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The History Of Thai Currency - From Ancient Beads To Modern Baht
By Eric Lim, Thu Dec 8th
The history of Thailand traces the evolution of themedium of exchange used in Thailand prior to the 1st century.This dates from the days of barter trade, ancient beads andmoney in various shapes and sizes till the in moderntimes. Ancient beads, seeds, bracelets and pebbles used as amedium of exchange in the early days around 200 – 300 BC,have been discovered in Thailand, including old Roman coppercoins dating back to 270 BC! During the 1st – 7th centuries, metallic coins of theFunan Kingdom in Indochina made their appearance inThailand, followed by Dvaravati coins in the 7th – 11thcenturies. This was followed by a period in the history of Thaicurrency when money in different shapes and sizes from variousplaces were in use.
Sandal wood flower coins or Dok Jan coins from the SriVijaya Kingdom in SE Asia were introduced in trade in theregion in the 8th – 13th centuries. Cowrie shells and bakedclay coins were also used from the pre- Sukhothai erauntil the reign of King Rama IV, when they were dropped fromcirculation. From the 14th – 19th centuries, coins from theLanna Kingdom in the northern Thailand embossed withvarious designs were also in circulation. Around the sameperiod, 15th – 19th centuries, Lanchang, the kingdom innortheastern Thailand introduced silver and copper piecesin long and narrow boat shapes. In the history of Thai currency, the money that was mostenduring was Pot Duang or bullet money. This firstappeared during the Sukhothai era, 13th – 14th centuries.Pot Duang money were hand-made coins. Metal strips were bent andfolded into spheres very much like a bullet, thus the name,bullet money. Bullet money was in circulation for 600 years from the Sukhothaiera to Rattanakosin until its withdrawal from circulation in1904 during the reign of King Rama V. The most
Euro May Drop Below 100 Yen on Ichimoku Cloud Trends: Technical Analysis
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<a href="http://www.bloomberg.com/news/2010-09-09/euro-may-drop-below-100-yen-on-ichimoku-cloud-trends-technical-analysis.html" style="font-size:1.2em">Euro May Drop Below 100 Yen on Ichimoku Cloud Trends: Technical Analysis</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">By Yoshiaki Nohara - Thu Sep 09 21:59:04 GMT 2010 The euro may fall below 100 yen to a nine-year low, Ueda Harlow Ltd. said, citing trading patterns. A weekly ichimoku chart shows the common ...</div>
<a href="http://www.businessweek.com/news/2010-09-09/euro-may-drop-below-100-yen-on-ichimoku-technical-analysis.html">Euro May Drop Below 100 Yen on Ichimoku: Technical Analysis</a> - <span style="color:#888888">BusinessWeek</span><br>
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Dollar and precious metals at a glance
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<a href="http://www.businessweek.com/ap/financialnews/D9I4JI200.htm" style="font-size:1.2em">Dollar and precious metals at a glance</a>
<br> <span style="color:#888888;">BusinessWeek</span> - <span style="white-space:nowrap">3 hours ago </span>
<div style="width:80%;">Key currency exchange rates Wednesday, compared with late Tuesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 83.90 83.98 Euro $1.2700 $1.2724 Pound $1.5430 $1.5480 Swiss franc 1.0156 1.0118 ...</div>
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Euro Steadies As US Jobs Picture Brightens
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<a href="http://www.rttnews.com/Content/ForexTopStory.aspx?Node=B3&Id=1413994" style="font-size:1.2em">Euro Steadies As US Jobs Picture Brightens</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">8 hours ago </span>
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Dollar Mixed, Consolidates Vs. Euro
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<a href="http://www.thestreet.com/offers/omnisky/html/markets/currency/10855987.html" style="font-size:1.2em">Dollar Mixed, Consolidates Vs. Euro</a>
<br> <span style="color:#888888;">TheStreet.com</span> - <span style="white-space:nowrap">12 hours ago </span>
<div style="width:80%;">By BBH FX Strategy The US dollar was mixed Thursday as it consolidates against the euro and Swiss franc, remains heavy against the yen and is performing best against sterling, especially following ...</div>
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? Euro posts losses as worries over Irelands finances spread
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<a href="http://www.propertywire.com/news/currency-watch/euro-posts-losses-as-worries-over-irelands-finances-spread-201009094483.html" style="font-size:1.2em">? Euro posts losses as worries over Irelands finances spread</a>
<br> <span style="color:#888888;">Property Wire</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">Wednesday's gains in Wall Street came after a big rally last week in stocks as investors increasingly factor in indications that the threat of a double dip recession is waning. Risk appetite has ...</div>
<a href="http://www.onefinancialmarkets.com/news/2010/09/09/euro-rising-against-dollar-but-investors-looking-to-offload/">Euro rising against dollar, but investors looking to offload</a> - <span style="color:#888888">One Financial</span><br>
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Yen Retreats From Two-Week High Versus Euro on Growth Optimism
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/09/08/bloomberg1376-L8GAY307SXKX01-3REETE111OLSKDJ5V688UVIK0M.DTL" style="font-size:1.2em">Yen Retreats From Two-Week High Versus Euro on Growth Optimism</a>
<br> <span style="color:#888888;">San Francisco Chronicle</span> - <span style="white-space:nowrap">22 hours ago </span>
<div style="width:80%;">Sept. 9 (Bloomberg) -- The yen retreated from near a two- week high against the euro as optimism that a recovery in the Asia-Pacific region is gathering momentum damped demand for the safety of ...</div>
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Stocks Rise as Euro Debt Worries Ease
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<a href="http://www.thestreet.com/offers/omnisky/html/markets/marketstory/10854916.html" style="font-size:1.2em">Stocks Rise as Euro Debt Worries Ease</a>
<br> <span style="color:#888888;">TheStreet.com</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">By Shanthi Venkataraman NEW YORK (TheStreet) -- Stocks opened higher on Wednesday tracking a recovery in European markets after a successful Portugal bond auction helped ease concerns about the ...</div>
<a href="http://www.howestreet.com/articles/index.php?article_id=14492">European Credit Stress Returns With Vengeance - Irish, Portuguese Bond Spread at All Time High - Yen Soars - Gold Hits All Time High</a> - <span style="color:#888888">HoweStreet.com</span><br>
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China Yuan Down Slightly Late On Euro Weakness Overnight
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<a href="http://online.wsj.com/article/BT-CO-20100908-703962.html" style="font-size:1.2em">China Yuan Down Slightly Late On Euro Weakness Overnight</a>
<br> <span style="color:#888888;">Wall Street Journal</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">SHANGHAI (Dow Jones)--China's yuan fell slightly against the US dollar late Wednesday afternoon following the euro's drop against the dollar overnight because of renewed concerns over the health ...</div>
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FOREX-Euro rattled by bank scare, yen eyes new highs
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<a href="http://www.reuters.com/article/idUSSGE68700320100908" style="font-size:1.2em">FOREX-Euro rattled by bank scare, yen eyes new highs</a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">Sep 8, 2010 </span>
<div style="width:80%;">SYDNEY, Sept 8 (Reuters) - The euro was on the defensive on Wednesday as the latest scare over the euro zone banking system slapped it to lifetime lows against the Swiss franc and Australian ...</div>
<a href="http://www.balkans.com/open-news.php?uniquenumber=69850">Euro rattled by bank scare, yen eyes new highs -euro to record lows on Swiss franc</a> - <span style="color:#888888">Balkans.com Business News</span><br>
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WORLD FOREX:Euro Gains Modestly Vs Dollar On Bond Sale,US Data
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<a href="http://online.wsj.com/article/BT-CO-20100909-707760.html" style="font-size:1.2em">WORLD FOREX:Euro Gains Modestly Vs Dollar On Bond Sale,US Data</a>
<br> <span style="color:#888888;">Wall Street Journal</span> - <span style="white-space:nowrap">Sep 7, 2010 </span>
<div style="width:80%;">By Bradley Davis Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)-- The euro gained modestly on the dollar Thursday after better-than-expected US data allayed some worry over the pace of the economic ...</div>
<a href="http://imarketnews.com/node/18848">TheFXSpot: EZ Peripheral Woes Reemerge; Euro Slips,Stocks Off</a> - <span style="color:#888888">IMarketnews.com</span><br>
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profound changes in the history of Thai currencyoccurred during the Rattankosin era in the reigns of KingRama IV and King Rama V. Standardized factory minted coinsand printed bank notes were officially issued. During the reign of King Rama IV, when foreign trade anddiplomatic relations expanded, the paper money, in the form ofroyal promissory notes, was issued in 1853. These were followedby bank notes issued by the foreign to facilitate tradeclearance. In 1857, Queen Victoria of Britain presented Thailand with thefirst minting machine and the minting of the first Thai silvercoins commenced. In 1858, a minting machine purchased fromBritain and the Royal Mint was set up in the Grand Palace andthe minting of coins went ahead full steam. In the reign of King Rama IV, money was denominated in satang,tho, phi, padueng and baht. During the reign of King Rama V, or King Chulalongkorn, coinagewas streamlined. The numerous denominations were reduced to onlytwo, satang and baht, based on the metric system, whichremain till this day. Bank notes issued were in denominations of1, 5, 10, 40,80, 100, 400 and 800 baht. Today, the denominations have been streamlined to 25, 50 satangcoins, 1, 5, 10 baht coins and 20, 50, 100, 500, 1,000 bahtnotes. The history of Thai goes back more than 1,000 years,evolving from ancient beads and bracelets to the modern bahtthat's in current use. The ancient beads, bullet money and old currencies can be viewedat the Bank of Thailand Museum in Bang Khun Phrom Palacewithin the premises of the Central Bank of Thailand.
About the author: This article first appeared in Tour BangkokLegacies, a historical travel site on people, places andevents that shaped the landscape of Bangkok. The author, EricLim, is a free-lance writer who lives in Bangkok Thailand.
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Commonly used term for foreign exchange.
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