BANGKOK, Thailand – Thailand’s Treasury Department is preparing to auction one of the country’s rarest coins, a 10-baht coin from 1990 that is estimated to be worth around 1 million baht, as it seeks to promote coin collecting while adapting to a rapidly growing cashless society. Treasury Department Director-General Akarut Sonthayanont said the rise of digital payments, including QR code transactions, has caused the use of banknotes and coins to steadily decline. As a result, the department is reviewing the role of the Royal Thai Mint to better match changing public spending habits.
However, he said coins remain necessary for Thailand’s economy, particularly for cash transactions that still require small denominations for change. The department continues to produce circulating coins, including 1-baht, 2-baht, 5-baht and 10-baht coins. Akarut said 1-baht and 10-baht coins remain among the most important denominations, with 1-baht coins still widely used for cash payments and change in many businesses. The department has acknowledged that some coins, especially 10-baht coins, have disappeared from circulation and have not returned to the system. Officials believe some have flowed into neighboring countries, while the cost of producing coins has increased.
Despite the decline in cash usage, Akarut said coin management remains an important government responsibility as Thailand moves toward a digital economy. With demand for circulating coins expected to decrease, the Royal Thai Mint is also adjusting its role by expanding production of commemorative coins and accepting orders for special coin projects from various organizations. To encourage the coin collecting market, the Treasury Department will auction one extremely rare 10-baht coin produced in 1990.
The coin was originally created as a commemorative item for participants attending the 16th Mint Directors Conference held in the United Kingdom. Only 100 coins were produced, but just 40 were distributed to participants. The remaining 60 coins have been kept by the Treasury Department.
Because of its limited production and rarity, the 1990 10-baht coin has become one of the most sought-after Thai coins among collectors, with market prices reaching around 1 million baht.
Officials hope the auction will help stimulate interest in coin collecting while highlighting the historical value of Thailand’s currency during a period of rapid financial change. (TNA)
