1 Solot – Thailand

In 1887, Thailand, then known as Siam, was navigating a complex monetary landscape characterized by a lack of a unified national currency. The economy operated on a bimetallic system, but it was dominated by the bullet coinage (known as photduang or tical), a unique, handcrafted silver currency cast in the shape of bent rods. These coins, valued by their weight and purity, circulated alongside a multitude of foreign currencies, including Mexican and Peruvian silver dollars, Indian rupees, and British Straits Settlements dollars, which were essential for international trade, particularly with Singapore and Hong Kong. This proliferation created chronic confusion, hindered commerce, and complicated state revenue collection, as exchange rates fluctuated constantly.

King Chulalongkorn (Rama V) and his modernizing government recognized that this monetary anarchy was a major obstacle to Siam's sovereignty and economic integration with the colonial powers encircling it. The year 1887 was a pivotal point in a deliberate reform process. That same year, the king established the Royal Mint Department, a concrete institutional step toward taking full control of the nation's currency. The goal was to replace the old bullet coins and disparate foreign silver with a modern, decimalized, machine-struck coinage that would be uniform, trustworthy, and issued solely by the Siamese state.

Therefore, the situation in 1887 was one of active transition from fragmentation to centralization. While the old system was still in widespread daily use, the foundational machinery for a modern monetary system was being put in place. The successful introduction of flat, round baht coins, beginning in 1897, would be the direct result of the reforms initiated in this period, ultimately strengthening Siam's fiscal independence and facilitating its integration into the global economy.