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Concept
Thai baht
Summary
The baht (bɑːt; บาท, bàːt; sign: ฿; code: THB) is the official currency of Thailand. It is divided into 100 satang (สตางค์, sà.tāːŋ). The issuance of currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th-most-frequently used world payment currency as of January 2019.
History of Thai money Tical (unit)
The Thai baht, like the pound, originated from a traditional unit of mass. Its currency value was originally expressed as that of silver of corresponding weight (now defined as 15 grams), and was in use probably as early as the Sukhothai period in the form of bullet coins known in Thai as phot duang. These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht. These are listed in the following table:
That system was in use up until 1897, when the decimal system devised by Prince Jayanta Mongkol, in which one baht = 100 satang, was introduced by his half-brother King Chulalongkorn along with the demonetization of silver bullet coins on 28 October 1904 after the end of silver bullet coin production by the opening of Sitthikarn Royal Mint in 1857. However, coins denominated in the old units were issued until 1910, and the amount of 25 satang is still commonly referred to as a salueng, as is the 25-satang coin.
Until 27 November 1902, the baht 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. From 1856 to 1864, the values of certain foreign silver coins were fixed by law, with 5 baht = 3 Spanish dollar = 7 Indian rupees. Before 1880 the exchange rate was fixed at 8 baht per pound sterling, falling to 10 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.
Official source
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