Public Invited To Change Old Coins And Notes

[george]

Public invited to change old coins and notes for new two-baht coins

BANGKOK: -- The general public are invited to bring in banknotes or coins in hand to change for new two-baht coins, starting from September 26, according to the Treasury Department.

The department's Director-General, Wisudhi Srisuphan, announced that the general public could change old currency for the new two-baht coins at the Treasury Department in Bangkok, as well as at its provincial offices or local financial offices throughout the country.

Mr. Wisudhi said that 400 million of the new coins were minted--Bt 800 million in total coinage--following a cabinet directive.

"The introduction of the new coins is aimed at creating a balance of coins circulated in the Thai economy," he added.

Previously, only one-baht and five-baht coins were mostly used, pushing up their costs of production, particularly those of the one-baht coins which have been used almost two-thirds of the coins in circulation, he noted.

The government will promote the use of the new two-baht coins from the next 2006 fiscal year, which begins on October 1.

Mr. Wisudhi said he believed the introduction of the new coins would not spur inflation, as some had feared.

The new two-baht coins weigh 4.4 grams each with 21.75 mm in diametre, and are made from nickel-coated white steel.

Each coin has a dotted line at an outer ring near its edge to distinguish it from the similar one-baht coin, Mr. Wisudhi said.

Private firms were expected to modify their automatic machines to accept the new coins within the next three to four months, he said.

--TNA 2005-09-27

[sriracha john]

From the Treasury Department's website:

The new 2 baht coin:

[Crossy]

Are they really STEEL?????

Everyone with a small machine shop will be blasting these out for use on the Skytrain and Metro.

That said, any iron based coin is a nightmare for coin validation systems so maybe they just won't get modified to accept the new coin.

[ovenman]

Are they really STEEL?????

The article in today's Bangkok Post about the new two-baht coins repeatedly mentions nickel-coated metal (i.e. unspecified). I would also be surprised if this metal turns out to be steel. The Post article also mentions that Thailand aims to become the coin production hub of the region.

[rainman]

I don't understand, what's the need for 2 baht coins? I could see the point with 20 or 50 baht coins, but not this...

[Tywais]

I have a big stack of 1 baht, 50 satang and 25 satang coins (don't like a lot of coins in my pocket). Now have to find a home for the 2 baht coins.

Many years ago I would collect coins/notes for every country I visited. When I came back to live in Thailand I made a mistake and started to pay my bill (bar) with a 5 baht note (plus a few hundred baht). Couldn't believe the clamor the girls made to get their hands on it. Sort of regret it because I didn't realize it was rare - but the final results from the girl I decided to give it to where, well very good indeed.

Edited September 27, 2005 by tywais

[raro]

I'm still waiting for serious banknote denominations

[raro]

I'm still waiting for serious banknote denominations...1000 Baht is rather a joke when it comes to payments of larger amounts....

[Tywais]

I'm still waiting for serious banknote denominations

I agree. Should have a least a 5000 Baht note what with gas prices and all

[ovenman]

I don't understand, what's the need for 2 baht coins? I could see the point with 20 or 50 baht coins, but not this...

I don't know that there is any demand for two-baht coins per se. The powers-that-be seem to think they will save a ton of baht in production costs by not having to make so many one-baht coins.

[ovenman]

I'm still waiting for serious banknote denominations

I agree. Should have a least a 5000 Baht note what with gas prices and all

Seems like that, or even a ten thousand baht note was discussed a while back but nothing ever came of it (obviously).

[marquess]

Even a 2000 Baht note would be nice. Does the Bank of Scotland issue a 100 pound note???

[astral]

Not this old chestnut, AGAIN.

The 2 baht coin was a flop last time,

why should it be any different now?

[sriracha john]

I don't understand, what's the need for 2 baht coins? I could see the point with 20 or 50 baht coins, but not this...

I don't know that there is any demand for two-baht coins per se. The powers-that-be seem to think they will save a ton of baht in production costs by not having to make so many one-baht coins.

<{POST_SNAPBACK}>

Bingo!... Give a prize goes to ovenman. That's why. The 1 baht coins (nickel and COPPER) are almost more costly to make than their value.

Well done, ovenman...

As a tribute, we hereby dedicate in your honor, a new brand new

HUB:

Treasury tossing up coin-production hub plan

Published on September 27, 2005

The Treasury Department will decide by the end of the year whether to produce coins for export.

Department chief Wisudhi Srisuphan said yesterday Thailand could become a regional coin-production hub if the department decided to back such a move. It has invited major coin producers to propose a joint-venture investment plan for coin exports, he said.

“We will decide by the end of the year if such an investment is viable,” Wisudhi told a press conference. His remarks came a day after the launch of the new two-baht coin.

“We could export coins to neighbouring countries such as Indonesia, the Philippines and Vietnam,’’ the director general said.

But he said investment risks existed because the prices of raw materials such as copper and nickel were on the rise. Small countries like Thailand have felt the impact of rising raw-material costs in coin production. But if the department did this it would not be a large investment, he said.

“We would concentrate on immediate to final production. The department would import metal sheets to produce coins instead of investing in metal-sheet production,” he said.

The department currently imports plain coins from abroad to manufacture baht coins here.

The new two-baht coin is made from nickel-plated steel and costs less to make than a nickel and copper coin would.

Existing one-baht coins are made from nickel and copper and the production cost nearly surpasses their currency value. The nickel-plated steel is Canadian technology.

The major competitor of the Canadian firm which produces the nickel-plated steel is a British enterprise that proposed producing two-baht coins with a different mixture of metals at a higher cost.

An industry source said the British technology was more popular than that used in Canada.

The Treasury Department plans to produce and distribute Bt400 million in two-baht coins in fiscal 2006.

Wisudhi said the two-baht coin would reduce the large production of one-baht coins needed to cover shortages in parts of the country.

[ovenman]

Well done, ovenman...

As a tribute, we hereby dedicate in your honor, a new brand new

HUB:

The OvenMan is duly humbled by this honor...

Wisudhi said the two-baht coin would reduce the large production of one-baht coins needed to cover shortages in parts of the country.

This is a new twist. Anybody else aware of this critical shortage of one-baht coins?

[sriracha john]

It's from all the hoarding done in homes... old coffee cans and Tops Supermarket bags jammed full of them.

So many are out of circulation...

[Maestro]

From the Treasury Department's website:

The new 2 baht coin:

Aha! I seem to be getting closer to finding the website giving information about Thai coins.

Siracha John, would you please give the link to that page from which you took your picture? Or, if you have it, the link to information on all Thai coins, regular and special issues.

Is the new 2-Baht coin again a special, limited issue? If so, what does it commemorate?

[britmaveric]

Normally change just stacks up - apart from baht bus fares not much use.

[Johpa]

Wisudhi said the two-baht coin would reduce the large production of one-baht coins needed to cover shortages in parts of the country.

This is a new twist. Anybody else aware of this critical shortage of one-baht coins?

<{POST_SNAPBACK}>

No, but I remember banks running out of 10 baat notes in the days leading up to elections.

[jrincon17]

I'm still waiting for serious banknote denominations

<{POST_SNAPBACK}>

do they still make the satang coins ? and why ?

[fxm88]

do they still make the satang coins ? and why ?

One-satang coins? No I don't think so. But the 25 and 50 satang coins are fairly common. Some shops still have prices with [50] satang e.g. 7-11, Big-C, and some of the bus routes. Perhaps it helps keep inflation down? Or maybe it allows inflation it creep up, slower than consumers would otherwise notice. Without satang visiting Wat Pho's Reclining Buddha and its 108 alms bowls would be 4x more expensive.

I've got a a plan to get foreigners to protest farang pricing by paying the overage in satang. (But who wants to carry around pockets full of satang?)

I'm waiting to see the 99-baht coins.

Will the 2-baht coins still fit in my ear?