Currency Rates for Thailand baht
Currency Information on Thailand Baht - Currency Information on THB– Thailand baht – ฿. The foreign exchange currency code for THB represents the Thailand Baht exchange rate.
The Thailand Baht is the legal currency of Thailand. It is officially coded as THB. The currency is the legal tender of Thailand and the Bank of Thailand is the one responsibility for its issuance. It is minted by the Royal Thai Mint. The Thailand Baht is divided into one hundred satang. According to a 2014 research by SWIFT, this currency was ranked as the 10th most frequently used and traded payment currency in the world.
History of the Thailand Baht.
Similarly to the pound, the Thai Baht traces its origin from an ancient unit of mass. By the time of its inception, its value was initially expressed and quantified similar to that of a corresponding weight of silver, fixed at fifteen grams in modern day period. History also has it that this currency has been in use for as long as during the Sukhothai period, where it was used in bullet coins form known as phot duang in Thai. Up until late 1902, the Baht was solely fixed exclusively on a silver basis, with fifteen grams of silver equivalent to one baht.
Notes and Coins of the Baht.
The use of the Baht in form a flat coin is attributed to the idea of Rama III of Thailand from 1824-1851. The first coin to ever be used was known as the Muang Thai back in 1835. Since then, the currency has undergone a series of evolutions and changes from 1 fuang, 1 sik, 1, 2 and 4 baht and 1 and 2 salung. Currently, in modern day Thailand, the frequently used coins are the 25 and the 50 satang. The 1, 5 and 10 satang coins are very rarely used. Notes currently used are those of the 5, 20, 50 and 100 denomination. Several commemorative notes such as the 5 baht (1969), 10 baht (1969) and 60 baht (1987) have been issued. Their issue is in order to celebrate and mark special days in Thailand, such as birth days of important Thai leaders.
Regulation and Restrictions of the Baht.
The circulation of the Baht is strictly the onus of the Bank of Thailand. It regulates and controls the amount of the currency that flows in the Thailand economy.
GBP to THB
Originally in Thailand, between 1238 and 1251, pieces of solid silver were cast to certain weights to be used as a system for trading; these were called ‘Phot duang’, one of the coins made during this era was named the ‘baht’, and is the origin for the name of the current currency.
The baht was decimalised in 1897, meaning that 1 baht = 100 satang. Currency Rates for Thailand baht - GBP to THB- Send Money Transfer to Thailand.
Coins in circulation include denominations of 25and 50 satang, and 1, 2, 5 and 10 baht, and banknotes in circulation are in denominations of 20, 50, 100, 500 and 1,000 baht. Coins in denominations of 1, 5, and 10 satang are not regularly used. Bank Exchange Rates for Thailand baht. The foreign exchange rates for Thailand also known as the ISO code THB. Send money transfer online with us with the cheapest options.