This was soon followed by banknotes issued by foreign banks. In 1857, Thailand acquired its first how to invest in the ruble minting machine and Thai silver coins began to be minted in the area. Coinage was streamlined in 1897, when the 11 denominations were simplified into two (satang and baht) under a decimalized silver standard system.

Thailand currency basics

Thai coins come in denominations of 1, 2, 5, 10, 25, and 50 satangs. Series 1 was chosen due to the series which precedes this were non-decimal. Series 1 banknotes was the first series to be produced by Thomas De La Rue & Company Limited. In 1900, Charles James Rivett Carnac, a Royal Treasury Ministry advisor proposed that the Siamese baht followed the issuances of banknotes followed the British standard.

A big part of the coins circulating in Thailand still feature the portrait of H.M. King Bhumibol Adulyadej (Rama IX) but newly minted Thai coins already feature the portrait of H.M. Introduction of the Thai BahtUntil 1880, the Thai Baht was fixed to the British Pound at a rate of 8 TBH to 1 GBP.

Historical Exchange Rates

This un-pegging caused the currency to collapse and instigated a wave of bankruptcies among Thai businesses who borrowed in dollars, but who earned revenues in Baht. The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. Series 6 banknotes were produced by Royal Thai Survey Department. In 1892, the treasury issued notes for 1, 5, 10, 40, 80, 100, 400 and 800 ticals, called “baht” in the Thai text.

Money and unit of mass

Both 25 and 50 satang coins are rarely used as normally all the prices are rounded to 1 baht, except of prices at some supermarkets. Don’t be surprised if these Thailand currency coins won’t be accepted elsewhere. Getting a change from largest Thai baht notes (500 and 1000 baht) sometimes can be complicated on the street if you’re just buying some snack for 10 baht or so. Use largest Thai currency notes for paying at supermarkets and other larger shops and restaurants and leave some smaller notes for your accidental purchases on the street. You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. The best time to exchange Thai baht depends on the currency exchange rate for each currency pair, which fluctuates.

Financial CrisisIn 1997, Thailand fell into financial crisis. The Baht lost half of its value prompting the adoption of a floating exchange rate regime. Unofficially, the Thai Baht is used in Laos, Cambodia, and Myanmar. Remitly is on a mission to make international money transfers faster, easier, more transparent, and more affordable. Since 2011, millions of people have used Remitly to send money with peace of mind. Before developing modern banknotes, Thailand used shells—pot duang—and baked clay coins as legal tender.

• Since then, Thailand’s faced serious currency shortages several times.
• There are two variants of this series, the later one being a circulated commemorative series circulating for a year after King Rama IX’s passing.
• The Thai economy expanded at a 5% average annual rate between 1999 and 2005, and GDP growth slowed further to an average annual rate of 3.5%.
• Cowrie shells from the Mekong River had been used as currency for small amounts since the Sukhothai period.
• In the early 20th century, the currency was pegged to the British pound sterling, with the exchange rate being periodically adjusted.

But, since the Asian financial crisis of 1997, growth has slowed considerably. ​​​​​​​Thailand’s economic rise has made the Thai Baht (THB) a favorite instrument for foreign exchange (FX) currency traders. It has become an important unit of account for the global economy. As of 2019, the Thai Baht was the 24th most-traded currency according to the Bank of International Settlements. The Thai Baht became the focus of economic observers in 1997 when Thailand was the epicenter of the Asian financial crisis. It began after the Bank of Thailand was forced to abandon the Thai Baht pegging to the U.S. dollar (USD).

The 1 and 2 salueng were replaced by 25 and 50 satang coins in 1915. Our currency rankings show that the most popular Thai Baht exchange rate is the THB to USD rate. The currency code for Thailand Baht is THB, and the currency symbol is ฿. Below, you’ll find Thai Baht rates and a currency converter.

USD US Dollar

Currency data can be displayed in a graph or table view with up to 10 currencies at a time. The Historical Currency Converter is a simple way to access up to 31 years of historical exchange rates for 200+ currencies, metals, and cryptocurrencies. OANDA Rates® cover 38,000 FX currency pairs, and are easily downloadable into an Excel ready, CSV formatted file. Of course, exchange rates fluctuate all the time, so these are just a snapshot of each currency conversion. The baht is the only legal tender in Thailand, so if you travel there, you’ll need your money exchanged into baht. Likewise, if you send money to Thailand, make sure it’s in baht, not in U.S. dollars (USD), British pounds (GBP), or euros (EUR).

Its key exports include computers, electrical appliances, textiles, and jewelry. In addition, fishing, agriculture, and tourism are major industries in Thailand. During the reign of King Mongkut in the 19th century, Thailand introduced free trade and established diplomatic relations with Western countries. Imports and exports increased significantly, and as a result, there wasn’t enough pot duang to meet the demand. Adam Hayes, Ph.D., justforex review: is justforex a reliable forex broker CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance.

The USD/THB exchange rate subsequently rose as high as 56 baht to 1 USD. As of 2020, the exchange rate is roughly 30 baht per US dollar. Over the years, the Thai baht has been pegged to several currencies, as well as to gold.

Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

For more on understanding exchange rates, consult an how to write rfp for software exchange rate guide. You can also check with your bank or your favorite money transfer company for current Thai baht exchange rates. The two-baht coin, confusingly similar in color and size to the one-baht coin, was changed from nickel-clad low-carbon steel to aluminium bronze.