1973
  • Fixed
  • US Dollar at 1 : 20.80 - [Gold parity] 35.42mg AU fine
  • ±0.0%
  • 15.07.1973
  • Fixed
  • US Dollar at 1 : 20.00 - [Gold parity] 36.83mg AU fine
  • +4.0%
  • 08.03.1978
  • Variable
  • initially: US Dollar at 1 : 20.00
  • ±0.0%


End-year Forex Rates (Units per US Dollar)