Before the adoption of banknotes and flat coins, Thailand used Cowrie Shells, Prakab and Pot Duang as the money. During the period of His Majesty King Mongkut, Thailand had established diplomatic relations with the great power countries from the west and implemented the free trade. Trade increased enormously as did the need for money. The production of Pot Duang was insufficient to meet the demand as it was a hand-made and counterfeiting also became widespread. In 1853, King Mongkut thus decreed that the first paper money called Mai.The government had issued to use those coins in 1875 and at the same time had completely withdrawn Att Kradat from circulation. There were efforts to introduce paper money to replace silver coins during the King Rama IV's reign, and the success eventually came in the reign of King Rama V. On September 23, 1902. This marked the inauguration of modern Thai banknotes