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Thai Banknotes 10th Series

Officially, the last banknote Thomas de la Rue & Company Limited London (TdlR) produced for Thailand was the 100 Baht, Tenth Series, announced on May 16, 1968. This is the only banknote in the Tenth Series, so if one is in the possession of this note, one can consider your collection of Tenth Series of Thai Banknotes as complete.

This is not so for those collecting solid and lucky numbers, prefixes, artwork and specimen notes.

In my collection I have the original hand executed artwork, different specimen banknotes and specimen notes with different prefixes. The reason why specimen notes were produced is so they could be approved by the customer, in this case the Bank of Thailand. Specimen notes would then be sent to other national banks so they would know what they looked like if someone wanted to have banknotes exchanged. Specimen notes were also kept in the archives of the producer, in this case TdlR.


Thomas de la Rue & Company Limited London (TdlR) produced hand executed artworks for this 100 Baht dated on the cardboards they are mounted on, September 1, 1966. The designs are for the obverse and the reverse and are different from the issued notes. The artwork does have the prefix E/25 and numbered 000000.

The obverse of the 100 Baht Tenth Series banknote bears a portrait of the late King Bhumibol Adulyadej, Rama IX dressed in full uniform of the Supreme Commander of the Armed Forces on the right.

The note was printed on watermarked paper showing a profile of Rama IX in a white oval. A security thread with micro lettering THAILAND at intervals was embedded to make counterfeiting more difficult.

Prefix E25 was used for the 100 Baht Banknote Ninth Series, Type V. A specimen note from the archive of TdlR has the stock number “SO4595” and the order number “G6740” written by hand on the top left-hand corner of the banknote. The date of the order “3-9-65” is written in the middle upper margin and on the upper right margin the TdlR archive reference “19/5”. TdlR often used the prefix of previous issued banknotes on artwork.


The Suphannahongse Royal Barge is depicted on the reverse of the banknote. It is a ceremonial boat decorated with a Hongsa, which is a mythical swan figure. The barge was completed in 1911 in the reign of King Vajiravudh, Rama VI.

The banknotes have prefixes running from B/1 to B/493. For each prefix there are 1 million notes printed so altogether 493 million notes were printed with two different sets of signatures. Notes with prefix B/1 to B/352 have the signatures of Minister of Finance Mr. Serm Vinicchayakul and Governor of the Bank of Thailand Mr. Puey Ungphakorn.

Notes with prefix B/353 to B/493 have the signatures of Minister of Finance Mr. Serm Vinicchayakul and Governor of the Bank of Thailand Mr. Bisudhi Nim­manahaemin.


In the EURSEREE auction 55 held in Bangkok on November 30, 2019, a 100 Baht issued banknote with prefix B/418 and the lucky number 999999 was hammered for THB 96,000. Without a solid or lucky number this banknote issued in close to uncirculated condition sells for only 2000 to 3000 Baht. Specimen notes in good condition sold from 30,000 to 60,000 Baht.

This prefix B/1 banknote with SPECIMEN printed in red across on obverse and reverse has the oval “DELARUE & Co. LTD” red stamp on the upper left and lower right corners. On the obverse lower left margin “SPECIMEN No. 001” is stamped in red. No signatures are printed but the hole perforations indicate the position where the signatures were to be printed.

This prefix B/1 banknote with SPECIMEN stamped in red across the obverse and reverse is the first prefix for the circulating banknotes. This banknote has the printed signatures of Minister of Finance and the Governor of the Bank of Thailand. The SPECIMAN stamp across this note is different to those on prefix B/1, prefix B/101 and prefix B/269.


Specimen note with prefix B/101 with the red SPECIMEN stamped across the obverse and reverse. It has the “DELARUE & Co. LTD” oval red stamp on the upper left and lower right corners. On the obverse lower left margin “SPECIMEN No 001” is stamped in red. No signatures are printed but the hole perforations indicate the position where the signatures were to be printed.

Specimen note with prefix B/101 and perforated “SPECIMEN OF NO VALUE”. No signatures printed. This is probably the most rare of the specimen 100 Baht banknotes 10th Series. Also known is the one with prefix B/1 perforated “SPECIMEN OF NO VALUE.”

Specimen note with prefix B/269 with the red SPECIMEN stamped across the obverse and reverse. It has the “DELARUE & Co. LTD” oval red stamp on the upper left and lower right corners. On the obverse lower left margin “SPECIMEN No 013” is stamped in red. No signatures are printed but the hole perforations indicate the position where the signatures were to be printed.


Specimen note with prefix B/269 with the red SPECIMEN stamped across the obverse and reverse. It has the “DELARUE & Co. LTD” oval red stamp on the upper left and lower right corners. On the obverse lower left margin “SPECIMEN No 034” is stamped in red. No signatures are printed but the hole perforations indicate the position where the signatures were to be printed. On the upper right margin the TDLR archive reference “341/3” is written by hand.


In 1949 The Ministry of Finance permitted the Bank of Thailand to place an order with Thomas de la Rue & Company Limited, London (TdlR) for a 1000 Baht banknote. 500,000 pcs of these notes arrived in Thailand in 1952. Some of the government officials were worried that a 1000 Baht banknote would cause inflation, so the note was never put in circulation. Subsequently the banknotes were incinerated.

The Bank of Thailand kept about 100 notes as samples and TdlR stored some of them in their archives. In 1969 TdlR produced the artwork for an 800 Baht banknote, which was never produced for circulation. Why an 800 Baht banknote? Probably it was believed that 800 Baht would cause less inflation than a 1000 Baht banknote.


At one time Thomas de la Rue & Company Limited London (TdlR) had a unique artwork of a never issued 800 Baht banknote dated March 10, 1969. The obverse bears a portrait of the late King Bhumibol Adulyadej, Rama IX dressed in full uniform of the Supreme Commander of the Armed Forces on the right. The blank space on the left was deliberate so that the water mark would be visible on the preproduced water mark paper.

Wat Benjamabopit Dusit­wanaram or the Marble Temple is depicted on the reverse. The artwork has the prefix B/1, same as the first 100 Baht banknotes in the 10th Series.

This was the last artwork Thomas de la Rue & Company Ltd. London produced for Thailand. Subsequently The Bank of Thailand built its own Note Printing Works which was inaugurated by HM King Bhumibol Adulyadej, Rama IX on June 24, 1969.

Lucky Prizes for Banknotes with Lucky Numbers

In the Eur-Seree Collecting Auction 56, there was a section of banknotes with solid and lucky numbers. The interest for these banknotes has really taken off during in the last few years. Some years ago, during an exhibit, the Bank of Thailand arranged a lottery and auction for charity. The bank had picked out banknotes with solid and lucky numbers. The more interesting banknotes were auctioned off, while for the other notes, tickets could be bought for 2,000 Baht for the lucky draw. The ones who bought banknotes in this auction and those participating in the lucky draw had a lucky day compared with the prices in the Eur-Seree auction.


The most expensive solid and lucky banknotes sold for 490,000 Baht and had a starting price of 380,000 Baht. It was a 5 Baht Second Series Type II dated 1st July 1934 during the reign of King Prajadhipok, Rama VII. The banknote has the super solid prefix and number K/7 77777. Banknotes with the same number as the number of the reigning King draw the most interest amongst collectors and dealers.



A 100 Baht banknote, series XI, with the super solid prefix and number 99/L 999999 had a starting price of 180,000 Baht. Several bidders were interested and the buyer had to pay 410,000 Baht for this note issued during the reign of King Bhumibol, Rama IX. The very same note was sold in Eurseree auction 51 on 1st December 2018 for Baht 350,000.



Some of us remember using the 10 Baht banknotes. A 10 Baht Series XI, announced June 18, 1969, had the super solid prefix and number 9/F 9999999. The starting price was 135,000 Baht and with many bidders involved, it was knocked down at Baht 300,000.

So far, I have mentioned some of the most expensive notes. But several of the banknotes with solid and lucky numbers were sold for less than 10,000 Baht. For example, the starting price for a 20 Baht, Series 12 banknote in uncirculated condition with the prefix 34/U and solid number 444444 was 5,000 Baht with the winner bidder paying 6,400 Baht.


A very rare Hundred Baht banknote First Series Type I dated 1st April 1902 was set at 10,000 Baht, but the buyer ended up paying 74,000 Baht. The condition was described as Very Good, minor margin torn away as usual, split at folding and graffiti. This note is not beautiful, but very interesting. On the back of the banknote it is a pencil notion saying, "ได้ไว้ แต่วันที่ 27 เมษายน ..๑๒๕ รู้แน่ว่า เป็นของเก้ จึงจกไว้เพื่อไม่ให้ใช้ต่อไป”. The translation is “Got since April 27, R.E. 125. This note is surely fake, therefore keeping it so that it won’t continue to be used anymore."

Can it be a contemporary fake? As I have not seen the banknote, only seen the picture in the catalogue and on the net, it is difficult to make a judgement. In my collection I do have a specimen note from the archives of the producer Thomas de la Rue & Company Limited London. It would be interesting to compare. As it might be a contemporary fake, the watermarked paper can give some indications. At the time it was very difficult to produce perfect watermarked paper. Anyway, a contemporary fake is also interesting for a collector and could even be included in a museum.

It would be interesting to know the story about this banknote and where it was printed. If genuine, then it must have been printed in London, shipped to the Ministry of Royal Finance in Bangkok. The signatures were then printed on the banknotes here. But if it is a fake, it would be interesting to know who the producers were and if they were caught. Actually, they could be considered as artists, but unfortunately using their talent for illegal activities which could result in heavy punishment.


 A beautiful 2 Baht ND (1863) Mongkut - Elephant graded by PCGS to be MS64, a very high grade for this coin, struck during the reign of King Mongkut, Rama IV, was auctioned. The starting price was 150,000 Baht and it sold for 220,000 Baht. This was a very good buy comparing with the one sold in May by Stacks in Hong Kong for US$ 9,300 graded by PCGS to be MS63. In the Hong Kong sale, Stacks sold five of this popular coin depending on grade for US$ US 2,200 to US$ 14,400.



Nowadays, coins, medals and banknotes are often sent to third grading companies to be graded. The best grade is 70 and the worst grade is 1. So far, I have never seen anything graded at 1, but I have seen objects graded as low as 3. They are not so nice looking, but graded because of the rarity and to get a guarantee that the object is authentic.

In the auction, there were three small gold coins, the Fuang, 1/8 Baht struck during the reign of King Chulalongkorn, Rama V. The obverse of the coin has an image of the portrait of the King and on the reverse the Coat of Arms. They were all graded. The first was graded by NGC, Numismatic Guaranty Corporation to be MS64, with a starting price of 170,000 Baht and sold for 240,000 Baht. The second was also graded by NGC to be AU55 and had a starting price of 100,000 Baht, but with no one bidding higher was sold for that price. The third was graded by PCGS, Professional Coin Grading Services, to be Rim Damaged, but AU detail. The starting price was 30,000 Baht and it sold for 47,000 Baht. Probably if they were sold “raw,” not graded, the price difference wouldn’t have been that much.


The price of gold has gone up 25% in the past year but this does not reflect on collectors gold coins. In the Eur-Seree auction conducted on 21 June 2020, a 1951 1000 Baht Government Gold Bond weighing 173.89 grams in Uncirculated condition had a starting price of 640,000 baht and was sold for 900,000 Baht.

At this auction, another 1,000 Baht Government Gold Bond weighing 172.279 grams was sold. Graded by PCGS to be MS62, it also had a starting price of 640,000 and sold for 820,000 Baht.

For me, this coin looked nicer than the one sold in June. Though the price of gold is higher, it does not influence the price as the gold value for this interesting coin is around Baht 300,000. The probable reason that it did not fetch a higher price was that the person who bought the last one did not bid for this one.


A rare and very popular coin is the 6000 Baht gold 1984 commemorating the 84th Birthday of King’s Mother. There was one coin in proof in the auction, mintage 264 pcs., graded to be in perfect condition with a starting price of 100,000 Baht, it sold for Baht 350,000. The same coin in UNC condition, mintage 835 pcs. graded by NGC to be MS67 had a starting price of 70,000 Baht, sold for 78,000 Baht.

The section of solid and lucky numbers featured 143 lots with 17 unsold lots. The total starting price was 5,511,100 Baht and sold for a total of 9,811,600 Baht. This means sales were 78% more than the starting prices.

In the section of Graded Coins & Medals there were 333 lots with 87 unsold lots. They sold for 16,889,300 Baht, 27% more than the starting prices.

380 registered for bidding and about 30 of them were new bidders for Eur-Seree auctions. At the 2-day auction, 305 successful bidders paid a total of 57,297,100 Baht for the prized items.

The pandemic does not seem to affect most keen numismatists who have more time to go through their collection during the ‘stay at home’ period. The market for the graded coins and banknotes is still as popular as ever, which is reflected in the value and higher bids for similar items. The market is very healthy, especially on the better and premium items, showing a jump of 400-500% on the same items during the past 5-6 years.

For prices realised go to

Eurseree Auction #56


At the Eurseree auction #55 in June this year, a world record was set for a Thai banknote with a solid or lucky number. It was a 100 Baht Banknote Fifth Series with the serial number 88888. The bidding started at Baht 250,000 and the buyer ended up paying Baht 800,000. When records like this are set, collectors and others who are in possession of some banknotes often have a closer look at their banknotes hoping to find a treasure.

And many do find something that might be of interest to others. CEO of Eurseree Collecting Vitoon Eurtivong decided in Auction #56 to have a special section in the auction called “Solid Numbers and Lucky Numbers” which resulted in an impressive group of 143 lots in this category. These banknotes will be sold on Sunday, 30 August 2020, at the Narai Hotel in Bangkok.




 From First Series, there is offered a 5 Baht Banknote dated 15 July 1919. It does have the prefix A/28 and the number 33333. The starting price is Baht 300,000. It is graded to be VF, Very Fine. In the same auction, there is offered a 5 Baht First Series dated 1 December 1913 in the same condition but no solid number. For this, the starting price is Baht 100,000. It will be interesting to see how much more a collector is willing to pay for a solid number compared with a regular number.



The highest starting price for a banknote with a solid number in the sale is Baht 380,000. It is for a 5 Baht banknote Third Series described having a super solid number, prefix K/7 and 77777. The banknote has the portrait of King Prajadhipok, Rama VII. The note is dated 1 July 1934 and graded by PCGS, Professional Coin Grading Services, to be 35, VF. 70 is considered to be the best grade. Rama VII was the first Siamese King to give his permission to have an image of his portrait on a banknote.

In the sale there is another 5 Baht Third Series with Rama VII portrait dated 18 February 1935 graded to be VF. With no solid number the starting price is Baht 25,000. Actually, this note is printed after 2 April 1935 when the printer Thomas de la Rue & Company Limited London was instructed by the Ministry of Finance in Bangkok to ante-date all banknotes of the Third Series to be printed prior to 2 March 1935 when Rama VII abdicated.



A 20 Baht Ninth Series, Type VI, also has a super solid number with prefix Y/333 and number 333333. The starting price is Baht 100,000 and it is graded by PCGS to be 64. If it is not too important to have a super solid number and can accept a banknote with a different number in the prefix, those banknotes have starting prices of around Baht 5,000 depending on the grade. But those looking for banknotes with the number 999999 and a different prefix number must expect to pay quite a lot more. A 20 Baht Ninth Series with prefix Y/45 and number 999999 has a starting price of Baht 50,000.



The banknote with the highest starting price is an 1874 Royal Siamese note, an emergency issue, One Att. It is graded by PCGS to be 30 Details VF. The starting price is set at Baht 500,000.




The first Thai Banknotes issued for Thailand were the First Series announced on 7 September 1902.

The Minister of the Royal Treasury, H.R.H. Prince Kitiyakara Vorolaksana of Chanthaburi showed great interest in the production of banknotes. The Prince was regularly in contact with the producer, Thomas de la Rue & Company Limited London. In the early years when a new series, banknote or a change was to take place of the artwork, banknotes and watermarked paper were sent to Bangkok for approval. This was very time consuming and not very practical. H.R.H. Prince Kitiyakara arranged so that this was the duty of the Siamese Ministers, Ambassadors to the United Kingdom, to approve banknotes and the watermarked paper as long as it was not a major change. For major changes the approval was to take place in Bangkok.

One important part of the security measures for banknotes at the time was the watermarked paper. This was also in most cases approved by the Siamese Ministers in London. H.E. Phya Sudham Maitri was the Siamese Minister to the United Kingdom for 8 years and approved many of the First Series artworks, watermarked papers and specimen notes. In the auction there are three watermarked papers, 5 Ticals, 10 Ticals and 20 Ticals. The 5-and 10 Ticals are the most interesting as both are originally signed as approved by H.E. Phya Sudham Maitri.



The producer Thomas de la Rue & Company Limited London would deliver three pieces of what was needed to be approved to the Siamese Legation in London. After they were signed and dated as approved, the Minister would return one example to Thomas de la Rue & Company Limited London, one would be sent to the Ministry of Royal Finance in Bangkok and one would be kept by the legation.



The three watermarked papers in the auction are in aging tone as they have been kept in Thailand, either the ones kept by the Siamese Legation in London and transferred to Thailand or the ones from the archives of the Ministry of Royal Finance. This is often the case for banknotes kept in a humid country.

Those kept in the archives of the producer Thomas de la Rue & Company Limited London are normally in a very nice original condition. The signed and dated 5 Ticals, July 18, 1914, have a starting price of Baht 120,000. The 10 Ticals, not signed or dated, starts at Baht 100,000 and the 20 Ticals, signed and dated 14 January 1913 starts at Baht 120,000.



Another section in the sale is called “Graded Thai Coins and Medals”. In this section there are 333 lots of high graded material. The 2019 “Coronation of Rama X” Platinum proof medal, weighing 240 grams, with the King’s portrait on the obverse and the Royal Seal on the reverse has a starting price of Baht 1,250,000. The mintage was announced to be not more than 1,000 pieces, but it is believed that just over 200 were struck. The medal is graded by NGC, Numismatic Guaranty Corporation to be in the highest grade 70.



A very popular coin is the 2 Baht ND (1863) struck during the reign of King Mongkut, Rama IV. It is graded by PCGS to be MS64 and is an excellent strike and tone on both sides. The starting price is Baht 150,000, but I assume the buyer will have to pay more because of the pleasing appearance of the coin.




For collectors of King Chulalongkorn, Rama V, flat coin, there is on offer the one Baht ND (1900) with the “Short Tail”. This is missing in many collections and it is offered graded by PCGS to be MS65+. The starting price is Baht 40,000 but I assume the price will be much higher both because of rarity and the high grade. The one with “Long Tail” is also offered in the sale graded by PCGS to be MS64, starting price at Baht 15,000.



King Chulalongkorn, Rama V, visited Europe in 1907 during which time he spent quite some time in Norway. His Majesty went all the way up to North Cape where His Majesty engraved his initials on a stone. The stone is still exhibited at the “Sala Thai” at the North Cape plateau. In 1997 a medal was produced to commemorate 90th Anniversary of the visit. On the obverse are the portraits of H.M. King Chulalongkorn and H.M. King Haakon. The reverse shows the stone at North Cape where King Chulalongkorn, his entourage and the craftsmen who actually engraved the initials on the stone. A gold proof medal, 43mm, is offered with a starting price of Baht 140,000 graded by PCGS to be PR70DC, the highest grade. The mintage is only 20 and this is number 14.



There is a great interest for old Thai coins. Pod Duang, Bullet Coins are unique in their more than 600-year history. Several of these are offered in the sale. From 1200 A.D. to 1700 A.D. Northern ancient money Kakim (Jiang Money) was produced. They were produced in different towns and the one in the sale is from Rung in beautiful condition. Starting price is Baht 60,000.

Previous auctions conducted after the pandemic broke out, mostly behind closed doors, have resulted in record prices. It will be interesting to see the result of this auction and whether the economy will influence the result. The price of gold during the past year has gone up around 30%. Probably this will influence the interest in buying gold coins, even though in the sale there are mostly collector’s coins which are sold for quite a lot more than the gold price.

The catalogue for the auction can be found on During the two-day Eurseree Collecting sale on 29 and 30 August 2020, there will also be a great variety of stamps, antiques, documents, books, coins, medals and banknotes on sale. The sale will be conducted by floor bidding, by absentee bids, postal, mail, fax and telephone.

Siamese Coup d’état, Abdication and Banknotes

King Prajadhiphipok, Rama VII, was the son of King Chulalongkorn, Rama V, and the Brother of King Vajiravudh, Rama VI. Rama VII reigned from November 25, 1925 until March 2, 1935.

During the reign of Rama VII the Siamese revolution or Siamese coup d’état took place on June 24, 1932. The country ended almost 800 years of absolute monarchy and was transformed into a constitutional monarchy.

Rama VII signed a temporary charter on June 27, 1932 beginning with “the highest power in the land belongs to all the people”. He later signed and proclaimed the permanent constitution on December 10, 1933.  

Rama VII left Thailand for Europe on December 12, 1933 for an eye treatment. During the next few years, Rama VII, the first Constitutional Monarch tried his best to exert a constructive influence on the process of political transition. But when negotiations failed, he abdicated the throne. He sent his letter of abdication from England on March 2, 1935 where he was recuperating from his eye operation.

In Rama VII’s abdication letter he wrote, “…I am whole heartedly willing to relinquish the powers vested in me from the times past to the general populace. However, I will not relinquish them to any one person or group so that it may be used absolutely without listening to the real voices of the people.”



When Second Series of Thai Banknotes was to be designed the printer Thomas de la Rue & Company Limited London (TdlR) suggested to have a portrait incorporated on the banknotes. This would make it more difficult to produce counterfeits. TdlR did in 1924 produce hand-executed designs for the 5-, 10- and 20 Baht with an image portraying King Vajiravudh, Rama VI. The King did not give his permission; instead he wanted to have an image of the Royal Ploughing Ceremony on the back of the banknote.


Rama VII was the first Thai King to give Royal permission for an image of his portrait to be printed on a banknote. The designs from 1924 were presented where the portrait of Rama VI was replaced with the portrait of Rama VII. But the King did not accept the design because he wanted an enface portrait.



The change was done by photogravure and accepted by His Majesty and printed for circulation. This specimen 20 Baht banknote Third Series, Type I, is initialled as approved by Royal Ministry of Finance.



After the coup d’état the name of the Royal Ministry of Finance was changed to Ministry of Finance. In 1934 the printer TdlR was instructed to change the title of the Minister of Royal Finance to Minister of Finance since he was the one authorised to sign the banknote. The change was done on the plates for the 5-, 20- and never issued 100 Baht, and prints of the main front plates were sent to the Ministry of Finance to be initialled as approved.


On April 2, 1935 the Siamese Minister to the United Kingdom H.E. Phya Subarn Sompati instructed TdlR to  “…ante-date all Currency Notes in course of being printed prior to March 2, 1935.” The Ministry of Finance sent these instructions to H.E. Phya Subarn Sompati by telegraph. The reason was obvious. It would not be proper to have dates on the banknotes with King Rama VII’s portrait on them after the King’s abdication.  

As an example all 20 Baht banknotes with prefix P/3 to P/10 dated from January 20, 1935 until February 25, 1935 are all printed after April 26, 1935. The 1 Baht banknotes with prefix B/1 to B/100 dated from November 21, 1934 to February 28, 1935 are all printed after April 1935.To fill the order of 10 million banknotes TdlR had to date the notes utilising every day from November 21, 1934 until February 28, 1935. The majority of the notes were dated prior to when the orders were given. It would be really fascinating having a collection complete with all the notes with prefix B/1 till B/100, all antedated.


In a letter dated April 27, 1935 TdlR received new instructions from The Minister to the United Kingdom on behalf of the Ministry of Finance; “Portrait of the ex-King in circle was to be replaced by reproduction of Ananda Samakom Throne Hall (as per photograph enclosed); the rest of the design unchanged.”

On May 2, 1935 TdlR confirmed to the Siamese Minister in the United Kingdom that they were preparing impressions incorporating the Throne Hall instead of the ex King’s portrait. TdlR in the letter pointed out that in their opinion “both from an aesthetic point of view and from the point of view of security against forgery, the suggested picture is not altogether suitable”. TdlR asked if it was possible to use the head of some famous personage in Siamese history.

The next day TdlR sent two impressions, one of the 1 baht value and one of the 100 Baht value, on which the portrait had been replaced by a view of the Throne Hall. To produce these TdlR had cut out the portrait on a specimen 1 Baht note with prefix A/100 dated 20th November 1934 and the specimen never issued 100 Baht with prefix E/100 dated February 11, 1933.



New instructions were given TdlR on October 16, 1935. The Throne Hall was to be replaced by a portrait of the present King. A photograph would be sent to TdlR directly from Lausanne by His Majesty’s Personal Secretary. TdlR received the photograph of King Ananda Mahidol, Rama VIII on December 31, 1935 and on January 2, 1936 an order for 500,000 Five Baht and 1,000,000 Ten Baht banknotes with the new portrait were placed. Photogravure of the 5 baht and 10 baht was produced dated January 9, 1935.

The engraving of the original portrait die would take 6 to 8 weeks. A further 6 weeks would be required to incorporate the engraving in the 10 Baht die and manufacture the new printing plates. It would therefore take 5 months before a shipment of banknotes with the new portrait could be despatched.


On January 18, 1936, the Ministry of Finance asked TdlR to try their utmost to ship the 10 Baht banknotes with the new portrait within 4 months. The 10 Baht was initialled as approved by the Siamese Minister to the United Kingdom H.E. Phya Rajawangsan on April 7, 1936 and announced on August 13, 1936. The 1- and 5 Baht was also announced in 1936, while the 20 Baht was first announced on December 15, 1937. These four denominations were initialled as approved by the Siamese Minister to the United Kingdom H.E. Phya Rajawangsan.


The King Prajadhipok, Rama VII, Museum opened on November 12, 2001. Part of my banknote collection was exhibited and I had the great honour to explain about the banknotes to Her Royal Highness Princess Galyani Vadhana. The Princess noted that some of the banknotes were dated prior to March 2, 1935 as her brother King Ananda, Rama VIII, was recognised as King by the National Assembly in March of 1935.

She told me they must have been quite sure her mother Princess Srinagarindra would agree that her son would be the next Thai monarch. I explained that, actually artwork and specimen banknotes are given a random date, sometimes the date of the former issue. This photogravure which was never issued was produced for the Fourth Series with the portrait of Rama VIII. It does have the prefix P/10 and the date 25th February 1935 which is the last prefix and date of the issued 20 Baht Third Series with the portrait of Rama VII.

Auction conducted with open doors

Due to the COVID-19 pandemic, many auctions around the world have been conducted behind closed doors. The Bangkok based Eur-Seree auction house had planned their auction, sale #55, for April 4 and 5. The CEO of Eur-Seree, Vitoon Eurtivong, hoped to have his many clients present in the auction room as they are used to. He therefore decided to delay the auction till the authorities gave the permission to do so.

The auction took place on June 20 and 21 at the Novotel Bangkok in their 700 square meters Benjasiri Ballroom. Temperatures of all attendees were taken and most of the participants were seated at 180 cm long tables allowing two people at each table. Snacks and food were served in individual plates or boxes.

Since the auction catalogue had been sent out several months ago the collectors had plenty of time to study the catalogue. This reflected on the prices and several records were set.


A gold one Baht bullet coin, Pod Duang, sold in 2009 for Baht 300,000 was offered with a starting price of Baht 300,000. This time the coin was sold for Baht 560,000. It seems like the interest for collecting bullet coins is increasing. Bullet coins were used in Thailand for more than 600 years and are an important part of Thai history. The last bullet coins were produced in 1886, except for a few commemorative issues. They could be exchanged for flat coins until 1908.


Gold coins had a huge price jump in the sale. A Government Gold Bond 1,000 Baht 1951 with the weight of 173.879 grams and purity 0.995 had a starting price of Baht 640,000. The coin was sold for Baht 900,000. The gold value is about Baht 300,000 so the buyer is not basing the price of the gold value. The gold bond coins were struck in 50-, 100- and 1000 Baht values to repay gold bond loans launched in 1943/44. Gold bars with the value of 10,000 Baht were also produced. Only one is known to be privately owned, which in 2015 was sold in the Eur-Seree auction for Baht 5,400,000.


A 5000 Baht 1974 gold proof coin struck for the “World Wildlife Preservations Series” sold for a new record of Baht 320,000. The starting price was Baht 240,000. The coin was graded by Numismatic Guaranty Corporation (NGC) to be PF69UC and it is only struck in 623 pieces. A similar graded coin was sold in 2017 for Baht 220,000. The obverse of this popular coin has the portrait of King Bhumibol, Rama IX, and on the reverse is the White Eyed River-Martin. In Thailand, with royal permission, it is named after Princess Sirindhorn. The bird was believed to be extinct, but rediscovered on February 10, 1968 in Nakon Sawan Province.



A world record was set for a gold 6000 Baht struck in 1982 for Queen Sirikit’s 50th Birthday. Only 99 pieces were struck. It was graded by Professional Coin Grading Service, PCGS, to be PR69DC. The minimum price was Baht 400,000 and it sold for Baht 860,000.



Another word record was set for a rare gold coin struck in 1983 with the low mintage of 253. The 6000 Baht coin commemorates the “700th Anniversary of the Thai Alphabet.” In 2017 it was graded by PCGS as PR69DC and sold for Baht 150,000. This time in a similar grade it sold for three times more, Baht 450,000.



Third part grading has had large influence on the pricing of coins, medals and banknotes. Some like Third Party Grading, others do not like it and find that the grading sometimes is not accurate. From my experience graded coins do sell for higher prices than raw, ungraded material. In this auction several high-grade silver ¼ Baht coins with no date, struck from 1976-1900, were sold. They are part of a popular series from the reign of King Chulalongkorn, Rama V.

In grade MS65 the coin was sold for Baht 15,000, graded in MS63 it was sold for Baht 6,800 and in MS62 it sold for Baht 6,000. Sometimes the owner of a coin is not happy with the grading and takes it out of the slab. The slab is the hard-plastic holder the third-party grading companies insert the coin into after it is graded. The owner again sends the coin in for grading hoping it will be graded higher. This is a gamble, most of the time the coin is graded as before or sometimes lower and one might be lucky to get a higher grade. To have coins graded, the companies charge a fee depending on several circumstances like value.


Many collectors collect banknotes with lucky numbers. In Thailand banknotes with the number 9 are very popular, the reason can be that nine pronounced in Thai “gao” can mean, “moving forward”. In China and Japan, the number 8 is very popular, probably because number eight is the symbol of infinity and good fortune in their language.

In the auction was a Fifth Series 100 Baht Banknote with the series number 88888 with the portrait of King Ananda, Rama VII, to the right. The starting price was Baht 250,000 and the buyer after fascinating bidding ended up paying Baht 800,000 for the banknote, which were printed in Japan for Thailand during WWII. The catalogue price for this banknote in uncirculated condition like the one sold but not a lucky number is Baht 160,000.



A Tenth Series 100 Baht banknote announced in 1968 with the serial number 999999 had a starting price of Baht 50,000, and was sold for Baht 90,000. The Tenth Series was the last banknotes Thomas de la Rue & Company Limited London officially produced for Thailand. 493 million of these beautiful designed banknotes were printed for circulation. To the right is the portrait King Bhumibol, Rama IX. In nice condition these banknotes are sold for about Baht 2,000 without the lucky number or the specimen notes.



A silver coin dated 1987 struck for the 25th Anniversary of the World Wildlife Fund should have the face value of 200 Baht. In the auction there was one error or pattern coin showing the face value of 2500 Baht. The regular coin minted in 22,500 pieces sells for about Baht 5,000 but the error or pattern sold for Baht 600,000. Another of this error or pattern 2500 Baht coin was sold in 2016 for Baht 300,000.

Sarawut Volapattavechoti, (left) Vice President of Thai medals Association with Vitoon Eurtivong CEO of Eur-Seree.

Vitoon Eurtivong, the CEO of Eur-Seree auctions, was happy with the results of the auction. The total value for Arts, Antiques, Books, Documents, Stamps, Coins, Medals and Banknotes which changed hands during the 2-day event amounted to Baht 63 million. There were 440 bidders, 360 of them were seasoned bidders and out of the 80 new registered bidders, 35 of them bought something. Many were bidding by telephone during the two-day auction sale, more than the double number experienced from previous auctions. Many did not attend in person this time because of the present situation, so there was a huge number of absentees, more than twice the normal number.

It is interesting to notice that with the pandemic and the economic situation in Thailand and worldwide seems to have not affected the collecting markets as expected. This is not only experienced in Thailand, but in several auctions worldwide having taken place behind closed doors.

Vitoon expressed that after talking to several of the bidders the “Stay Home Policy” had given more time for enthusiastic collectors to study their collections and find out what is missing and what to invest further. Some medium and low value items in the latest auction sale were affected by the economic difficulties, but it did not seem to have any effect on high end buyers’ hobby. Vitoon also added that the Thai collecting circle looks very healthy right now.

Eur-Seree plans their 56th auction at the Narai Hotel in Bangkok on August 29 and 30, 2020. At this auction Live Bidding will be possible. The complete 55th auction and prices realised can be found on

HKINF World Coins Signature Auction

The Hong Kong International Numismatic Fair was supposed to take place from 13-15 July but had to be cancelled to keep in line with the government’s latest COVID-19 disease prevention measure. The fair is now scheduled to take place on 11-13 December 2020.

Heritage Auctions is in Hong Kong preparing to conduct their auction on 11-13 July 2020. If all goes well regarding relaxation of the coronavirus restrictions, they hope to conduct a floor-auction. If that is not possible, they will conduct an online auction.

In the meantime, pre-bidding via Internet will begin on 17 June onwards until the actual auction day where the Live Internet bidding will also take place.

Some very interesting Thai coins from the Dr. Norman Jacobs Collection will be auctioned. At the time of printing, only a preview was available on No estimates are published so far, but I have put some estimates to the value of the coins. They could sell for more, which would make the consigners happy, or they could sell for less, making the buyers even happier.

Dr. Norman Jacobs’ was an active collector and researcher until he passed away in 2004. His collection includes coins from China, Japan, Korea and Thailand. In 2008, a part of Dr. Norman Jacobs’ collection was sold by Baldwin and Ma Tak Wo in Hong Kong for US$3,371,800. Since 2011 his Japanese and Korean coins were sold by Heritage in Long Beach, USA, for US$6.8 million. In the upcoming Hong Kong sale there will be 31 Thai rarities from Dr. Norman Jacobs’s collection up for sale.

More information and estimations can be found on



This ‘2 Keeping’ CS1197 (1835) is from the reign of Rama III. According to Ronachai Krisaladaolarn’s book “The Evolution of Thai Money” tokens were struck in two different designs, lotus flower and elephant. The Heaton Company in Birmingham struck the tokens. A theory is that Robert Hunter, an important British trader in Siam, ordered the tokens.

They were produced for trade with Singapore as a replacement for the bullet coins. King Nangklao, Rama III, rejected the tokens, of which 500 pieces were each struck. The one with the elephant is the most popular and it is offered in the auction. It is graded by NGC to be PR64. The buyer must probably spend some THB 300,000 to acquire this token considered by many to be the first flat Thai coin.



The production of bullet coins, ‘pot duang’ was very time-consuming. So to be able to have coins in circulation as soon as possible, the Siamese government countermarked the Mexican 8 Reales with the Mongkut (crown) and the Chakra (wheel) and were used as legal tender from 1858-1860.

At the auction there is only one piece dated 1856 graded by NGC to be VF35. These interesting coins are not often seen for sale, so it would not surprise me if the new owner must pay more than THB 200,000 for it even though the grade is not the very best.



Queen Victoria presented King Mongkut, Rama IV, with a hand-driven minting machine. A One Baht coin was one of the coins produced in 1857-58 on this machine and referred to as Bannakarn, Royal Gift. The dies were produced in England and during the voyage became rusty. The imperfections can be distantly seen on the coins struck in Bangkok with these dies.

2,400 pieces of the One Baht Bannakarn coin were produced and circulated together with the One baht 1860, which were struck in large numbers on the steam-powered minting machine ordered from England. The difference between these two coins was undetected and stayed in circulation together throughout.

When the coins were taken out of circulation, the Bannakarn coins amongst them were also destroyed. Hence they are considered a rare coin and not easily found. The One Baht Bannakarn, Royal Gift, is graded by NGC to be AU55 and will probably sell for THB 150,000-200,000.


For King Mongkut, Rama IV’s 60th Birthday, a 4 Baht coin was struck in 1864, both in gold and silver. It is an impressive coin weighing 60.77 grams.

On the obverse of the 4 Baht coin, there is the Crown with rays flanked with umbrellas and three branches in the background, and bordered by 32 stars, each star representing one Fuang (1/8 Baht).

The reverse has the inscription, Krung Siam enclosed within a frame and the Chinese legend Cheng Ming Tung Pao outside the frame. “Cheng Ming” is the name of King Rama IV in Chinese and “Tung Pao” means “lawful money”. There are two types; one with the double-lined frame and dots around the rim, and the other with a single-lined frame without dots.

These coins were used for presentation purposes, and the King also permitted them to be used for decorations. The coin in the sale is in silver and graded by NGC to be AU55. The coin is not considered to be extremely rare but very popular and could sell for THB 600,000-800,000.



For King Chulalongkorn, Rama V, several patterns were produced. In the sale, a 2 Baht in nickel graded by NGC to be in MS63 is being offered. This is a very good grade, but patterns are normally seen in good condition as they were not intended for circulation. The larger patterns are more rare and popular and the buyer will probably be willing to pay about THB 500-700,000 for this pattern.



Royal portrait coins of King Chulalongkorn, Rama V are very popular. On the reverse is the Siamese Coat of Arms. A 2 Baht, ½ Tamlung, silver pattern in proof condition are being offered for sale. The 1-, ¼- and ⅛ Baht in proof are also rare but can be seen offered in the market from time to time.

For the three denominations in nice condition, one is expected to pay about THB 500,000-600,000. The two Baht coin, which was not put in circulation, was also produced in off metal strikes such as copper and white metal. The one in silver offered in the auction is extremely rare and popular. It is graded by NGC to be PR62 and will probably be the most expensive Thai coin in this sale. The price can reach THB 2.5-3 million.



When King Chulalongkorn, Rama V, visited Paris during his second European journey, he paid a visit to the Paris Mint. The King modelled for the chief engraver of the Paris Mint Henri-August Patey and a 1 Baht coin was produced for circulation.

The 1 Baht coins dated RS 127 (1908) were never put in circulation because they arrived in Thailand after the King had passed away and were distributed at his cremation ceremony. The Essai Patterns of this popular coin were produced for the ¼-, ½ - and 1 Baht. All three denominations for the Essai are offered in the sale. The ½ Baht offered are dated 128 (1909) and is the rarest denomination of these coins.

The one offered in the sale is by NGC graded to be MS64. One of these ½ Baht coins was reportedly sold in Singapore at a Taisei auction in 1997 for US$23,000. Another of this rare coin was sold privately some time back. Probably the price in the Heritage auction will be more than THB 2 million.

Successful Spink auction in Hong Kong

Spink & Son was founded in the UK in 1666 and today have companies in USA, Switzerland, China, Singapore and Japan. The China Company was established in Hong Kong in 2011. Spink is well known in South East Asia having been conducting joint auctions with other well-known companies from the 1980s.

The latest Spink coin and banknotes auction in Hong Kong took place on May 10 and 11. The auction took place because of the pandemic.

This did not actually reflect negatively on the prices. The total sales were HK$18,550,320, or more than THB 75 million. The banknotes sold for a total value of HK$13,179,180 and coins were sold for a total of HK$5,371,149.

The most expensive banknote was a Hong Kong, Chartered Bank of India, Australia and China, 10 Dollar denomination dated 1st January 1905. The note sold for HK$696,000 even it was only graded by Paper Money Guaranty, PMG, to be 20, which is Very Fine. Only three of these banknotes are known to exist. Last time it was sold was 20 years ago, so for this note collectors cannot be picky. The printer of the note was W.W. Sprague & Co. Ltd. England.


In recent years interest for specimen banknotes have got the attention of many collectors. It can be assumed that some of the banknote printers have sold from their archives, so material never seen before has become available. At the Spink sale a specimen 500 dollar ultra rare Hong Kong, Chartered Bank of India, Australia and China dated 1.3.1912 sold for HK$600,000 even with 6-hole punch cancelations. The note was printed by Waterlow & Sons Ltd., England and graded by PMG to be 40, Extremely Fine.



From the Republic of China, a One Dollar Specimen coin 1921 struck in gold with the portrait of President Xu Shi Chang sold for HK$600,000. On the reverse of this Commemorate Coin is the Huai Ren Hall. The coin was struck for the inauguration of President Xu in the Tenth Year of the Republic of China.



Another One Dollar Specimen coin from 1924 struck in gold was sold for HK$624,000. On the obverse is the portrait of President Duan Qi Rui. The inscription on the reverse reads “He Ping” in Chinese, meaning Peace.


Banknotes from Peoples Republic of China are popular. A 5000 Yuan 1951 issue showing a traditional Mongolian Yurt. I understand it is a portable, round tent covered with skins and used as dwellings by nomadic groups in the steppes of Central Asia. The banknote was graded by PMG to be 30, Very Fine, and sold for HK$300,000.

Kelvin Cheung, Global Head of Banknotes, Spink China, expressed that the COVID-19 has not affected the local Banknote market. The Chinese and Hong Kong coins have even gone up more in value. Since the auction was behind closed doors and viewing was restricted, Spink China uploaded short video clips of important items so prospective bidders could view them in different angles under natural light.

Spink China is conducting an e-auction on the 12th of July, and plans a floor auction on 18th and 19th of August 2020 in conjunction with the Hong Kong Coin Show held from 21st to 23rd of August.

The Eur-Seree Collecting Co in Bangkok planned their Sale #55 to be conducted April 4 and 5, and the catalogue was printed. The dates were postponed to April 25 and 26 because of the pandemic. Depending on Government restrictions Vitoon Eurtivong, CEO of Eur-Seree, hopes to conduct the sale at the end of June or beginning of July.

Some years ago, Eur-Seree had as many as 1,000 floor bidders in the room for a sale. Normally 400 to 500 hundred collectors and dealers turn up for the popular sales. Vitoon Eurtivong plans for the coming sale to have some 20 of his staff operating telephones for prospective bidders not being able to attend. In the future the company will also be conducting live auctions.

Vitoon Eurtivong is of the opinion that in Thailand the buyers prefer to be at the auctions for inspection and bidding. At the sales other dealers are invited to exhibit what they have for sale so the ones attending do have a chance to buy something at fixed prices. Of great importance also at the auction is meeting other collectors and dealers to exchange information and have a social gathering.

Successful auction in Hong Kong

In these difficult times coin shows and auctions are often postponed or cancelled. Some coin auctions are successfully conducted behind closed doors.

In 1978, when I started with coin and banknote auctions in Oslo, Norway, there were three options to bid. Mail bids, telephone bids and personally attending the auction. Today professional auction companies have the three mentioned options, but in addition they have Internet Absentee or Proxy Bidding, Email, Fax and iBid Live bidding.

My favourite is iBid Live Bidding where you can sit in the comfort of your home, office or any other place and see what is happening in the auction room. To put in your bid, you press on the bidding sign or add the amount of your bid. One can also use mobile devices such smart phones or tablets.

Today ‘Live Bidding’ in person is difficult because of the coronavirus pandemic. The auction companies have to follow directives given by local mandates at the time of the auction and for many it is difficult or impossible to travel.

Attending auctions in person is very effective, not only for the bidding, but handing in your consignments, meeting colleagues and collectors with the same collection interests and getting valuable information from other professionals.

Even though many auction companies today have the coins, medals and banknotes graded by a third party grading company, traders find it of great importance to see the actual object. Many coin enthusiasts are eagerly looking forward to being able to attend auctions in person again.

Stack’s Bowers and Ponterio conducted an auction sale in Hong Kong on 4 -7 May 2020. The company is well established in Asia for the past 10 years and have a very good reputation. They have professional bidding options and listed almost 6000 objects for the sale in two gigantic catalogues, one for coins and medals and the other for banknotes.

Nirat Lertchitvikul, Director of Asian Operation, a Thai citizen, has worked with Stack’s Bowers and Ponterio in Hong Kong since the day the company established in Asia. He said that even though the world was suffering an economic crisis due to the coronavirus pandemic, the coin and banknote market is still thriving, even if auctions had to be conducted behind closed doors.

In the four-day sale, Stack’s Bowers and Ponterio sales amounted to US$13,265,604 (THB about 423,438,000). The sale of coins and medals amounted to US$12,287,832 and the banknotes sales were US$977,772. This is the second largest coin and banknote auction conducted in Asia. In August 2011 Stack’s Bowers sold coins and banknotes for more than US$17,000,000.


The most expensive coin in the sale was a Chinese Silver Dollar Pattern Year 18 (1929) produced by the Rome Mint. This magnificent and extremely rare pattern was estimated at US$90,000 to US$120,000 and sold for US$252,000.



Several banknotes were sold for record prices. The most expensive was a China-Empire, Ta-Ching Government Bank, 10 Dollar, No Date (1910). Estimation was US$20,000 to US$25,000 and sold for US$60,000.


A China, Kweichow Auto Dollar, Year 17 (1928) in high grade sold for US$120,000. The estimation was US$50,000 to US$70,000. The coin was produced to commemorate the completion of the Kweichow (Guizhou) Provincial Highway and reportedly features Governor Zhou Xicheng’s personal automobile. It is said that the automobile was imported from the United States and arrived before the Highway was completed. On arrival to China it was dissembled, carried on foot over the mountains to Kweichow, and reassembled so Zhou was able to drive it around. Today the interest of collecting coins depicting cars is popular. The most reasonable Auto Dollar in the auction was sold for US$16,800.


A very popular Thai Medal was the most expensive of the Thai materials. The estimation was US$7,000 to US$10,000, and the buyer had to pay US$38,400, more than 1.2 million baht. The Haw Campaign Silver Medal was produced in CS 1246 (1884) during the reign of King Chulalongkorn, Rama V.


The 2 Baht Silver Crown, ND (1863) produced during the reign of King Mongkut, Rama IV, is not very rare, but very popular. Not only because of the nice design, but also because for years it was the only crown sized Thai coin and therefore collected internationally. In the sale there were several pieces, the most expensive was graded by NGC to be MS65 and sold for US$14,400. This was lower than expected because of the high grade, but as the coin had carbonized dots on the obverse, not remarked by the grading company, it was sold for the reserve price. These carbonized dots can get bigger in the future. The spots could have been caused by planchet imperfections prior to striking the coin or improper storage. These spots are very difficult or impossible to remove.

In May last year Stack’s Bowers sold a 2 Baht ND (1863), also graded by NGC and to be MS64, a lower grade than the one sold this year. The coin in the lower grade sold for US$16,800 last year. This coin has a very nice natural patina, which is appreciated by many collectors. The famous American collector Virgil Brand was known to have collected coins with natural patina only.

In the sale this month the most reasonable 2 Baht ND (1863) was sold for US$2,100 graded by NGC as UNC Details – Stained.

Director of Asian Operations Stack’s Bowers, Nirat Lertchitvikul, was impressed that twelve of the Chinese coins in the auction were sold for more than US$100,000.

Invasion Notes

One of the currency notes, which stands out from the other series, is the 1-Baht note, which was announced June 3, 1946. The note was produced by Thomas de da Rue & Company Limited, London (TdlR) and ordered by St. Luke’s Printing Works (Bank of England) on behalf of the War Office.

During that period the Japanese Imperial Army controlled the economy in Siam which also included the circulation of banknotes. So, in 1945 the Allied Forces set a plan in motion to print new 1-Baht notes which would look very different to the ones in use. They would then circulate these new banknotes in those areas that they seized back from the Japanese as a symbol of liberation.

This plan was kept secret from the Siamese Government, as they did not want their invasion strategy leaked to the Japanese.

On August 20, 1945, the War Office planned to produce 7 different denominations.


25 Satang - 10 million pcs

50 Satang -12 million pcs

1 Baht - 100 million pcs

5 Baht - 60 million pcs

10 Baht - 30 million pcs

20 Baht - 15 million pcs

100 Baht - 1 million pcs

The face value for all the planned notes printed amounted to Baht 1,108,500,000. - (Over 1 Billion Baht).

These quoted numbers are validated by of a letter dated January 16, 1946 written by St. Luke’s Printing Works to Thomas de da Rue & Company Limited.

Though photographic gravure for all the denominations (except for 50 satang) were produced and approved by the British War Office, but as far as I know the original artwork was produced for the 1 Baht and 100 Baht note only.



On August 10, 1945 St. Luke’s Printing Works (Bank of England) gave instructions to Thomas de da Rue & Company Limited, London (TdlR) to print 10 million 1-Baht notes.

The other denominations were never printed. Thus the 1-Baht note is the only note that was actually printed.

On January 24, 1946 TdlR presented a quotation for the printing of 1, 5, 10, 20 & 100 baht notes, but apparently because the war had ended, there was no more need for the Invasion Notes, so the plan was put on hold.

After the war, the Siamese Government was in urgent need of banknotes, but TdlR was unable to print any notes for Siam at that time. Sadly, during the war, their building in London, where the printing press was located, was heavily damaged by aerial bombardment, incapacitating their production capabilities immensely. Another reason was, they had a prior commitment to fulfil a very large order from China.

The Siamese Government learned that there were already 10 million 1-Baht Invasion Notes printed. They requested the British War Office to give them the notes, which were put into circulation on June 3, 1946.

But before the notes were put into circulation, a small change was made. The words, ‘Thai Government’ were superimposed over the words ‘Issued in Siam’. Below that, the words ‘This note is legal tender in accordance with the law’ were embossed.


Third Party Grading, NGC and PCGS

American Numismatic Association Coin Grading (ANACS), was established in 1972 and started grading coins in 1979. In 1986 Professional Coin Grading Service (PCGS) started and a year later in 1987, Numismatic Guaranty Corporation (NGC) was founded.

Today PCGS and NGC are the market leaders in coin grading. Both companies also grade banknotes and medals. And what do they do?

Actually, it was a revolution in coin collecting. Experts graded the coin and it is encapsulated in a clear plastic holder known as a “slab” with a label identifying the coin and the grade of the coin. Some coins cannot be graded because of damages like hairlines, environmental damage, artificial toning and edge damages to mention only a few.

In the early days I must admit that I hated graded coins. Whenever I bought a graded coin, I would take it out of the slab immediately. Taking a coin out of the slab is not easy. One has to put the plastic holder into a cloth and hammer gently on the edge to crack it. It is important to be very careful so the plastic holder does not damage the coin.

The reason why I did not like slabbed coins is that sometimes I disagreed with the grading and wrong identification. This was the case in the early days when the grading companies started grading not only US coins but also foreign coins.

Later, when I attended coin shows in Hong Kong and China, I saw it was almost impossible to sell ungraded coins, also called “raw” coins. The reason was that the market was floating with fakes and copies produced in China, not only Chinese coins were faked, also foreign ones.

The grading companies are giving a financial guarantee that the grade is correct and that the coin is genuine. If it is later found out and proved that the grade is not correct or a coin is a fake, the buyer is paid the true value of the genuine coin by the third grading company.

With third grading it is also saves a lot of discussions between the seller and buyer about the grade. With “raw” coins there are often long discussions about the grade, the seller often thinks the grade is better and the buyer is of the opinion that the coin grades less. The price difference is significant. A better grade coin in cost much more than a lower grade coin.

Coins are graded from 1 to 70 with 70 being the highest. In catalogues, coins are now often graded with numbers, which were formerly graded as Good, Fine, Very Fine, Extremely Fine and Uncirculated. As an example of prices, the Standard Catalogue of World Coins 1701-1800, 7th Edition, states that a Flowing Hair Dollar graded VF40 is valued at US$300,000 while the MS60 grade is valued at US$1,000,000.


Another example is the Norway 2 kroner 1907 Independence, graded MS64. (pictured) In the Standard Catalogue of World Coins 2019 it is valued in MS63 at US$295. In VF20 it is valued at US$50. The pictured coin is graded MS64, so it can be sold for quite a lot more than the one in the catalogue graded at the best MS63.


A very popular Thai coin is the Tamlung, 4 baht, with no date, struck in 1864 to commemorate King Mongkut, Rama IV’s 60th Birthday. Inside the frame on the reverse it has the inscription Krung Siam, Kingdom of Siam. Outside the frame the inscription is Cheng Ming, which is the name of the King in Chinese, and Tung Pao, which means lawful money. In the Standard Catalogue of Coins 1801-1900, 8th Edition it is valued in MS60 up to US$24,000.

The pictured coin is graded to be AU55 so the value according to the catalogue is worth less.


The pictured one Baht 1876-1900 is graded to be MS66. In the Standard Catalogue of Coins 1801-1900, 8th Edition, the coin is graded from F12 to MS60. In MS60 it is valued at US$250. Why it is not valued in the higher grades like the MS66 is because it very rarely turns up in this grade. Probably the auction price of a one Baht in MS66 would sell for between US$2,000 to US$3,000.

The Thailand 1 Baht 1876-1900 was also struck in PROOF meaning that it was struck with polished dies. Those were presentation pieces and in PF60 grade it is valued at US$6,000. Probably the pictured coin graded in PF65 could be sold for more.


The pictured Great Britain Gothic Crown graded PF60 has a catalogue value of US$6,000. As the pictured coin is graded in PF58 it is worth less.


The pictured Netherlands, Utrecht gold Ducat 1724, is from the ship Akerendam that sank off Runde Island on the coast of Norway in 1725. The shipwreck was found by divers in 1972 and 6,505 pieces of the Ducat was salvaged. Prior to the wreck of the Akerndam only one Ducat 1724 was known to exist, so I assume the owner must have been disappointed when several thousands more were available in the market. This pictured coin is graded in MS65. This is one of the best of the rescued coins and is only graded in the catalogue in MS60 at US$850, so I assume a MS65 would be sold for quite a lot more.


PCGS also put two or three coins in one slab, the ones with two coins are called duo-holders. Pictured is the Thai gold 200 Baht and silver 2000 Baht 1997 UNICEF. Only 1290 pieces of the gold coin and 2123 pieces of the silver coin were minted. Both coins are graded to be PR70, the highest grade, and I assume the value is around US$1,200.

Some dealers and collectors like grading while others do not. The ones who do not like it argue that one should be able to have “contact” with the coin and think that coin collecting is too commercialized. They have the enjoyment of doing the investigation themselves as a part of the hobby. They also argue that graded coins take up much more space.

The ones who like the grading are sometimes the ones with less knowledge and look at coin collecting as an investment. They do not want to spend the time discussing the grade with the seller and like to have the financial guarantee from the third-party grader of the quality and that the coin is genuine. From my experience graded coins are often sold for at higher prices than raw coins.

So, what happens in the market after the coins are graded? It seems like everyone wants to have coins top graded from AU55 to MS70. They do command very high prices at auctions unless they are very rare, while the ones in less quality are often not sold even when they are nice coins.

Sometimes it is better to sell the coins, which are not in the top grades raw, as someone might be of the opinion that it is actually better than when graded by the auctioneer and will be graded higher by the third-party grader.

The first Thai banknotes

(Copyright Bank of England)

History records that the first paper banknotes were issued during the Chinese Tang and Song dynasties in the 7th century A.D.

In 1661, Sweden was the first European country to issue banknotes. The Bank of England was established in 1694, and issued banknotes in 1695.

Jorgen Thor Mohlen, a wealthy merchant in Bergen, Norway, received permission from King Christian V of Denmark and Norway to issue the very first bank notes in Norway in 1695.

The notes were printed on one big piece of paper and about one third of the right side was ripped off. This part stayed with the issuer to prevent forgeries and could be matched when the notes were to be redeemed. This project was not a success as people who owned these notes used them to pay tax. Having collected a lot of tax, the King presented the notes to Thor Mohlen to get silver in exchange.

Unfortunately, during that period Thor Mohlen incurred heavy losses on colonial trade and the Great Fire of 1702 and could not pay. He was declared bankrupt.

Foreign banks operating in Thailand produced the first banknotes issued in Thailand. These were Hongkong & Shanghai Banking Corporation, the Chartered Bank of India, Australia & China and the Banque de l’Indochine.

In 1891 Thai banknotes were printed by Giesecke & Devrient Co. in Berlin, Germany.

Unfortunately, the notes were not put in circulation. Navarat Laekhakula, author, economist and an expert on the history of Thai currency, explained in his book “Bia, Baht, Coin, Banknotes” that in 1893 (RE112), “a conflict arose between Thailand and France. The French government dispatched gunboats to confront Thai armed forces, causing Thailand to cede the territories on the left bank of the Mae Khong River (in Laos) to France. Thailand was also required to pay compensation of three million Francs in coin. The situation put a halt to the adoption of treasure notes.” The notes printed in Germany were destroyed. Only a small number were kept as samples and these are very popular and valuable among collectors.

On September 7, 1902 the first Thai banknotes, First Series, were put into circulation. The notes were produced by Thomas de la Rue & Company, Limited, London, and had the denominations of 5-, 10-, 20- 100- and 1,000 Baht. The other circulating denominations were coins.

For years the Bank of England had only printed one-sided banknotes. The last one-sided note was issued in 1957 and ceased to be legal tender in 1961. As the Thai notes were to be printed in England it was suggested to the Royal Thai Treasury department to have the First Series printed on one side only.

The prefixes used for the First Series of Thai Banknotes were: 5 Baht-prefix A, 10 Baht-prefix B, 20 Baht-prefix C, 100 Baht-prefix D and 1000 Baht-prefix E in front of the serial number. This is the very first printed 10 Baht note with prefix B1 and the serial number 00001. Many collectors do appreciate the first printed banknotes and the last printed banknotes. Banknotes with a solid number are also very popular. In Thailand, the number 999999 is prized and in high demand.

Before a run of notes was to be printed, a specimen note had to be approved by the Royal Thai Treasury Department in Bangkok. In the early years this process was very time consuming, so the Minister (Ambassador) at the Thai Legation in London was assigned to the task H.E. the Minister could only approve notes already circulating, so new designs had to be sent to Bangkok for approval. On February 7, 1911, this 1,000 Baht note was signed as approved by H.E. Phya Akaraj Waradhara. The last banknote First Series was dated in 1923. The first notes in the Second Series, printed on both sides, was announced February 18, 1925.

Eur-Seree Collecting Auction 55

Eur-Seree will be conducting their 55th auction at the Narai Hotel in Bangkok on April 4 and 5, 2020. 2880 Lots are to be sold in the auction.

A variety of collector’s objects are to be sold, including, documents, books, photographs, watches, stamps, coins medals and banknotes to mention but just a few.

About 20 dealers will be exhibiting their collections during the viewing and the auction. So if you have no luck in buying your favourite choice at the sale, you might find something interesting from the exhibiting dealers.

The catalogue can be seen on

The auction catalogue can be bought for 1500 Baht inside Thailand or sent oversees by airmail for US$ 35.

For more information please contact [email protected]

There are many collections of Royal Photographs and when signed are even more popular and are in high demand. For example a signed photograph of Rama VI is offered. The signature “Maha Vajiravudh 1907” is prominent on the front and the words “The King of Siam given to the Dean of Gloucester” is inscribed on the back. The starting price is 175,000 Baht.


For collectors of autographs there is good chance to get signed Royal documents. In Lot 52 there is a document signed by H.M. King Bhumibol Adulyadej in Thai about land mortgage. It is a nice document and the starting price is only 8,000 Baht.


A gold Pod Duang, bullet coin, 1 Baht, from the period 1851-68 is offered with a starting price of 300,000 Baht. It is in an Almost Uncirculated condition and both marks are very clear. The very same coin was sold in the Eur-Seree auction in 2009 for the same as the starting price in this auction. Should be a very good buy.


Silver Pod Duang, bullet coins, can be bought for less than 1,000 Baht. In Lot 1466 there are 13 pieces of 1 Baht coins and the starting price is 7,000 Baht. The coins are from the reign of King Rama III, 1824-51. The weight of one coin is around 15 grams. If one is interested in bullet coins it is worth spending some time to study the catalogue.


In recent years the interest for copper coins in high grades has increased. Prior to this, most of the collectors were concentrating on the silver coins. But many realized that it was actually harder to find a copper coin in good condition.

The reason being, in the reign of King Chulalongkorn, Rama V, it was the copper coins that were being circulated the most.

In this sale there is also a 2 Att, Seo, from RS109 (1890) graded by the Professional Coin Grading Service (PCGS) to be MS63RB, which is the same as Uncirculated. If it can be bought for the starting price of 10,000 Baht, it is a very good buy.



In 1907 King Chulalongkorn, Rama V, paid a visit to Norway. The King visited Oslo and went all the way up to North Cape. In Oslo His Majesty stayed at the palace with King Haakon, Queen Maud and Crown Prince Olav.

In 1997 a commemorative medal was produced to mark the 90th anniversary of the visit. The obverse depicts the portrait of King Chulalongkorn and King Haakon and the reverse shows King Chulalongkorn standing with his entourage around the large rock at North Cape on which he had engraved his name to commemorate his visit.

Today the rock can be seen at the Thai Museum at North Cape. The medal was produced in collaboration between the Royal Thai Mint and the Royal Norwegian Mint. At the Eur-Seree auction, one large 42 mm silver medal is offered with a starting price of 7,000 Baht.

The banknote with the highest starting price of 600,000 Baht is a 1,000 Baht note produced by Thomas de la Rue & Company Limited, London. The note arrived in Thailand in 1952, but for various reasons was never put in circulation. The speculated reason is, probably that some thought a bank note with such a high denomination would lead to inflation. Out of the 500,000 notes printed about 100 were kept as samples. The rest were destroyed by incineration.

A very popular series of coins is the 2000 Millennium “Year of Dragon” coins. A 5 ounce 200 Baht coin produced by The Singapore Mint is also featured in the sale. On the obverse is the portrait of the HM King Bhumibol Adulyadej and on the reverse is a colourful design with dragons. The starting price is 70,000 Baht.

4 Baht 1864 commemorative coin and Tamlung bullet coin

The 4 Baht 1864 commemorative coin.

The 4 Baht Tamlung, Pod Fuang or bullet coin with Mongkut and Chakra.

Up to the year 2000, the 4 baht 1864 with a diameter of 45 mm was the largest flat coin produced for Thailand.

In 2000 A.D. the slightly larger Millennium coins were produced by the Singapore Mint for Thailand. They were the 65 mm Silver 200 Baht and the 55 mm Gold 2,500 Baht coins.

The 4 Baht 1864 coin was struck in gold and silver to commemorate the 60th Birthday of King Mongkut, Rama IV. The coins were used for presentation purposes and the King also permitted them to be used for decorations.

On the obverse of the 4 Baht coin there is the Crown with rays flanked with umbrellas with three branches in the background, and bordered by 32 stars, each star representing one Fuang (1/8 Baht).

The reverse has the inscription, Krung Siam enclosed within a frame and the Chinese legend Cheng Ming Tung Pao outside the frame. “Cheng Ming” is the name of King Rama IV in Chinese and “Tung Pao” means “lawful money”. There are two types; one with the double-lined frame and dots around the rim, and the other with a single-lined frame without dots.

The descriptions of the obverse and reverse are from the book “Coinage of the Rattanakosin era 1782-1982 AD”.

The gold 4 Baht coin is very rare and during the last 30 years only a few transactions have taken place. One collector had two pieces in his collection bought during the last 30 years. He later sold both sets, one by private treaty and one in an auction sale.

The 4 baht coin turns up in auctions from time to time. The price is varied, based on the quality. The prices I have seen have been from 300,000 Baht to 500,000 Baht. For a 4 Baht coin in perfect condition the price might be considerably higher. Because of the size and weight, a little more than 60 grams, this coin is considered a broad thaler.

If one would like a Thai 4 Baht coin in their collection, the alternative would be to buy a 4 Baht Tamlung, Pod Fuang or bullet coin also issued during the reign of King Mongkut, Rama 4. This very nice coin is from 1851 and originally struck for the coronation of Rama IV. The price of this bullet coin is from 50,000 Baht to 150,000 Baht depending on the quality.


Silver and Gold 1997 UNICEF commemorative coins

UNICEF 2000 Baht Gold commemorative coin.

UNICEF 200 Baht Silver commemorative coin.

The United Nations Children’s Fund is a United Nations agency responsible for providing humanitarian and developmental aid to children around the world. It was established in 1946 as the United Nations International Children’s Emergency Fund (UNICEF) by the U.N. General Assembly to provide immediate hunger relief and healthcare to children and mothers in countries devastated by World War II. In 1950, UNICEF’s mandate was extended to address the long-term needs of children and women in developing countries, and in 1953 it became a permanent part of the United Nations System.

In 1989, the UN General Assembly passed the “Convention on the Rights of Children” (UNCRC) which is a human rights treaty setting out the civil, political, economic, social, health and cultural rights of children. The Convention defines a child as any human being under the age of eighteen, unless the age of majority is attained earlier under national legislation.

On the 50th anniversary of UNICEF in 1997, many countries minted commemorative coins to mark the auspicious occasion.

Thailand aimed to mint the Silver 200 Baht and the Gold 2000 Baht coins. But due to a lack of capacity to mint the coins here, the Royal Thai Mint commissioned the Royal Norwegian Mint to produce the coins on their behalf.

The original plan was to produce two types and denominations of the coins. The first was for 10,000 gold coins with a portrait of the late King Bhumibol Adulyadej, Rama IX on the obverse. The reverse would depict an image of a studious girl from a bygone Siamese era.

The second type was for 25,000 silver coins. The obverse would depict a portrait of the late king Bhumibol Adulyadej, Rama IX and the reverse would show children playing a traditional Thai game called “Mark Keb”.

Unfortunately, in 1997 the Asian financial crises gripped East Asia and South East Asia. Thailand was no exception. In May of 1997 the Thai Baht was hit by massive speculative attacks. In January 1998, the Thai Baht which had an exchange value of 25 to the US Dollar tumbled alarmingly down to 56 Baht to the US Dollar.

The economic situation was rather gloomy, which also sent the coin market into doldrums. Because these special UNICEF coins were produced only on order, only 2123 pieces of the 200 Baht Silver Coins and 1290 pieces of the 2000 Baht Gold coins were produced and sold.

This was one of the lowest numbers of Thai coins ever sold.

But the numismatic world is unique, and as fate may have it, those who bought the UNICEF coins back in 1998 can cherish in the fact that their investment is now worth 3-5 times more than what they paid for them.

HEADLINES [click on headline to view story]

Thai Banknotes 10th Series

Lucky Prizes for Banknotes with Lucky Numbers

Eurseree Auction #56

Siamese Coup d’état, Abdication and Banknotes

Auction conducted with open doors

HKINF World Coins Signature Auction

Successful Spink auction in Hong Kong

Successful auction in Hong Kong

Invasion Notes

Third Party Grading, NGC and PCGS

The first Thai banknotes

Eur-Seree Collecting Auction 55

4 Baht 1864 commemorative coin and Tamlung bullet coin

Silver and Gold 1997 UNICEF commemorative coins