Govt Considers A Two-baht Coin

[george]

Govt considers a two-baht coin

BANGKOK: – The Thai government is considering introducing a two-baht coin, according to a senior government official.

The Thai cabinet will consider the proposal to issue a new two-baht coin with the next two weeks, the deputy finance minister, Chaiyot Sasomsab told TNA.

If approved, the treasury department will accept tenders to make the coins from the private sector through the e-auction process.

The first batch of two-baht coins, worth 400 million baht, is expected to be issued before the end of this year.

The two-baht coins will neither affect inflation nor the prices of goods, but it will improve the circulation of coins in the economy.

Excessive demand for one-baht coins has caused a significant shortage of them, the minister said.

"Minting two-baht coins will help balance the economy. It has nothing to do with inflation. There is a large gap between one-baht coins and five-baht coins which the issue of a two baht coin would help balance," he said. --TNA 2005-05-20

[The_Other_Mac]

%&$%#!

How about a 20 baht coin? That might actually be useful. I know why there's a shortage of 1-baht coins - everyone else does the same as me, throws them away into some sort of jar. And you never empty that jar, do you? It's been there since you came to Thailand, and when it fills up, you're hardly going to take it to the bank. You hide it in some unused cupboard, and start a new one.

I'm going to invest in piggy-bank manufacturing.

[Crossy]

Most countries coinage follows a 1, 2, 5 sequence so a 2 Baht coin is a sensible idea (for a change).

BUT

The government expect to specify the coin, take manufacturing bids, let the contract and have 200 million coins manufactured and distributed in 6 months....

No Way Jose

[Thomas_Merton]

Govt considers a two-baht coin

...

"Minting two-baht coins will help balance the economy. It has nothing to do with inflation. There is a large gap between one-baht coins and five-baht coins which the issue of a two baht coin would help balance," he said. --TNA 2005-05-20

<{POST_SNAPBACK}>

Could also increase the revenue of the street beggars?

[Crossy]

Problem with a 20 Baht coin is that once introduced 20 Baht stops being 'money' and starts being 'small change'.

Happened in the UK with the 2 pound coins, suddenly a pocket full of small change is 20 quid

[Wolfie]

5,000 baht note... thats what we need

[Rinrada]

Problem with a 20 Baht coin is that once introduced 20 Baht stops being 'money' and starts being 'small change'.

Happened in the UK with the 2 pound coins, suddenly a pocket full of small change is 20 quid 

<{POST_SNAPBACK}>

I like the £5 coin but you dont get very many knocking about.

Also the £100 note but same as above...

[terdsak_12]

I've got a few 2 Baht coins, they came out several months ago and disappeared, maybe I can sell them for 3 Baht!!

[Abandon]

5,000 baht note... thats what we need

Show off

[joe beets]

So what would be the cost of reconfiguring pay phones, vending machines and the like to accepting this new chunk of change?

Who's gonna pay for that?

Just asking.

jb

[marquess]

What would really be useful, is to follow the Aussie system. Where they have rounded everything up to he nearest five, and gotten rid of the coins worth less than five. Or at least here they could get rid of the Stangs, and perhaps a 3k note might be practical as well.

[bambob]

i miss the 10 baht note.

however you cant have too much change to cope with the taxi drivers who CLAIM that they never have any change .lying dogs.

[Totster]

Who's gonna pay for that? 

<{POST_SNAPBACK}>

Well I'm not....

totster

[The Phoenix]

5,000 baht note... thats what we need

<{POST_SNAPBACK}>

Do you know that in Singapore, there are 5000 and 10,000 notes?

And I'm not talking Baht, here but S$.

How much in Thai Baht?

Baht 120,000 to baht 240,000.

You better have a secure wallet...

[PeaceBlondie]

I'd suggest that any new coin or bill be clearly distinguishable from the existing currency, either by color, size, or shape.Already, some of the bills look alike. Mexico has peso coins in one, two, five and ten, but they're too similar.

Who uses satangs other than the big superstores?

When you get a lot of one-baht coins saved up, put them in your pocket and find a vendor who sells things for amounts that aren't multiples of five. they'll appreciate it. What do I do with all my satang coins - use them in place of a 50-baht note the next time I check out at Tesco Lotus?

Thailand definitely needs a 2000 or 5000 baht note. 1000 isn't enough. Doesn't the EU now have a 1000 euro note?

[samran]

What would really be useful, is to follow the Aussie system. Where they have rounded everything up to he nearest five, and gotten rid of the coins worth less than five. Or at least here they could get rid of the Stangs, and perhaps a 3k note might be practical as well.

<{POST_SNAPBACK}>

Can't get rid of the stangs. Would mean raising bus prices.

Raising bus prices in Bangkok is political suicide. Hence the coins will stay.

[mnoorsapl]

I've got a few 2 Baht coins, they came out several months ago and disappeared, maybe I can sell them for 3 Baht!!

<{POST_SNAPBACK}>

Very true, keep it for a couple of year and may be can sell for 5 Baht.

. I got some collection of it. Thanks for the idea.

[The Coder]

Can't get rid of the stangs. Would mean raising bus prices.

Raising bus prices in Bangkok is political suicide. Hence the coins will stay.

Non airconditioned bus prices in BKK went from 3.5 baht several years ago to 4 baht and now are 5 baht.

[HedKeeQuai]

Satang coins piss me off.

If I"m in a bar/restaurant, and the staff give me change in coins which they could've easily given me in notes (to encourage me leaving it all there) I take everything and replace it with a few gold satangs that I conveniently keep in my wallet.

How do ya like that!???

[joebuzzard]

They've had a 2 baht coin before. I came across one, thinking it was 5 baht coin -- it was about the same size. I wouldn't work in the BTS machine, that's what tipped me off to this strange coin.

My girlfriend claims she's cashed in satangs at the 7 Eleven. They are glad to get them. Put them on the counter and they make quick work of counting them and giving you folding money in return.

[thymode91]

I've got a few 2 Baht coins, they came out several months ago and disappeared, maybe I can sell them for 3 Baht!!

<{POST_SNAPBACK}>

I got as well.. in my piggy bank... it would be a great deal if we can sell it for 3 baht...

[mnoorsapl]

They've had a 2 baht coin before. I came across one, thinking it was 5 baht coin -- it was about the same size. I wouldn't work in the BTS machine, that's what tipped me off to this strange coin.

My girlfriend claims she's cashed in satangs at the 7 Eleven. They are glad to get them. Put them on the counter and they make quick work of counting them and giving you folding money in return.

<{POST_SNAPBACK}>

That goes to show how valuable the 2 Bahts are to the locals.

Heard that the old 20 Baht note, the one with bananas at the background are fetching quite a handsome exchange. Being trying to get that note, guess that locals keeping that too!

[HarryHacker]

Satang coins piss me off.

If I"m in a bar/restaurant, and the staff give me change in coins which they could've easily given me in notes (to encourage me leaving it all there) I take everything and replace it with a few gold satangs that I conveniently keep in my wallet.

How do ya like that!???

<{POST_SNAPBACK}>

What a star you are

[Wolfie]

I'd settle for a 2000baht note

[sriracha john]

[bump] with an update:

Three nations enter bidding for Bt2 coins

BANGKOK, June 19, (TNA) – Three nations have entered the battle to win the bid for minting Thailand’s new two baht coins, the director-general of the Treasury Department revealed today.

Speaking in anticipation of the close of the bidding process tomorrow, Mr. Wisut Srisuphan said that mints from Finland, the UK and Canada had all put up bids.

The bids will be officially submitted on 28 June, and an electronic auction will be held on 4 July.

The 21.75mm diameter coin, weighing 4.4 grams, will be made from nickel-plated steel. The front of the coin will feature His Majesty the King, while the ‘tail’ side will feature Bangkok’s famous Golden Mount temple, a design chosen from one of several submitted by the nation’s young people.

Mr. Wisut said that in the first instance, the department would only mint Bt400 million worth of the new coins in order to maintain the nation’s fiscal balance. Foreign mints, he said, could produce small quantities of coins cheaper than the Thai mint.

-------------------------------------------

WOW!... not too many instances where something can be done cheaper in the UK, Finland, or Canada than Thailand.

-------------------------------------------

Edit: Just measured a 1 baht coin: 20mm diameter. Have to take care not to confuse with the only fractionally larger 2 baht coin.

Edited June 20, 2005 by sriracha john

[TokyoT]

While I doubt there is anything to be gained by a 2 Baht coin for the average Tv reader/poster. I am not so sure about the average Thai. While it does not surprise me that no explanation as to why they feel a 2 Baht coin is a good idea has appeared in the English language papers in Thailand it would be of interest to find out why the government thinks this is a good idea? Who would benefit and why?

Hate to say it but the first thing I thought of when I get the OP on this was – well some Thai official is getting a new Benz out of this deal – selecting who will produce the coins.

Also like to see if the justification for the new coins takes into account the cost of changing over the pay phones, vending machines, etc – as mentioned in joe beets earlier post.

My 2 stangs on a 20 Baht coin – do not do this. As mentioned earlier one a note becomes a coin it becomes change. This is why many in the US have continued to resist the use of $1 coins. US government has tried several times to push for $1 coins with little results – I mean if there are no longer $1 bills what are we suppose to tip the strippers?

[stumonster]

[bump] with an update:

Edit: Just measured a 1 baht coin: 20mm diameter. Have to take care not to confuse with the only fractionally larger 2 baht coin.

they are a fair bit thicker also john , you notice them when you get them in change.

Got my first one almost a year ago , and I recieved another in change the other day.

[astral]

The 2 baht coin has been tried and failed.

Why start again, except as a sign of inflation.

The same goes for the suggested 5000 baht note.

[Kerryd]

Some years ago, the US stopped circulation $1,000 bills, because they were being used to much by drug dealers and money launderers.

Germany still uses pfenning coins, as well as 1, 2, and 5 Deutschemark coins.

Same problem as described above. You tend to throw all the "shrapnel" into a can (or what ever), until it overflows, then start a new one.

Took a large can to the bank once in Germany, turned out I had enough for 2 months rent in there (after about 6 months of collecting change) !

When I left the army originally in '96, I had 2 milk crates full of coffee cans, each full of pennies, nickels, dimes, quarters, and $1 coins. Had over $700 Cdn in total (about 22,000 baht).

I have a coffee cup half full of 1 baht coins. The five and 10 baht coins get used regularily paying for moto-taxis, baht busses and hong-nams. When my cup gets full of 1 baht coins, I'll give them away to the kids living in my building.

A 2 baht coin will most likely end up in the cup as well. I agree that a 5,000 baht note would be more convenient, especially as most things here seem to be done in cash.

[Kerryd]

Speaking in anticipation of the close of the bidding process tomorrow, Mr. Wisut Srisuphan said that mints from Finland, the UK and Canada had all put up bids.

<{POST_SNAPBACK}>

Canada ? If I recall correctly, they have a problem producing Canadian coins at less than face value. They recently tried to make some new quarters for Remembrance Day (11 November), with the Queen on one side and a red poppy on the other. Screwed some of them up so that the red paint ended up on the Queen's face !

The 21.75mm diameter coin, weighing 4.4 grams, will be made from nickel-plated steel. The front of the coin will feature His Majesty the King, while the ‘tail’ side will feature Bangkok’s famous Golden Mount temple, a design chosen from one of several submitted by the nation’s young people.

<{POST_SNAPBACK}>

Isn't that already on a coin ? Or is that a different temple I'm thinking of ?

WOW!... not too many instances where something can be done cheaper in the UK, Finland, or Canada than Thailand. 

<{POST_SNAPBACK}>

Probably outsourcing as a way of getting "incentives" without the same scrutiny as might be received locally. Less chance a foreign mint will blab about what ever kickbacks they paid out (possibly damaging future business). None of the foreign mints would get any political leverage out of such an announcement.