Before it was money it was a unit of weight: The Thai baht

[snoop1130]

 

Exactly like the British pound sterling in ancient times, the Thai baht (Thai: บาท) was originally used as a unit of weight or mass. Specifically, 1 baht was equal in value to 15 grammes of silver. The baht is still used today as a unit or measure of weight for other precious metals, like gold. The baht is based on the decimal system with 1 baht equaling 100 satang. Originally known to foreigners as the tical, this was the term written on banknotes until 1925 and then discontinued.

 

It is interesting to note that the Thai baht is considered one of the oldest currencies still in circulation. It was Sukhothai (1250-1419) that first used a baht based currency. Numismatists (coin experts) have stated that the term baht first appeared in 1384 on Thai inscriptions in describing a unit of weight. The word itself is derived from the Khmer weight system. As all coins are based on a standardised grading system using simple fractions and multiples, the baht is no exception. Originally it used 1, 2, 4, 8, 16, etc., and 1/2, 1/4, 1/8, 1/16, 1/32, 1/64, etc., as a denomination system in previous times. In the beginning, all baht coins were composed of solid silver at some designated value. The original weight of the baht was determined to be = 768 rice grains.

 

Originally coins from Sukhothai and Ayutthaya were shaped like heavy bracelets. These were called “pot duang”. They consisted of heavy silver bars that were thicker in the middle and then bent inwards on the smaller tapered ends to meet to form a ring shape; then identifying marks were stamped on them to show denomination. “Pot duang” also came in smaller denominations or smaller sizes. When the first Europeans arrived in Ayutthaya they called them as “bullet money” as the coinage looked exactly like a western folded bullet or ball from a musket.

 

Thailand was chronically short of coinage for centuries until coin minting was started in 1860. When westerners started coming to Thailand in greater numbers in the early 19th century they brought their own money and coins along. In order to increase the coinage in circulation, the Thai government counter stamped certain large foreign trade coins to certify their validity so they could be used as legal tender in the kingdom between 1858-1860. Many types of metal, glass and porcelain gambling tokens of all sizes were also used as small coins due to their ease of manufacture.

 

King Rama III (1824-1851) was the first to consider using flat coins. Among other coins and tokens that were used as currency in the kingdom, cowrie shells were also a form of money from ancient times for the smallest monetary units. Before 1860, no coins were manufactured by modern methods. But the King wanted to replace cowrie shells. Not due to their great inconvenience; i.e.; many hundreds or even thousands of them had to be counted to do any business exchange or trade, but he was disturbed that that the little creatures living inside were killed to get their shells. In 1835, the King heard flat copper coins being used in Singapore. He had a Scottish trader make two prototypes. But both designs were rejected. Interestingly enough, the name of the country listed on the coins was “Muang Thai” and not Siam. In 1857, the silver bullet coin, or “pot duang,” finally ended production.

 

The first royal mint was established in 1860 inside the Grand Palace when a coin minting press arrived from the UK. The first modern coins were struck that year under the direction of King Mongkut (King Rama IV). In 1875, because of a lack of space and a larger demand for coins the mint was moved elsewhere. One gold baht was approximately worth 16 silver baht. Copper, silver and gold baht coins were introduced in various denominations. Smaller coins in fractions or denominations of the baht were called by different names like att, solot and fuang. In 1897, the decimal system was introduced where 100 satang equaled 1 baht. This system was devised and introduced by Prince Jayanta Mongkol, a half brother of King Chulalongkorn (King Rama V). The first coins denominated in baht were issue that same year in 2½, 5, 10 and 20 satang valuations. Other fractional coins of different names were slowly discontinued.

 

Full Story: https://expatlifeinthailand.com/lifestyle/before-it-was-money-it-was-a-unit-of-weight-the-thai-baht/

 

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[NotYourBusiness]

14 hours ago, snoop1130 said:

Specifically, 1 baht was equal in value to 15 grammes of silver.

 

15 grams of silver is US$13.58

 

 

[jobsworth]

I just wish that the one baht coin had a hole in the middle like it used to so that we could tie them together in bundles of ten to ease payments.

[jobsworth]

1 hour ago, NotYourBusiness said:

 

15 grams of silver is US$13.58

 

That is called inflation.

All currencies except Bitcoin and the like do it.

One Baht was $13.68 but now about 3 cents.

 

wasn't there also the Stalang?

4 Stalang equals one baht.

 

 

 

 

 

[ChrisKC]

An interesting article.

 

Because the VAT rate is 7% here it creates fractions of B1 so there are satang at 25 and 50 denominations. One's bills at the supermarket in particular have many items with fractions of the Baht that involves giving satangs as change.

 

One cannot buy anything for satang these days so I would like to see the prices rounded up to the nearest Baht. Nobody will gripe at that and will save the sometimes embarrassment of offering multiple collected satang as part payment for something that are often refused by traders.

 

I have B250 in 25's and 50's collected, filling two jam jars.  I think someone will tell me I can take to the bank - would that be an option?

[Speedhump]

5 hours ago, jobsworth said:

I just wish that the one baht coin had a hole in the middle like it used to so that we could tie them together in bundles of ten to ease payments.

You don't just dump your small change in the charity boxes? 

[tifino]

 nice heritage story ????   

 

 

reminds me of down over the Border; where the Batu became the unit of measurement for the Mile

- in that all Mileposts were signified by using a certain placed Rock, one Mile apart 

 

Rock meant Batu in Malay

 

Therefore; the word Batu became the adopted local word used to translate 'Mile' in Malay, and is still used too...   even though the currency of distance is these days, the KM  

[chalawaan]

The baht.

Comedy "gold".

All the coins probably cost more to mint than they're worth.

[Acharn]

4 hours ago, ChrisKC said:

An interesting article.

 

Because the VAT rate is 7% here it creates fractions of B1 so there are satang at 25 and 50 denominations. One's bills at the supermarket in particular have many items with fractions of the Baht that involves giving satangs as change.

 

One cannot buy anything for satang these days so I would like to see the prices rounded up to the nearest Baht. Nobody will gripe at that and will save the sometimes embarrassment of offering multiple collected satang as part payment for something that are often refused by traders.

 

I have B250 in 25's and 50's collected, filling two jam jars.  I think someone will tell me I can take to the bank - would that be an option?

I've started sticking a dozen or so satang coins in my pocket when we go shopping at Big C every month. On the weekends they apply discounts every ฿1400 or so, and I'm often able to get rid of half a dozen of the damned things. I've been here so long I remember when 25 satang was the bus fare. They weren't a problem then.

[jobsworth]

20 hours ago, Speedhump said:

You don't just dump your small change in the charity boxes? 

I would if they just did charity work.

As it is they are funded by the embassies and target white people as paedophiles.