New Baht Notes / coins all the time.

[lonewolf99]

It cant just be me, surely? For about the last 2 years or so I have seen a lot of new Baht notes.

Everytime I go to Tesco my change is new bills and new shiny coins even the 1/4 and 1/2 bahts.

Today I pulled 20,000 baht out of an ATM and bingo all brand new 1,000 Baht notes. SO new it was like the ink was still, wet they were sticky.

now if my little knowledge of currencies is correct, i.e. Germany before the war and places like Zimbabwe today, this is a sign of a country in trouble ? Yes/no?

Maybe someone on TV that is a money guru, can explain in layman's terms what this means. When I google the issue it only mentions high inflation but if I look at recent figures for LoS it is 0.88 of a percent ?

I don't understand, is the someone fudging the figures? As if ?

Any one else notice the new money ?

[topt]

They have changed most of the notes in the last couple of years so probably just a case of pulling in the old ones and replacing with new. I have noticed a bit more recently but not excessively so.

The other countries you mention had hyper inflation and as you say this is not the case in Thailand today - IE you do not need a wheelbarrow of cash to buy your somtam......yet

Also the exchange rate against major currencies has hardly fallen through the floor.....

[Pib]

Yes, over the last two years they have done significant redesign of the 1000 and 500 baht notes...all part of trying to stay ahead of the counterfeiters. A good thing.

[Lampang2]

100 also new

[Suradit69]

The notes issued recently are the latest series. They issued the different denominations at different times, but all the recent notes are from the latest series. As I recall, the Baht 20 was the first denomination to be updated while the Baht 500 and 1000 the final denominations. The lower denominations are the most used and are replaced the quickest because they experience more wear & tear.

Commercial banks, as is true in most countries, collect old damage notes that they receive, and the central bank destroys the damaged note and replaces them with the fresh notes over time. There is control over the amount of currency in circulation. They do not simply dump new notes onto the market. There are still old notes in circulation and over time they will all be replaced with the latest series. This is the reason banks have no problem taking in damaged Thai notes because they can exchange them for new notes with the Central bank. They cannot do that with foreign currency and therefore will not accept torn or damaged dollars, pounds, etc.

There have only been sixteen series issued in Thailand since paper currency was first put in use. Only series 9 to 16 have been issued during the current reign, beginning in 1948, with updated images of the king and improved security

Edited January 4, 2016 by Suradit69

[stoneyboy]

Remember the old 10 baht note anyone ?

[cooked]

It is difficult to use old bank notes in the cash payments machines outside of banks. If you have an older bank note and it is refused, you still have to pay for the unsuccessful transfer.

I believe that most Thais still do their payments / transfers in this way.

[Pib]

Yes sir I do from my early Vietnam era military days in Thailand...now I really feel old.

Edited January 4, 2016 by Pib

[Suradit69]

now if my little knowledge of currencies is correct, i.e. Germany before the war and places like Zimbabwe today, this is a sign of a country in trouble ? Yes/no?

Every country continually replaces old, damaged notes with new notes, whether they look the same as the replaced notes or have been redesigned.

In the US:

The U.S. Bureau of Engraving and Printing creates all of the nation's bills, while the U.S. mint creates its coins. But they also destroy money.

Banks and individuals will hand over "mutilated" bills and coins to these agencies. They then validate its authenticity and issue a Treasury check in return.

How much money does the Fed destroy? In 2010, its cash offices destroyed 5.95 billion notes. In 2009, that number was even larger at 6.05 billion notes. A large proportion of those notes were $1 and $20 bills, which are the workhorses of the American economy. In 2010, 2.6 billion $1 bills were destroyed.

Germany, Zimbabwe and other countries printed new denomination of their currency because of inflation. In Thailand the Baht 1000 note is still the highest denomination.

Edited January 4, 2016 by Suradit69

[DogNo1]

I feel old too. I can remember riding buses for 50-75 satang!

[ezzra]

There's a whole industry going on with issuing a new banknotes, Thais are well known to exploit every possibility

to make money, and as a collector of coins and banknotes, many people make good money out the

issuing of new currencies with special and auspicious numbers, misprints and odd notes and coins....

[Gsxrnz]

They have to keep printing new notes because all the generals, BIB's, politicians, and officials keep their corrupt uber wealth in the form of banknotes in hidden locations. They can't keep it in the bank for obvious reasons.

This leads to a shortage of the actual folding stuff in circulation.

[Gutenberg]

Well, one reason is always that there is more digital money in circulation than bank notes. The debt fiat slavery system.

Another reason is that Thailand is planning to get a 3% inflation 2016, probably to counter debt.

[recycler]

The press has never been running at these speeds before, they are printing like mad to feed the circus!

[Eneukman]

Remember the old 10 baht note anyone ?

ImageUploadedByThaivisa Connect1451919489.596996.jpg

Yes, there were a few in circulation when I first came to Thailand some 15 years ago.

Alan

[Familyaffairs]

But the worst thing, again, is the lack of thought and consideration for the consumers. On new year's eve we tried to pay our staff through the cash deposit machine at SCB with 1,000 notes. The machine would only accept the old 1,000 notes, and so we had to spend an extra hour finding old 1,000 Bht notes. All Phuket branches of SCB were also closed on the busiest day of the year....well done SCB !

[houlicha]

I wouldn't worry about the country going bust over this, unless they start telling you the old notes will no longer be accepted. I've got old notes from Mexico, Yugoslavia and others that can be used only to line bird cages.

[roo860]

now if my little knowledge of currencies is correct, i.e. Germany before the war and places like Zimbabwe today, this is a sign of a country in trouble ? Yes/no?

Every country continually replaces old, damaged notes with new notes, whether they look the same as the replaced notes or have been redesigned.

In the US:

The U.S. Bureau of Engraving and Printing creates all of the nation's bills, while the U.S. mint creates its coins. But they also destroy money.

Banks and individuals will hand over "mutilated" bills and coins to these agencies. They then validate its authenticity and issue a Treasury check in return.

How much money does the Fed destroy? In 2010, its cash offices destroyed 5.95 billion notes. In 2009, that number was even larger at 6.05 billion notes. A large proportion of those notes were $1 and $20 bills, which are the workhorses of the American economy. In 2010, 2.6 billion $1 bills were destroyed.

Germany, Zimbabwe and other countries printed new denomination of their currency because of inflation. In Thailand the Baht 1000 note is still the highest denomination.

Is that a young Bruce Forsyth?

[lonewolf99]

Thanks to all who responded. I am always cynical of such things especially regarding the location and present company in charge.

[SOTIRIOS]

...word is....

...and do not hold me to it....

...'They want to phase out all the old bills...due to the number that were illegally taken out of the country."....

...have you gotten your calendar yet....???

[Ulic]

Asia/Thailand is a cash country/zone. Not much credit in card transactions. So cash needs to be

recycled regularly as it wears out. I would not worry.

[MorristheRunt]

People don't like change.

I think the new notes are a great improvment, must say I am very impressed.

Well designed and high quality.

[Jimi007]

Remember the old 10 baht note anyone ?

ImageUploadedByThaivisa Connect1451919489.596996.jpg

Yes, there were a few in circulation when I first came to Thailand some 15 years ago.

Alan

I have a very old one Baht note.

[bazza40]

The printing presses are cranking up all over the world to ensure cheap credit keeps on flowing.

Not too much to read into this, Thailand has far more cash than credit card money in circulation. It does wear out and needs to be replaced.

[Anon999]

The old notes were proving too easy to counterfeit and the new series were designed to make it harder. This is common practise in most countries and largely depends on the counterfeiting problem or some other factor like a new monarch or just time for an update.

[blackcab]

It cant just be me, surely? For about the last 2 years or so I have seen a lot of new Baht notes.

Everytime I go to Tesco my change is new bills and new shiny coins even the 1/4 and 1/2 bahts.

Today I pulled 20,000 baht out of an ATM and bingo all brand new 1,000 Baht notes. SO new it was like the ink was still, wet they were sticky.

now if my little knowledge of currencies is correct, i.e. Germany before the war and places like Zimbabwe today, this is a sign of a country in trouble ? Yes/no?

Maybe someone on TV that is a money guru, can explain in layman's terms what this means. When I google the issue it only mentions high inflation but if I look at recent figures for LoS it is 0.88 of a percent ?

I don't understand, is the someone fudging the figures? As if ?

Any one else notice the new money ?

Places such as Tescos will get regular bulk deliveries of coins and small banknotes simply because of the volume they give out as change every day.

Tescos will hand out more small banknotes and coins each day than multiple bank branches combined. With that kind of demand it's not surprising they are given new banknotes and coins to dispense.

[lungbing]

There's a whole industry going on with issuing a new banknotes, Thais are well known to exploit every possibility

to make money, and as a collector of coins and banknotes, many people make good money out the

issuing of new currencies with special and auspicious numbers, misprints and odd notes and coins....

Same applies to stamps, which I collect.

[kangaloowest]

The notes issued recently are the latest series. They issued the different denominations at different times, but all the recent notes are from the latest series. As I recall, the Baht 20 was the first denomination to be updated while the Baht 500 and 1000 the final denominations. The lower denominations are the most used and are replaced the quickest because they experience more wear & tear.

Commercial banks, as is true in most countries, collect old damage notes that they receive, and the central bank destroys the damaged note and replaces them with the fresh notes over time. There is control over the amount of currency in circulation. They do not simply dump new notes onto the market. There are still old notes in circulation and over time they will all be replaced with the latest series. This is the reason banks have no problem taking in damaged Thai notes because they can exchange them for new notes with the Central bank. They cannot do that with foreign currency and therefore will not accept torn or damaged dollars, pounds, etc.

There have only been sixteen series issued in Thailand since paper currency was first put in use. Only series 9 to 16 have been issued during the current reign, beginning in 1948, with updated images of the king and improved security

Just for interest sake,

When I have been in Cambodia , if you come across a damaged US$ note, you can take it to any ANZ bank and they will examine it for verification and will replace that damaged note with a new US$ note