1 ngultrum 1974
Market Prices
20 salesAbout This Note
This is the inaugural 1 Ngultrum note from Bhutan's 1974 first banknote issue, presented in pristine uncirculated condition. The note features the distinctive dragon motif characteristic of Bhutanese currency design, with intricate ornamental patterns in blue and multicolored underprints on both obverse and reverse. As Pick-1, this represents a historically significant first issue from the Royal Government of Bhutan, making it a foundational piece for collectors of Asian numismatics and Bhutanese currency.
Common. While this is the first-ever Bhutanese banknote and historically significant, eBay market data shows UNC specimens consistently selling in the $5–$22 range across multiple sales from 2014–2023, with an average around $12–14. The 2019 catalogue value for UNC is listed as $6. These modest prices and frequent sales activity indicate adequate supply in the collector market. The note was not recalled, and the Royal Government of Bhutan's early issues had reasonable print runs for circulation and subsequent collection.
Issued in 1974 by the Royal Government of Bhutan, this banknote marks the beginning of Bhutanese currency under royal authority. The dragon imagery reflects Bhutanese Buddhist cultural symbolism and national identity, while the Dzongkha script alongside English inscriptions demonstrates Bhutan's bilingual governance during this period of modernization. The dorje watermark (a Buddhist thunderbolt symbol representing enlightenment) reinforces the spiritual and cultural foundations of the young nation's monetary system.
The obverse features a symmetrical arrangement with ornate dragons positioned at left and right of a central vertical ornamental element containing geometric patterns. A circular seal with intricate Bhutanese design appears on the left, while the right side contains a circular space (likely intended for security features or portraiture). The reverse displays a large central mandala-like ornamental motif with Buddhist/Bhutanese artistic elements, flanked by circular spaces on either side. Both sides employ extensive guilloche patterns, fine-line engraving, and traditional Bhutanese artistic vocabulary. The dominant colors—blue on the obverse, blue with pink, green, and tan on the reverse—create visual distinction between sides while maintaining thematic coherence through repeating geometric and floral borders.
FRONT SIDE: Dzongkha text: 'དཔལ་འབྲུག་ཡུལ་གྱི་ངོ་' (Royal Government of Bhutan); 'ངུལ་ཏྲམ་པ་དགེ་' (Ngultrum); 'དཔལ་འབྲུག་ཡུལ་གྱི་ངོ་སྲིད་ཀྱི་ལས་ཁུངས་སུ།' (Royal Government of Bhutan's official institution); 'དཔལ་འབྲུག་ཡུལ་ལ་' (Royal Bhutan). English/numerals: '1' (denomination); Serial number 'F 287978'; Signature 'Jhimchuel'. BACK SIDE: English text: 'ROYAL GOVERNMENT OF BHUTAN'; '1' (denomination numeral, top corners); 'ONE NGULTRUM' (denomination in words).
Intaglio engraving (recess printing), evidenced by the fine-line details, guilloche patterns, and layered color security printing visible in the visual analysis. The printer for Pick-1 is listed as ISP (International Security Printers). The multicolored underprint technique and precise registration of design elements across both sides are consistent with high-security banknote production standards of the early 1970s.
This is Pick-1 (P-1), the base variety printed by ISP. The PMG population report indicates this Pick number exists in multiple variants (P-12a, P-12b, P-12s variants exist for later printings by TDLR), but the P-1 designation with ISP printer represents the original 1974 first issue. The observed serial number 'F 287978' indicates this specimen is from the initial printing sequence. No overprints or specimen markings are visible, confirming this as a regular-issue circulation note rather than a test or specimen variant.