Thai temple

The history of Thailand currency traces the evolution of the
medium of exchange used in Thailand prior to the 1st century.
This dates from the days of barter trade, ancient beads and
money in various shapes and sizes till the currency in modern
times.

Ancient beads, seeds, bracelets and pebbles used as a
medium of exchange in the early days around 200 - 300
BC, have been discovered in Thailand, including old
Roman copper coins dating back to 270 BC!

During the 1st - 7th centuries, metallic coins of the
Funan Kingdom in Indochina made their appearance
in Thailand, followed by Dvaravati coins in the 7th -
11th centuries. This was followed by a period in the history of
Thai currency when money in different shapes and sizes from
various places were in use.

Sandal wood flower coins or Dok Jan coins from the
Sri Vijaya Kingdom in SE Asia were introduced in
trade in the region in the 8th - 13th centuries. Cowrie shells
and baked clay coins were also used from the pre-
Sukhothai era until the reign of King Rama IV, when they were dropped from circulation.

From the 14th - 19th centuries, coins from the
Lanna Kingdom in the northern Thailand embossed
with various designs were also in circulation. Around the same
period, 15th - 19th centuries, Lanchang, the kingdom in
northeastern Thailand introduced silver and copper
pieces in long and narrow boat shapes.

In the history of Thai currency, the money that was most
enduring was Pot Duang or bullet money. This first
appeared during the Sukhothai era, 13th - 14th
centuries. Pot Duang money were hand-made coins. Metal
strips were bent and folded into spheres very much like a
bullet, thus the name, bullet money.

Bullet money was in circulation for 600 years from the
Sukhothai era to Rattanakosin until its withdrawal from
circulation in 1904 during the reign of King Rama V.

The most profound changes in the history of Thai currency
occurred during the Rattankosin era in the reigns of
King Rama IV and King Rama V. Standardized factory
minted coins and bank notes were officially
issued.

During the reign of King Rama IV, when foreign trade and
diplomatic relations expanded, the paper money, in the form of
royal promissory notes, was issued in 1853. These were
followed by bank notes issued by the foreign to facilitate trade
clearance.

In 1857, Queen Victoria of Britain presented Thailand with the
first minting machine and the minting of the first Thai silver
coins commenced. In 1858, a minting machine purchased from
Britain and the Royal Mint was set up in the Grand Palace and
the minting of coins went ahead full steam.

In the reign of King Rama IV, money was denominated in
satang, tho, phi, padueng and baht.

During the reign of King Rama V, or King Chulalongkorn,
coinage was streamlined. The numerous denominations were
reduced to only two, satang and baht, based on the
metric system, which remain till this day. Bank notes issued
were in denominations of 1, 5, 10, 40,80, 100, 400 and 800 baht.

Today, the denominations have been streamlined to 25, 50
satang coins, 1, 5, 10 baht coins and 20, 50, 100, 500, 1,000 baht
notes.

The history of Thai currency goes back more than 1,000 years,
evolving from ancient beads and bracelets to the modern baht
that’s in current use.

The ancient beads, bullet money and old currencies can be
viewed at the Bank of Thailand Museum in Bang Khun Phrom
Palace within the premises of the Central Bank of Thailand.

The History of Thai currency first appeared in Tour Bangkok Legacies, a travel
website with a historical perspective of renowned places preserved
for posterity and the legendary figures who left these legacies
in the landscape of Bangkok. The author, Eric Lim, is a freelance writer who lives in Bangkok Thailand.

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ECONOMY. Thailand has a pro-business market economy driven by strong foreign investments and export oriented manufacturing especially in electronics, foods and automobiles. Thailand’s exports account for 60% of the country’s GDP. Thailand experienced strong economic growth prior to the Asian economic crisis of 1997 with GDP growth averaging 9.4% annually. However, the crisis adversely affected businesses in Thailand and saw the value of the Thai Baht decline by more than 50% against the US dollar. Since the crisis, the economy has grown on a growth path.

Thailand’s GDP was US$163.5 billion with a GDP per capita of US$2,537 in 2004. Thailand’s GDP grew by an average of 4.6% annually from 2000 to 2004 driven mainly by exports of high technology products mainly electronics. Inflation remained below 2.0% from 2000 to 2003 but increased to 2.8% by 2004. However, unemployment showed a declining trend from 3.6% in 2000 to 1.8% by 2004.

Nearly 60% of Thailand’s workforce is involved in the agriculture industry but contributed to only 9.8% of the country’s GDP in 2004. The services industry contributed towards 46.1% of Thailand’s GDP and manufacturing 44.1% during the period. Major industries include tourism, electronics, textiles and garments, processed foods, beverages, agriculture produce, jewellery, furniture, plastics, vehicles and vehicle parts and mining of tungsten and tin. Major agriculture products include rice, tapioca, rubber, corn, sugarcane, coconuts, soybean and milk.

DEMOGRAPHY. Ethnic Thais account for 75% of Thailand’s 65 million population and another 11% are Chinese or Sino-Thais who have assimilated into the Thai culture or are from mixed marriages. Minorities include Malays who lived mainly in southern Thailand and account for 4% of the population. Others include the Mon, Lao, Khmers, Puan and Karen minorities and immigrants from India. Nearly 95% of the country’s population are Buddhists while Malays in Thailand are predominantly Muslims. Thai is the national language while languages used by the minorities include Malay, Isan and Khmer. Schools teach English but proficiency is low and generally, the educated elite are more proficient with the language.

The majority of the Thai population still live in the rural communities though the proportion of the urban population is increasing. Thailand’s urban population increased from 22% of the total population in 2000 to 31% by 2004. Thailand’s capital and major city Bangkok accounts for nearly 8% of the country’s total population. Other major cities include Nonthaburi, Pak Kret, Hat Yai, Nakhon Ratchasima, Chiang Mai and Udon Thani.

Thailand successfully reduced the poverty level from 27% in 1990 to 10% by 2004. The proportion of the population categorised belonging in the low-income household is estimated at 60% while middle and high-income households account for 30%. The average household income in Bangkok is twice than the national average.

INFRASTRUCTURE. Telecommunication services to the general public are overall adequate. Internet broadband services are mostly concentrated in Bangkok. Cities and towns are well connected by roads but lacks super highways connecting Thailand’s cities and major towns. Cities the major towns are served by airports and well connected by buses and rail system.

INTERNATIONAL TRADE. Thailand’s major trading partners include Japan, US, China, Hong Kong, Singapore, Malaysia and Taiwan. Main exports from Thailand include electronics, vehicle and vehicle parts, textiles, garments, footwear, seafood, processed foods, rice, rubber, jewellery, electrical appliances including computers. Main imports include machineries and equipments, raw materials and finished products, consumer goods and fuels.

CONSUMER USAGE OF TECHNOLOGY. There were nearly 17.3 million installed fixed-line telephones in 2004 giving a penetration of 40% of all Thai homes installed with telephones. The penetration of mobile phones increased from just 7% of the population in 2001 to 42% or 27 million mobile phones by 2004. The penetration of computers is still low but increased from 5.1% of the households in 2001 to nearly 12% by 2004. The number of internet users reached an estimated 8 million in 2004 but most of the internet users are concentrated in Bangkok and the major cities and towns. The penetration of television in homes in 93% indicating many low-income homes have televisions.

RETAIL MARKET. The retail industry in Thailand totalled an estimated US$24.5 billion in 2004. There are nearly 300,000 traditional “mom and pop” stores in Thailand accounting for 65% of the total retail sales. However, there are 4,500 modern retail establishments (hypermarkets, supermarkets, department stores and convenience stores) accounting for 35% of the total retail sales. Most of the modern retail establishments are located in Bangkok. Shopping in modern retail establishments is increasingly popular and more establishments expected in the near future.

FOOD CULTURE. Rice is the staple food but while those in central and southern Thailand prefer white fragrant rice those in northern Thailand prefer the glutinous variety. Thai dishes are generally hot and spicy but foods from the northern region are generally milder. Thais are less adapting to western foods even if they could afford it compared to consumers in Singapore and Malaysia. However, bakery and coffer shop chains are gaining popularity among young professionals who have adapted to western culture.

Khal Mastan is a Senior Consultant with Pegasus Business and Market Advisory (http://bma.pegasus-asia.com) based in Malaysia. He involves himself in business and marketing research and provides consulting services on markets in Southeast Asia namely Malaysia, Thailand, Singapore, Indonesia, Philippines and Brunei. He has more than 20 years experience in the region and work experience in various industries. He holds a bachelors degree in Biochemistry and an MBA. He can be contacted at khalzuri@pegasus-asia.com or +6 (03) 7726 5373 in Malaysia.

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On the surface Bangkok is no different than any other major city in the world when it comes to property, and prices. The nearer you are to the action by way of business and tourisms districts, the higher the prices asked. There are also the so called ‘leafy’ outer suburbs that offer quite impressive but expensive housing. These estates are well maintained fortresses that function like mini self contained towns. Such places offer an alternative for those that prefer to live away from big city life.

Having said that, don’t take the above too literally, as one thing I’ve realised over the years is that greater Bangkok has an absolute abundance of places to live, and it’s not so much getting what you pay for here, but more akin to what you can be bothered spend time looking for.

This city has tiny studios from as little as 1,000 THB/Mo., that are not much more than shelters, right the way up to penthouses in the sky with private pools and butlers to boot, and just about everything else in between.

When most folk arrive in Thailand for the fist time they usually opt to live in the security of an apartment building. Apartments or condominium buildings usually have limited access with a security presence at the entrance plus an office with a site manager and small team of administrative staff to help with all your settling-in and living needs.

It’s just not possible to give averages on prices for this city as there really are hidden treasures at fantastic rents if only you can find them. I’ve stayed in a huge 3 bedroom apartment with en suite bathrooms in each room for 50,000 THB/Mo. but a few Sois (side roads) along, a friend of mine was paying 55,000 THB/Mo. for a tiny 60 SQM 1 bedroom serviced apartment.

I would guess that a lot of expat families that have been posted out here on working contracts probably have a company housing allowance of between 45-70,000 THB/Mo. and ’savvy landlords’ will price their accommodation accordingly, but there are so many deals out there should you bypass the normal channels of searching.

If you need to settle in quickly, and money is not the issue, I strongly recommend using the services of a reputable agency to take the frustration out of home hunting. If you have time to ponder and can cope with the upheaval of moving a couple of times before settling in permanently, then I would suggest moving into an apartment building that doesn’t require you to lock into a long contract (month to month is ideal) and then take your time to look around and see what’s available.

Often word by mouth is a good place to start and you could begin by getting to know a few local expats then invite yourself around to their homes if their place of residence sounds interesting to you.

Accommodation - Houses

Some long-term foreigners prefer to move from apartments and condos into a house with a garden, which gives them more space, privacy and a sense of belonging.

Most of the houses in greater Bangkok will be privately let, and once again these prices can fluctuate enormously. It’s a lot more difficult to find an ideal house than an idyllic apartment and a Thai friend, a colleague, or an agent, is definitely recommended in assisting you with your search here. There’s also a Thai language weekly magazine that is cram packed with accommodation which is both privately and commercially managed.

If you know you will be in Bangkok a long time and prefer more space and privacy than is offered from an apartment, then a house is perhaps a better choice. Some people just like to have their feet planted firmly on the ground. However, with a house you will probably need live-in staff, as houses are more prone to security issues.

“Andy Maingam” is a proficient publisher and webmaster of mrroomfinder.com where he owns an operates a 100% free property portal for the tenants, landlords, and agencies of Thailand. The site proves a very useful resource in helping new tenants make informed renting decisions, and is a great tool for home seekers and landlords either looking for or renting out Bangkok Apartments

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