Heritage Auctions is set to host their World Fiat money Signature Auction in Hong Kong on December 7, 2023. Especially, the auction will include 4 appealing Thai notes, 3 of which have actually formerly tried sales in both the Thai and global markets without success. While there have actually been interested purchasers, the previous asking costs showed to be expensive.
In addition, a set of unusual Thai bullets will be up for auction on December 9 as part of the Heritage HKINF World Coins Platinum Session and Signature Auction.
In 1924, Thomas de la Rue & & Business Limited (TdlR) produced art work for 20- and 100-Baht banknotes, as recorded in the book “Siam Specimen Banknotes Second Series” under recommendations #AA. II-21 and AA.II-22. These notes, bearing the date 1st July 1926, included the picture of King Vajiravudh, Rama VI, with a prefix of B/78 and the number 98199. The upper margin was marked with a pencil-dated 1924.
These art work were most likely planned as an option for the Royal Ploughing Event. Nevertheless, King Vajiravudh, Rama VI, revealed his choice versus having his picture on the banknotes. Subsequently, the 20- and 100-Baht art work, thought about UNIQUE, were produced by TdlR. They were later on offered straight to today owner.
From completion of February to the 19th of March 1932, Sidney Lamert, the Chairman and Handling Director of Thomas de la Rue & & Business Limited (TdlR), checked out Bangkok. His see was mostly concentrated on conversations concerning the extension of producing banknotes for Siam. TdlR had actually at first protected a quote on December 1, 1923, winning the agreement to print Second Series Banknotes for Siam in competitors with 4 other banknote printers. Initially contracted for a duration of 5 years, it is notable that in 1932, TdlR was still actively printing banknotes for Siam, suggesting the finalizing of a brand-new agreement for a prolonged duration. Lamert’s see to Bangkok likewise incorporated conversations on extra tasks, such as the printing of brand-new survey tax invoice kinds and stamps.
Thomas de la Rue & & Business Limited (TdlR) got info that King Prajadhipok, Rama VII, did not challenge having his picture on the banknotes. In reaction, TdlR decided to change the initial picture of Rama VI with that of Rama VII on the 1924 art work for the 20- and 100-Baht banknotes. This replacement was performed by hand, comparable to the other manual procedures associated with the development of the art work.
The 20- and 100-Baht art work, together with the freshly produced 5- and 10-Baht notes, existed by Sidney Lamert throughout a conference in Bangkok in March 1932. The 5- and 10-Baht notes were likewise hand-executed. Before the conference, when TdlR at first produced the 5- and 10-Baht notes, the artist at TdlR accidentally utilized the old legend from the Second Series Banknotes, Type I: “Guaranteed to pay to the Bearer as needed in Siamese currency.” The Treasure Department in Bangkok bore in mind of this disparity.
The appropriate legend, according to the Second Series Banknotes Type II presented in 1928, was “This note is legal tender according to the law.” Remarkably, this modification in the legend was properly executed on the art work for the 20- and 100-Baht notes initially produced in 1924. It deserves keeping in mind that not just was the picture altered on the 20- and 100-Baht notes, however the legend was likewise properly upgraded after 1928. The initial art work from 1924 for these denominations should have at first included the old legend before the correction was made.
In his extracts dated fourth March 1932 to Thomas de la Rue & & Business Limited (TdlR), Sidney Lamert highlighted an essential information: “Keep in mind thoroughly: On all the styles the Siamese phrasing is to be the like on today notes, i.e. the phrasing about the notes being legal tender and not the phrasing which were utilized before, and was altered when we made the brand-new plates. A few of the brand-new styles have the old phrasing on. Please take care with this”.
The 10 Baht note dated 1st July 1926, with the prefix and number B/78 00000, set to be auctioned in Hong Kong on 7th December, includes a style that was not formally authorized. The unapproved style consists of Rama VII in profile at the left, a Garuda bird on top center, a water buffalo and farmer with a plough at the low center, coconut palms to the left, the worth at the center and at 3 corners, and a three-headed elephant at the low right.
In a letter dated 11th March, Sidney Lamert supplied basic guidelines for the Third Series banknotes. The most essential element was the connected King’s picture, stressing a full-face representation to be etched with the utmost accuracy. Lamert revealed discontentment with the side profile utilized in the preliminary style, mentioning its bad execution in Waterlow’s Celebratory Stamps. He recommended versus the addition of roaming coconut palms and suggested the choice for firmer and more realistic banana trees.
The last authorized style of the 10 Baht banknote was initialed as authorized by the Minister of Financing and the Comptroller General. Especially, the authorized picture of the King existed in a full-face orientation, differing the preliminary side profile styles in the 4 art work.
The 5- and 10-Baht notes, both outdated first July 1926 and produced before the conference in Bangkok in March 1932, were auctioned by Spink in 2009. According to Spink, the household of a person who worked for Thomas de la Rue & & Business Limited (TdlR) at the time they were produced consigned both notes.
The 10 Baht note was auctioned in Singapore on Saturday, fourth July 2009, with an approximated worth of S$ 10,000 -12,000. Incredibly, it cost an outstanding S$ 70,000, comparable to near to THB 1,900,000, consisting of the premium. The 5 Baht note was offered in London on 30th September 2009. At first approximated to be GBP 8,000– 10,000, it brought GBP 14,000, equating to practically THB 900,000, consisting of the premium for this special art work.
Heritage Auctions has actually supplied an approximated worth for the 10 Baht note in the upcoming Hong Kong auction on the 7th of December. The quote varies from US$ 30,000 and up, around THB 1,060,000, with a beginning rate of US$ 15,000, around THB 530,000. This evaluation appears sensible, thinking about the special nature of the one-sided art work.
The art work is graded by Fiat money Warranty (PMG) as 63, suggesting it remains in Option Uncirculated condition. In spite of remaining in the marketplace for around THB 3,000,000 for a number of years, the special art work did not discover a purchaser at this rate.
On March 7th, 1934, Thomas de la Rue & & Business Limited (TdlR) dispatched a signed up postal package to H.E. The Siamese Minister in London, Phya Subarn Sompati. This package consisted of 3 specimen banknotes of the brand-new Third Series 20 Baht, which were dated 11 February 1933, including the prefix E/100 and the number 00000. Consequently, on March 9th, the First Secretary of the delegation acknowledged the invoice, validating that the specimen notes had actually been forwarded by airmail to Bangkok.
It’s notable that a few of the other denominations of Specimen Banknotes from the Third Series shared the exact same prefix and number, particularly the 100- and 1000-Baht notes. Significantly, these denominations were never ever printed for flow.
On April 12th, the 20 Baht specimen banknote was gone back to Thomas de la Rue & & Business Limited (TdlR), having actually gotten approval from the Ministry of Financing. The Minister of Financing, H.E. Chao Phraya Sridhamadhilbes, initialled the left lower margin, while H.E. Phya Chaiyos Sombathi, the Comptroller General, initialed the best lower margin.
Out of the 3 banknotes initially sent out to the Siamese Minister in London, the Legation in London kept one, the Ministry of Financing in Bangkok kept another, and TdlR kept the one that had actually been initialed by the Ministry of Financing.
Thomas de la Rue & & Business Limited (TdlR) preserved an archive for saving banknotes set up for printing. The 20 Baht note dated 11th February 1933, designated for printing, was designated the archive number 79F, as suggested in pencil in the upper right corner. Banknotes housed in the archives were normally attached with glue on one side for organizational functions, and residues of this glue residue can frequently be observed, as seen on the left-hand side of this specific banknote.
It is undoubtedly extremely unusual to come throughout a banknote signed by a queen. In the Heritage Auction in Hong Kong, there is a noteworthy specimen– a 20 Baht banknote dated 11th February 1932 with the prefix E/100– bearing the signature of King Prajadhipok, Rama VII. This banknote exists in a display screen installing, likely produced at a later date. Machine-written text on the installing suggests that “THIS 20 TICAL KEEP IN MIND WAS SIGNED ON 14 JUNE 1934 BY H.M. KING PRAJADHIPOK TO HONOR THE GO TO TO BUNHILL ROW OF HIS BOY PRINCE DEVAVONGS.”
King Prajadhipok did not have actually a child called Prince Devavongs. Rather, there were 2 previous Ministers of Foreign Affairs with the name Devawongse. Prince Devawongse Varoparak worked as the Minister of Foreign Affairs from 1885 up until 1923, diing on 28th June 1923 at the age of 64. His boy, Prince Devawongse Varadaya, consequently ended up being the Minister of Financing from 1924 to 1932.
Provided the birth year of Prince Devawongse Varadaya (1883) and King Prajadhipok (1893 ), it is not likely that Prince Devawongse Varadaya would have been presented as the boy of King Prajadhipok. Rather, it is likely that the private celebrated in the engraving was Prince Chirasakdi Surapat, whom King Prajadhipok and Queen Rambai Barni had actually embraced. It is recommended that Prince Chirasakdi Surapat most likely checked out Thomas de la Rue & & Business Limited (TdlR) at Bunhill Row in London on the 14th of June 1934.
King Prajadhipok’s last see abroad started on January 12, 1934. The journey consisted of check outs to 9 European nations, and preceded the King’s eye surgical treatment in London on Might 10, 1934. King Prajadhipok did not go back to Thailand after this journey, eventually causing his abdication on March 2, 1935.
The 20 Baht signed banknote has a noteworthy history amongst Thai banknote collectors. In Eurseree auction # 17 in December 2008, it started with a beginning quote of Baht 400,000 and ultimately brought Baht 660,000, omitting a 10.7% premium. Consequently, the exact same 20 Baht specimen banknote, bearing the King’s signature, came back in auction # 31 in March 2013, this time with a preliminary rate of Baht 700,000. Nevertheless, it stayed unsold. Following the auction, the banknote might have been negotiated through personal channels, and more just recently, it emerged in the market with an amazing asking rate of Baht 3,500,000.
The banknote signed by Rama VII was not straight associated with the production procedure, as it had actually currently gotten approval from the Ministry of Financing in Bangkok. Substantially, the signature of King Prajadhipok is not unusual. An illustrative example is a Royal Command from 1929 bearing King Prajadhipok’s signature, which was auctioned in Eurseree auction # 64, lot 74, and brought Baht 5,000. On the other hand, the 20 Baht specimen banknote dated 11th February 1933 is extremely unusual, and with the King’s signature, it is most likely to be thought about UNIQUE amongst collectors.
In the Heritage Auction on January 7th, the exact same banknote, graded 58 by Fiat money Warranty, is being used with an approximated worth of US$ 30,000 and a beginning rate of US$ 15,000. This relates to around THB 1,060,000 and THB 530,000, respectively. Remarkably, the beginning rate is lower than its 2008 asking price, recommending a possible chance for collectors at a more cost effective expense.
The 20 Baht Third Series, Type I, was formally revealed on September 7, 1935. Especially, due to the King’s abdication on March 2, 1935, the Thomas De La Rue (TdlR) got specific guidelines from the Siamese Minister in London to ante-date all Currency Notes that remained in the procedure of being printed before March 2, 1935. This regulation was communicated through a telegraph from the Ministry of Financing on April 2, 1935.
The inauguration event of the Bank of Thailand (BOT) happened on December 10, 1942. General Pao Pienlert Boripanyatakit, Minister of Financing, in his opening address, laid out the 3 main functions of the Bank. “In performing its obligation, the Bank of Thailand’ s functions falls under 3 classifications. To start with, to provide notes which will function as Thailand’ s sole legal tender.” To meet this responsibility, the BOT developed the Concern Department. Nevertheless, a tactical choice was made at that time. It was figured out that, up until the global financial system attained a satisfying level of stability, the issuance of banknotes would continue following the existing practices.
In the TdlR archives, there were art work for 2 never ever printed banknotes: a 1 Baht and a 100 Baht. Discovered in the area entitled “Banknote Currency,” these art work share the prefix R51, similar to the 1 Baht Ninth Series, Type I revealed on October 14, 1949. TdlR typically utilized prefixes lining up with basic production runs for printer designs and art work.
Provided the prefix and signatures on the 1 Baht Ninth Series, it is sensible to deduce that these art work were produced around 1950 for the Bank of Thailand (BOT). Nevertheless, they were never ever formally provided, most likely staying in the world of latent styles.
H.H. Prince Vivadhanajaya, who worked as the Guv of the Bank of Thailand (BOT) in 2 different durations (November 27, 1942– October 16, 1946, and September 3– December 2, 1948), turned over the job of developing the approach for the flow of BOT banknotes to Mr. Sommai Hoontrakul, Chief of the Secretariat Department in Central Administration, and Metee Dulyajinda, Assistant Director of the Concern Department. The printing obligation was bestowed upon TdlR.
In 1946, Luang Thanatornpinit, the director of the Concern Department, designated Chuang Salelanondaa, a craftsmen at BOT, to produce initial styles for Bat Thanakarn, which were basically tickets or promissory notes.
The initial styles crafted by Chuang Salelanondaa were forwarded to TdlR for the development of color styles, which would then be sent to Thailand for the last decision-making procedure. According to the book “CENTENARY OF THAI BANKNOTE: 1902– 2002,” the Bank of Thailand (BOT) commissioned TdlR to create banknotes in 5 denominations: 1 Baht, including a Para-rubber plantation on the reverse, 5 Baht, illustrating watering on the reverse, 10 Baht, showcasing forestry on the reverse, 50 Baht, showing rice harvesting on the reverse and 100 Baht, including a representation of mining.
The 1- and 5-Baht denominations were designated the prefix R/213, similar to the prefix utilized on a 1 Baht from the TdlR archives purchased on October 3, 1950. On the other hand, the 20- and 100-Baht denominations had the prefix B/9, constant with the 100 Baht Ninth Series Type I revealed on March 17, 1948.
In the TdlR archives, a green discussion album consisting of Front and Back Archival Photos of 6 denominations, consisting of the 1000 Baht, was found. Incredibly, the 1000 Baht banknote included a mix of all the images present on the lower denominations on its reverse side. This discovery stunned agents from the Bank of Thailand Museum, as they had actually just gotten 5 denominations when the transfer happened from the Monetary Museum at Surawongse Workplace.
The 1000 Baht Bat Thanakarn in the TdlR archive bears the prefix A/5, matching the prefix of the 1000 Baht notes that were produced however never ever got in flow. Especially, the archived 1000 Baht banknote was dated with a pen in the upper margin as 19.1.49 and brought the archive number 80D.
A color style of the front side of a 1000 Baht Bat Thanakarn has actually been offered for sale, priced at THB 3,000,000. Remarkably, both the front and rear ends are now being used in the upcoming Heritage auction on December 7th in Hong Kong. Each side exists in a fascinating red Thomas de la Rue discussion album, comparable to those real estate the 1-, 5-, 10-, 50-, and 100-Baht denominations in the Bank of Thailand Museum.
At the auction, the front and behind of the 1000 Baht Bat Thanakarn are approximated to bring in between US$ 50,000 (about THB 1,770,000) and above. The beginning rate for this special art work or design is set at US$ 25,000 (about THB 885,000). According to Heritage, this might be an uncommon chance to obtain this specific piece, with the only other recognized specimen being the Archival Picture discovered in the green TdlR discussion album.
Uncut sheets of banknotes from Thailand are undoubtedly unusual, and in Eurseree auctions, there have actually been circumstances of uncut notes being offered. Especially noteworthy are the Series V, Japan printing 20 Baht Choose 49 color trials, which have actually been regularly used in uncut 2 and four-note setups. Current sales have actually seen these uncut sheets bring around Baht 20,000.
Furthermore, Eurseree has actually auctioned a number of 20 Baht notes from the Ninth Series, Choose 76, without signature and prefix/number, provided as vertical sets. At first, these notes were cost over 200,000 Baht. Nevertheless, due to numerous offerings, the rate has actually slowly reduced, nearing 100,000 Baht. It is discussed that both kinds of notes are thought to stem from uncut sheets that were consequently divided for sale in private sets.
An uncut uniface progressive evidence of a 1 Baht note, dated ND (1948 ), was auctioned by Spink on April 17-18, 2019. This special piece included unevenly cut edges, providing one total style along with 4 partial styles. At first approximated to be worth GBP 100 to 150, the last price exceeded expectations, reaching GBP 1,700, with an extra 20% premium.
It’s undoubtedly an uncommon event to come throughout uncut sheets of banknotes from Thailand, with the majority of offered sheets having actually been divided for private sale. Nevertheless, in the upcoming Heritage auction on December 7th, there’s a noteworthy product– an Uncut Sheet making up 18 notes of 20 Baht ND (1953 ), Choose 77. These notes are graded by PMG as 58 Option About UNC, and each note concludes with the identification number “02”. The approximated worth for this sheet is set at US$ 15,000, with a beginning rate of US$ 7,500.
In the Eurseree auction # 63 hung on April 1st and second, 2023, a set of the unusual “Bullet” discussion Set CS 1242 (1880) was separately offered. Amongst these, the most evasive is the 80 Baht coin, with a main mintage of just 8 pieces. Eurseree has actually assisted in the sale of 4 of these incredibly unusual 80 Baht coins. The most current one, offered in April, brought an amazing rate of Baht 7,600,000.
The other coins in the set and their particular mintages and price are as follows: 40 Baht, mintage 17 pieces, cost THB 2,000,000, 20 Baht, mintage 42 pieces, cost THB 700,000, 10 Baht, mintage 75 pieces, cost THB 300,000, 4 Baht, mintage 115 pieces, cost THB 190,000, and 2 Baht, mintage 205 pieces, cost THB 155,000.
Especially, the 80-, 40-, and 20-Baht coins were obtained by the exact same collector. The whole set of 6 “Bullet” coins, when integrated, was cost THB 10,945,000, consisting of a 10.7% premium, totaling up to around US$ 343,000.
The coins in the “Bullet” discussion Set CS 1242 (1880) were produced as a ceremony of the anniversary of the death of Somdej Phra Dhep Sriintramat, who was the mom of King Chulalongkorn, likewise referred to as Rama V. An intriguing element of these coins is that the marks on the 80- and 40-Baht denominations were etched by hand, including a special and customized touch to these specific pieces.
It’s interesting to keep in mind that another set of the unusual and appealing “Bullet” discussion Set CS 1242 (1880) will be auctioned by Heritage on December 8. This set consists of 6 coins, with the Chang being the 80 Baht/20 Tamlung, weighing an outstanding 1,210.4 grams. The tiniest coin in the set, a ฝ Tamlung, weighes 30.33 grams. Referred to as uncirculated by the auctioneer, this set brings historic significance and considerable weight, both actually and figuratively.
Throughout the Eurseree auction # 31 on March 24, 2013, this really set was approximated at THB 5,000,000 and eventually cost THB 9,200,000, plus a 10.7% premium, totaling up to about US$ 348,000 at that time. In contrast, the set used by Heritage on December 8 is approximated at US$ 150,000 to US$ 250,000, with a beginning rate of US$ 75,000 (around THB 2,650,000). Provided the historic auction costs for this set, the Heritage quote does appear reasonably low.
