After the Ayudthaya era, King Taksin (1767-1782) reigned over a transitional kingdom at Thonburi(opposite the present day Bangkok). The most distinguishing feature of Rattanakosin (Bangkok) era coins is the mark of the chakra , the Buddhist Wheel of Law and symbol of the Chakri Dynasty. Ninety-five percent of Bangkok coins have the chakra as a dynastic mark, plus another personal mark. The stamping of the marks was done with the newly made bullet coin held in a mold in an elephant bone. Elephant bone was used because wood was too soft and would split, and iron was too hard and would flatten the coin.
Ayudhya Bullet MoneyThe old Thai monetary units were complicated. The largest denomination was a chung , that was used only for accounting purposes. Twenty tamlueng equaled one chung, four baht equaled one tamlueng , four salueng equaled one baht and two feungsequaled one salueng with further breakdowns into seeg ziew or paiutt and solot This system prevailed until 1897, when it was replaced with the current system of baht and satang (one hundred satang equals one baht).
Cowry shells from the Mekong River had been used as currency for small amounts since the Sukhothai period. Rama III (1824-1851) was the first king to consider the use of a flat coin. He did so not for the convenience of traders, but because he was disturbed that the creatures living in the cowry shells were killed. When he learned of the use of flat copper coins in Singapore in 1835, he contacted a Scottish trader, who had two types of experimental coins struck in England. However, the king rejected both designs. The name of the country put on these first coins wasMuang Thai , not Siam.
Flat coins were finally introduced for use in the Kingdom during the reign of King Mongkut, Rama IV (1851-1868), although bullet coins were still produced during the early years of his reign. The manufacture of bullet coins was slow; only 240 coins in a day could be produced by a single group of craftsmen. But commerce and trade were on the increase, creating a great need for more coins. A lot of poorly stamped and hammered bullet money was made during this time because the artisans were under constant pressure to speed up their work. Two experimental series of flat coins were issued, but the production of these coins by hand was even slower. Large numbers of foreign coins were coming into the Kingdom at this time, and the normal practice was to melt them down and manufacture bullet coins. This procedure was time-consuming, so King Rama IV issued a decree legalizing the use of foreign coins.
Thonburi Bullet MoneyMexican coins were especially popular for international use because Mexico was the biggest silver producer in the world, and large numbers of coins were exported, especially to China.Many merchants in Thailand were reluctant to accept the foreign silver coins, even after the Royaldecree in November 1857 that made the foreign coins legal tender. Because of this lack of acceptance, the king issued another decree, this time ordering the counter-stamping of the chakra and the crown on the Mexican coins. These markings clearly made them Thai coins. They soon became so popular and desired as jewelry that another decree was issued to prohibit the use of foreign coins as children's ornaments.
Also in 1857, England's Queen Victoria became aware of the coin shortage in Thailand and sent King Rama IV a coining machine as a gift. This was used to produce the first machine-made Thai coins. The first series of coins in gold and silver have the chakra and elephant on one side and the crown on the other. Stars are used to show the denominations. Because the machine was a gift, these are known asbanagarn (royal gift) coins. The machine was hand operated, so only a small total of coins was actually issued. The king was impressed by the minting technology, so he ordered a new minting machine from England, which cost three thousand pounds, and included an engineer's services as part of the purchase agreement. The machine arrived in Bangkok in 1858, but the engineer unfortunately died on arrival. Two replacement engineers were sent; one drowned, but the other set the minting machine up before he also died. Fortunately he had time to train a Thai engineer who was able to carry on.
Rattanakosin (Bangkok) Bullet MoneyKing Rama V continued the manufacture of flat coins and an occasional commemorative issue of bullet coins. In 1876 King Rama V introduced the first Thai coin with a king's portrait. This required special assurances to the people that they could handle the coins and put them in cash boxes without being guilty of lese majesty. To make sure policemen were not overzealous, the king proclaimed that any policeman arresting a person for this offense would himself be punished. Bullet coins continued in use for many years, and were finally withdrawn from circulation in October 1904. Thailand can be proud of its old coins, a heritage that proves that a monetary system has existed here for many centuries. Ancient coins, although becoming scarce, can still be found in the antique shops of Chiangmai. The constant shifting over the centuries of empires, tribes and colonial powers vying for power and influence, each imposing their own currencies, has produced a little known numismatist's delight. Silver coins, because of their importance in hill tribe costumes, can also still be found. Other finds include rupees from India and Burma, coins of the old Indo-Chinese French empire, American silver dollars, and the highly prized silver Mexican peso.For collectors of old coins, Chiangmai has an old coin museum (Mint Bureau of Chiangmai or Sala Thanarak , Treasury Department, Ministry of Finance) on Rajdamnern Road (one block away fromAUA) open to the public during business hours.