The Treasury Department will seek Cabinet’s approval at its meeting on Tuesday (Dec 19) for a new set of Thai currency coins featuring the portrait of His Majesty King Maha Vajiralongkorn on one side of the coins.
The department’s deputy director-general Nonglak Kwankaew said that the minting of the new coins had been permitted by HM the King and the new coins are expected to be distributed for circulation early next year to replace the existing coins which are to be phased out in 5-10 years.
Simultaneously, new banknotes featuring the portrait of King Rama X will also be available for circulation.
The new coins will be available in nine denominations from 10-baht to one-satang and all of them will be of the same design with one side showing the portrait of King Rama X and the other side featuring the King’s signature seal, Wor Por Ror, under the Maha Pichai crown.
Mrs Nonglak said that the new coins can be used with the existing coin machines because they are of the same sizes and weights of similar denominations.
She went on saying that, in the future, production of new coins would be steadily reduced as Thailand, like in other countries, is moving toward cashless society.
Currently, there are 30 billion coins of different denominations in circulation.
Earlier, it was reported that Thailand had contracted a French mint in Paris to produce the new coins.
Source: Thai Public Broadcasting Service (Thai PBS)