Bangkok: The Treasury Department is set to auction the famed "10 Baht coin of 1990," with its value reaching millions of baht.
According to Thai News Agency, the Treasury Department is shifting its focus in coin production to meet the growing trend of a cashless society. The department recognizes the disappearance of 10-baht coins from circulation, largely due to their migration to neighboring countries. To invigorate the coin collecting market, the department plans to auction the 10-baht coins from 1990, currently valued between 1 and 1 million baht.
Mr. Akkharut Sonthayanon, Director-General of the Treasury Department, explained that with the increasing use of QR codes and digital payments, the demand for physical currency, including banknotes and coins, is on a decline. Despite this shift, the department is tasked with producing essential coins like the 1-baht and 10-baht denominations to support the economic system. He noted a peculiar issue: while coins are continuously circulated, a significant number fail to return, particularly the 10-baht coins, which are often diverted to neighboring countries due to rising production costs. This underscores the ongoing necessity for coins, even as spending habits evolve.
Currently, the Treasury Department produces four main denominations: 1 baht, 2 baht, 5 baht, and 10 baht. The 10 baht and 1 baht coins remain crucial in the economy, with the latter being essential for businesses that still rely on cash transactions. As the demand for coins diminishes, the Royal Thai Mint has adapted by crafting custom coins for various important occasions.
Mr. Akkharut further mentioned that to boost the coin collecting market, the department will auction a 10-baht coin minted in 1990. This particular coin was initially a commemorative gift for attendees of the 16th Mint Directors Conference in England. Out of 100 coins produced, only 40 were distributed, with the remaining 60 still held by the Treasury Department. This rarity makes it one of the most coveted coins today, trading for millions of baht. The auction is intended to rejuvenate interest in coin collecting.