Amazing Thailand

The currency was originally known as the tical and this name was used in the English language text on banknotes until 1925. However, the name baht was established as the Thai name by the 19th century. Both tical and baht were originally units of weight and coins were issued in both silver and gold denominated by their weight in baht and its fractions and multiples.

Until 1897, the baht was subdivided into 8 fuang (ͧ), each of 8 att (Ѹ). Other denominations in use were:

The present decimal system, in which 1 baht = 100 satang, was introduced by king Chulalongkorn in 1897. However, coins denominated in the old units were issued until 1910. One hangover from the pre-decimalization system: the 25 satang (? baht) is still colloquially called a salueng or salung (֧). It is occasionally used for amounts not exceeding 10 salueng or 2.50 baht. A 25-satang coin is also sometimes called salueng coin (­֧, pronounced 'rian salueng').

Until November 27, 1902, the tical 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 1857, the values of certain foreign silver coins were fixed in law, with the 1 baht = 0.6 Straits dollar and 5 baht = 7 Indian rupees. Before 1880 the exchange rate was fixed at eight baht per pound sterling, falling to ten to the pound during the 1880s.

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. Beginning at 21.75 baht = 1 British pound, the currency rose in value until, in 1908, a fixed peg to the British pound was established of 13 baht = 1 pound. This was revised to 12 baht in 1919 and then, after a period of instability, to 11 baht in 1923. During the Second World War, the baht
A Traveller in Siam in the Year 1655
<P class=producthead>A Traveller in Siam in the Year 1655</p><P class=productheadtwo>Extracts from the Journal of Gijsbert Heeck<br>Translated by Barend Jan Terwie</p><p>Gijsbert Heeck (1619-1669) visited the east with the Dutch East India Company. From his journal we get an eyewitness account of 17th. Century Siam. He gives us not only information on larger political issues such as the problems between the Dutch and the Portuguese, but also the smaller ones like the relationships of local Dutch men with indigenous women</p><p>Paperback<br>Chiang Mai 2008<br>Silkworm Books <br>124 pages<br>ISBN 9789749511350</p>

was fixed at a value of 1 Japanese yen.

From 1956 until 1973, the baht was pegged to the U.S. dollar at an exchange rate of 20.8 baht = 1 dollar and at 20 baht = 1 dollar until 1978. A strengthening US economy caused to re-peg its currency at 25 to the dollar from 1985 until July 2, 1997, when the country was stung by the Asian financial crisis. The baht was floated and halved in value, reaching its lowest rate of 56 to the dollar in January 1998. It has since risen to about 30 per dollar.

Exchange rates