The Kingdom of Thailand is situated at the heart of the Indochinese Peninsula in Southeast Asia. It sits close to Laos, Myanmar, Malaysia, Cambodia, Laos, the Andaman Sea, and the Gulf of Thailand. The kingdom was the sole nation in Southeast Asia that was not conquered by the Westerners during the Western international domination.
Although a newly industrialized country, Thailand’s economy has become the 2nd largest in the region. Its infrastructures are highly developed and its free-enterprise economy is strengthened by pro-investment policies and solid export industries. Most of its export products are agricultural goods, machinery and electronic parts, and jewelry.
From 2000 to 2007, the country has recovered from the 1997-1998 Asian recession with a growth rate of about 4% per annum. However, in 2008 and 2009, the global crisis disrupted the exports sector. In 2010, the economy expanded when exports rebounded.
The country’s currency is the Thai baht which is divided into 100 satang. The baht has been in circulation long before it finally became the national currency in 1897. In 2018, the monetary unit was selected as the best performing currency in the world and is the 10th most used world payment money as of January 2019.
A set of banknotes were issued by the Government of Thailand after the nation changed its name from Siam to the Kingdom of Thailand. These paper bills were produced by Thomas De La Rue and featured Ananda Mahidol who was only 9 years old at the time. Ananda Mahidol was proclaimed as Rama VIII following his uncle, King Prajadhipok’s abdication on March 2, 1935. Thailand’s partnership with Thomas De La Rue came to an end after the country declared war against the UK on January 25, 1942.
Ananda Mahidol was found dead by a gunshot on June 9, 1946, and was succeeded by his brother, Bhumibol Adulyadej. Bhumibol Adulyadej’s portrait is featured on subsequent banknotes since the 1948 Series Nine Issues except for the 50-satang paper bill that depicts on phan, the Royal Garuda emblem, and a 3-headed elephant.