1 baht 1948
Market Prices
25 salesAbout This Note
This PMG 67 EPQ Thai 1 Baht from 1948 is an exceptionally well-preserved example of an early post-war Thai banknote printed by Thomas de la Rue. The note displays the characteristic blue and multicolor design with King Rama IX in military uniform on the obverse and a neoclassical government building on the reverse, both rendered in fine intaglio engraving. The pristine condition with no visible creases, wear, or stains, combined with the high-grade EPQ designation, makes this a desirable specimen for collectors of Thai currency.
Common. Despite the PMG 67 EPQ grade being desirable, the 1948 Thai 1 Baht is a relatively common note in the general market. eBay trading data shows regular sales activity with UNC specimens typically ranging from $11–$16, and even premium PMG-graded examples (PMG 64) selling in the $37–$68 range. Catalog values from 2016 list UNC specimens at only $6, indicating significant supply. The note was part of a regular issue with no known short print run or recall, consistent with a common classification.
Issued in 1948, this banknote represents Thailand's post-World War II monetary system under King Bhumibol Adulyadej (Rama IX), who had ascended to the throne in 1946. The reversal of the architectural imagery—a neoclassical government building with classical columns—reflects Thailand's modernization efforts and institutional development during this period of reconstruction and political change. The prominent depiction of the reigning monarch in military dress underscores the strong connection between the Thai monarchy and national governance during the early reign.
The obverse features a left-facing portrait of King Bhumibol Adulyadej (Rama IX) wearing military dress uniform with insignia, rendered realistically and identifiable by his characteristic glasses. To the right of the portrait is a detailed rendering of Phra Samut Chedi, a significant Thai temple complex with multiple traditional spires. The design incorporates blue as the dominant color with green, cream, yellow, and gray accents. Ornate Thai-style decorative borders with scale of justice symbolism in the upper left frame the composition. The reverse depicts a symmetrical neoclassical building with a prominent dome and columned facade, characteristic of Thai government architecture. Large blank circular areas on both obverse and reverse indicate watermark placements. Fine line engraving is evident throughout the ornamental borders and architectural details.
Front side: 'ธนบัญชีไทย' (Thai Banknote / Bank of Thailand); 'ธนบัญชีเป็นสินสมบัติระหลึกประชาชนทั่วไป' (This banknote is the property/wealth of the common people); Serial number 'R/139 0523389' (black printed); Printer mark 'TDLR' (Thomas de la Rue, London). Back side: Denomination numeral '1' (1 Baht) in corners; inscription regarding exceptional paper quality.
Intaglio engraving by Thomas de la Rue, London. The note employs multiple color intaglio printing on fine quality paper, evidenced by the detailed border work, fine line patterns, and sharp architectural rendering visible in both the temple complex and government building imagery. Security features include embedded watermarks (depicted as blank circular vignette areas), black-printed serial numbers, and blue and red security threads. The high-quality paper and precision of the engraved lines are consistent with TDLR's premium banknote production standards of the period.
This specimen corresponds to Pick 69b, which is distinguished from the earlier Pick 69a variant. The visual serial number format (R/139 0523389) with black printing is consistent with the P-69b variety. No significant overprints, date variations, or signature variants are apparent from the visual analysis. The TDLR printer mark and standard multicolor intaglio design confirm standard production of the 1948 issue without known sub-varieties affecting this particular note's classification.
