95)
Currency and coinage of the Himalayan Kingdom of Bhutan: Ngultrums and Chhertums:
Background:
Bhutan is a tiny Himalayan
kingdom which until the1960s was only accessible on foot. It is known as “the
last Shangri-la” and the “Druk Gul” or “The Land of the Thunder Dragon”, primarily
due to its severe snow storms. Bhutan’s citizens are Buddhists and treasure
their spectacular environment as the source of all life and the home of the
Gods.
Bhutan ranges in elevation
from 600 feet to over 21000 feet in the majestic Himalayas. It is home to
several exotic wildlife, including,
tigers, red pandas, blue sheep, takins (goat-antelopes), elephants and
snow leopards.
History
of the Royal Monetary Authority (RMA) Bhutan:
The Central Banking
functions were earlier conducted by three Agencies: the Ministry of Finance,
State Trading Corporation of Bhutan and Bank of Bhutan.
The division of functions between
the three Organisations was as follows:
a) The
Ministry of Finance was then
the currency issuer of Ngultrum (the Bhutanese currency).
- The
Ministry also functioned as the custodian of Foreign Exchange balances received
as aid which were kept with correspondent Banks abroad in the name of the
Ministry of Finance.
b) The
State Trading Corporation of Bhutan,
handled exports to countries other than India and repatriation of foreign
exchange balances received essentially as aid, which was kept with
correspondent Banks abroad in the name of the Finance Ministry.
c) The
Bank of Bhutan handled all
commercial banking business in Bhutan and extended credit to the Government,
financed other Government Organisations against Government Guarantees and was
the distribution channel for Ngultrum notes and Chhetrum coins to the public.
From 1982, the Central
Banking functions have been taken over by the Royal Monetary Authority (RMA).
History
of Currency and coinage development in Bhutan:
- Bhutan
first produced silver coins towards the end of the 18th century,
primarily for use in trade with the plains. Prior to that, a system of barter
in rice, butter, cheese, meat, wool, hand woven cloth and other local produce
was in vogue.
- Later,
coins minted in silver alloy, copper or brass were circulated and were used
mainly for local purchases. These coins known as “Ma-trum” or “Chhe-trum” were
struck by several local chieftains, rather than at a centralised set-up.
- At
the beginning of the 20th century, the quality of striking of coins
improved under the first King, Druk Gyalpo Ugyen Wangchuck (1907 – 1926).
- In
1928, during the reign of the second King Druk Gyalpo Jigme Wangchuck (1926 –
1952), fine machine struck silver and copper coins were circulated – marking
the beginning of the age of modern coinage in Bhutan.
- Despite
these measures, barter system still remained the primary means of carrying out
transactions and even Government officials were paid in kind, rather than in
cash.
- In
the mid-1950s, during the reign of the third King Druk Gyalpo Jigme Dorji
Wangchuck (1952-1972), the economy gradually became more monetised and the
number of silver coin issues (nickel alloys) was increased.
- In
1968, the Bank of Bhutan was established as a step towards further monetisation
and most salaries were paid in cash, rather than in kind.
- In 1974, the first Ngultrum Notes in the
denominations of Nu. 1, 5, 10 and 100 in the year the Fourth “Druk Gyalpo” or
the “Dragon King”, Jigme Singhye Wangchuk, was crowned. Later other Notes in
the denominations of Nu.2, 20, 50 and 500 were added. The currency was
standardised with 100 Chhetrum being equal to 1 Ngultrum.
The size of this note is 155 mm x 67mm (larger than the one Ngultrum notes presently issued).
Obverse
of a 10 Chetrum aluminium coin showing the portrait of the Fourth Druk Gyalpo, King
Jigme Singhye Wangchuk issued in the year of his coronation in 1974. This coin
had made its way into India and had got mixed up with small coin – change of
ten paise, sometime in the 1970s, when I was studying at the Lucknow
University. This coin was returned to me by a vendor as not circulating
currency. I had it lying around in my “shoe box coin collection”, till I
remembered about it when researching this post. Can you believe it!!
- Present
day – Notes are issued in denominations of Nu. 1, 5, 10, 20, 50, 100, 500 and
1000 and coins were issued in denominations of Ch. 5, 10, 25, 50 and Nu 1,
however, the issue of Chhetrum 10 and 5 has been discontinued due to the
prohibitive cost of minting these denominations and inflationary trends.
- In
the present series the Nu.2 currency note has not been included and the
printing of Nu.1 has, also, been discontinued and replaced by Nu 1 coins.
- All
the earlier notes which are still in circulation still remain legal tender.
Currency Notes (present
series or second series):
The
Front of the one Ngultrum Note
has a “Khorlo” (the Wheel of
Dharma, one of the eight auspicious signs – details given under Note on the
“Tashi Tagye”: the eight auspicious symbols at the bottom of this post) in the
centre with a dragon each on the left and right hand sides of the Note. On top
is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha (the language of
Bhutan). This Note was printed under the “Series 2006” issues.
-
The Back
of the one Ngultrum Note shows the “Simtokha Dzong” (Dzong means a “fortress”). The “Royal Monetary Authority of Bhutan” is
mentioned on top in English on the Note. On the bottom are mentioned “1” in
numerals and “one Ngultrum” both in English and Dzongkha, which is the denominational
value of this Note.
-
The size of the Note is 120 mm x60 mm.
Other features on the one
Ngultrum Note:
Lithographic: There
is an anti-scanner and anti-copier line structure micro-lettering.
Intaglio:
“Incorporated Guilloches Micro Text Recognition Feature” (embossed/raised
lettering) for the visually challenged persons. Intaglio line front “Royal
Monetary Authority of Bhutan”.
When
the Bank Note is held at different angles, the denomination figure appears dark
on a light background or light on a dark background, depending on the angle of
vision.
Letterpress:
Black magnetic serial numbers. The front side has phosphorescent block.
Flexigraphic:
Two layer varnishes applied on front and reverse side to prevent soiling of
Notes.
The
Front of the Five Ngultrum Note
has the Government crest in the centre with two mythical birds (“Bja Tshering” or “the bird
signifying long life”) on either side of the emblem. On top is mentioned “Royal
Monetary Authority of Bhutan”, in Dzongkha (the language of Bhutan). This Note
was printed under the “Series 2011” issues.
-
The Back
of the Five Ngultrum Note shows the “Paro Taktsang”. The
“Royal Monetary Authority of Bhutan” is mentioned on top in English on the
Note. On the bottom is mentioned “5” in numerals and “Five Ngultrum” both in
English and Dzongkha, which is the denominational value of this Note.
-
The size
of the Note is 125 mm x60 mm.
Other features on the five
Ngultrum Note:
Lithographic:
Rainbow printing, Rainbow printing with fluorescence (on the Back only).
Anti-scanner and anti-structure Micro lettering. Letterpress, Intaglio
and Flexographic – same as in the one Ngultrum Note.
The Front of the Ten Ngultrum Note has a portrait of the Fourth King Jigme Singhye Wangchuk on the right and the “Dungkar” (conch shell) one of the eight auspicious signs in the centre (details given under Note on the “Tashi Tagye”: the eight auspicious symbols at the bottom of this post). There is a water-mark window on the left having the Fourth King’s watermark portrait on it. On top is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under the “Series 2011” issues.
The Front of the Ten Ngultrum Note has a portrait of the Fourth King Jigme Singhye Wangchuk on the right and the “Dungkar” (conch shell) one of the eight auspicious signs in the centre (details given under Note on the “Tashi Tagye”: the eight auspicious symbols at the bottom of this post). There is a water-mark window on the left having the Fourth King’s watermark portrait on it. On top is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under the “Series 2011” issues.
-
The Back
of the Ten Ngultrum Note shows the “Paro Rinpung Dzong”.
The “Royal Monetary Authority of Bhutan” is mentioned in English on top
of the Note. On the bottom is mentioned “10” in numerals and “Ten Ngultrum” both
in English and Dzongkha, which is the denominational value of this Note.
-
The size of the Note is 125 mm x65 mm.
Other features on the Ten
Ngultrum Note:
Other
Features, viz, Lithographic, Intaglio, Letterpress, Flexpgraphic etc are the
same as in the five Ngultrum Note.
The
Front of the Twenty Ngultrum Note has
a portrait of the Third King Jigme Dorji Wangchuck on the
right and the “Khorlo” (the
Wheel of Dharma) one of the eight auspicious signs in the centre (details given
under Note on the “Tashi Tagye”: the eight auspicious symbols at the bottom of
this post). There is a water-mark window on the left having the Fourth King’s
watermark portrait on it. On top is mentioned “Royal Monetary Authority of
Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under the
“Series 2006” issues.
-
The Back
of the Twenty Ngultrum Note shows the “Punakha Dzong”. The
“Royal Monetary Authority of Bhutan” is mentioned in English on top of the
Note. On the bottom is mentioned “20” in numerals and “Twenty Ngultrum” both in
English and Dzongkha, which is the denominational value of this Note.
-
The size of the Note is 132 mm x65 mm.
Other
features on the Twenty Ngultrum Note:
Other
Features, viz, Lithographic, Intaglio, Letterpress, Flexpgraphic etc are the
same as in the five Ngultrum Note.
The
Front of the Fifty Ngultrum Note has
a portrait of the Fifth King Jigme Khesar Namgyel Wangchuck
on the right and the “Khorlo”
(the Wheel of Dharma) one of the eight auspicious signs in the centre (details
given under Note on the “Tashi Tagye”: the eight auspicious symbols at the
bottom of this post). There is a water-mark window on the left having the Fifth
King’s watermark portrait on it. On top is mentioned “Royal Monetary Authority
of Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under
the “Series 2008” issues.
-
The Back
of the Fifty Ngultrum Note shows the “Trongsa Dzong”. The
“Royal Monetary Authority of Bhutan” is mentioned in English on top of the
Note. On the bottom is mentioned “50” in numerals and “Fifty Ngultrum” both in
English and Dzongkha, which is the denominational value of this Note.
-
The size of the Note is 139 mm x65 mm.
Other
features on the Fifty Ngultrum Note:
- Other
Features, viz, Lithographic, Intaglio, Letterpress, Flexpgraphic etc are the
same as in the five Ngultrum Note.
The
Front of the Hundred Ngultrum Note
has a portrait of the Fourth King Jigme
Singhye Wangchuk on the right and there is a water-mark window on the
left having the Fourth King’s watermark portrait on it. In the centre there is the
Government crest with two mythical birds (“Bja Tshering” or “the bird signifying long life”) on either
side of the emblem. On top is mentioned “Royal Monetary Authority of Bhutan”,
in Dzongkha (the language of Bhutan). This Note was printed under the “Series
2011” issues.
-
The Back
of the Hundred Ngultrum Note shows the “Tashichho Dzong”.
The “Royal Monetary Authority of Bhutan” is mentioned in English on top
of the Note. On the bottom is mentioned “100” in numerals and “Hundred
Ngultrum” both in English and Dzongkha, which is the denominational value of
this Note.
The size of the Note is 146 mm x70
mm and paper quality is 100% cotton.
Other
features on the Hundred Ngultrum Note:
- Other
Features, viz, Lithographic, Intaglio, Letterpress, Flexpgraphic etc are the
same as in the five Ngultrum Note.
- In
addition, the lettering on the back is in Intaglio. There is a Watermark
running along the border of Notes at the top and bottom showing part of the
wordings “Royal Monetary Authority”. Also, there is a fluorescence yellow fibre
which is visible only under U.V. light.
The Front of the Five Hundred Ngultrum Note has a portrait of the First King Ugyen Wangchuk on the right. In the centre there is the Government crest in the centre with two mythical birds (“Bja Tshering” or “the bird signifying long life”) on either side of the emblem. On top is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under the “Series 2011” issues.
The Front of the Five Hundred Ngultrum Note has a portrait of the First King Ugyen Wangchuk on the right. In the centre there is the Government crest in the centre with two mythical birds (“Bja Tshering” or “the bird signifying long life”) on either side of the emblem. On top is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha (the language of Bhutan). This Note was printed under the “Series 2011” issues.
-
The Back
of the Five Hundred Ngultrum Note shows the “Punakha Dzong”. The
“Royal Monetary Authority of Bhutan” is mentioned in English on top of the
Note. On the bottom is mentioned “500” in numerals and “Five Hundred Ngultrum”
both in English and Dzongkha, which is the denominational value of this Note.
The size of the Note is 130 mm x 62
mm and paper quality is 100% cotton.
- Other
features on the Five Hundred Ngultrum Note:
- Other
Features, viz, Lithographic, Intaglio, Letterpress, Flexpgraphic, running
watermark, Fluorescence etc are the same as in the 100 Ngultrum Note.
The
Front of the One thousand Ngultrum
Note has a portrait of the Fifth King Jigme Khesar Namgyel Wangchuck on
the right wearing the Raven crown. In the centre there is the Government crest
in the centre with two mythical birds (“Bja
Tshering” or “the bird signifying long life”) on either side of the
emblem. On top is mentioned “Royal Monetary Authority of Bhutan”, in Dzongkha
(the language of Bhutan). This Note was printed under the “Series 2008” issues.
-
The Back
of the One thousand Ngultrum Note shows the “Tashichho Dzong”.
The “Royal Monetary Authority of Bhutan” is mentioned in English on top
of the Note. On the bottom is mentioned “1000” in numerals and “One thousand
Ngultrum” both in English and Dzongkha, which is the denominational value of
this Note.
The size of the Note is 130 mm x 62
mm and paper quality is 100% cotton. Other
features on the Five Hundred Ngultrum Note:
-
Other Features, viz, Lithographic,
Intaglio, Letterpress, Flexpgraphic, running watermark, Fluorescence etc are
the same as in the 100 Ngultrum Note.
Coins:
Coins are presently issued
in the denominations of Nu.1, Ch.50, Ch.25 and Ch.20.
Obverse of
a one Ngultrum coin showing the “Khorlo” (the Dharma Chakra) in the centre of
the coin. On the periphery are mentioned “Royal Government of Bhutan” and the
year of issue “1979”.
Obverse of the twenty five Chhertum coin showing the “Sernya” (a pair of golden fishes) which is one of the eight auspicious symbols representing good fortune in the centre. On the periphery are mentioned “Royal Government of Bhutan” and the year of issue “1979”.
Reverse of the 25 Chhertum coin. On the periphery is mentioned the denomination of the coin “25 Chhetrum” both in English and Dzongkha.
Obverse of a ten Chhertum
coin showing a “Dungkar” (conch shell) which is one of the eight auspicious
symbols used as a horn. On the periphery are mentioned “Royal Government of
Bhutan” and the year of issue “1979”.
Reverse of the 10 Chhertum
coin showing the eight auspicious symbols. On the periphery is mentioned the
denomination of the coin “25 Chhetrum” both in English and Dzongkha.
Note
on the “Tashi Tagye”: the eight auspicious symbols:
The set of eight
auspicious symbols is very popular and is found everywhere – in dzongs
(fortresses), monasteries, and temples and in everyday life. In Sanskrit it is
known as the “Ashtamangala” (meaning eight auspicious signs). Each one carries
a special meaning.
They
are:
“Bumpa” (treasure vase)
symbolises inexhaustible riches available in Buddhist teachings as well as long
life, wealth, prosperity and comforts of the material World.
“Lotus” (padma) symbolises
complete purification of body, speech and mind and the blossoming of wholesome
deeds. An open blossom signifies full enlightenment while a closed blossom
signifies the potential for enlightenment.
“Khorlo”
(Dharma chakra) represents Buddhist teachings.
“Dungkar”
(conch shell) is used as a horn and symbolises the deep, far reaching and
melodious sound of universal teachings, awakening the disciples from ignorance
to knowledge and to work towards the common welfare of all human beings. The
conch is mostly blown in commemoration of an event or the beginning of a
religious discourse.
“Dug”
(parasol) which embodies notions of wealth or royalty. It also symbolises the
wholesome activities to keep human beings from harm.
“Sernya”
(a pair of golden fishes) originally symbolic of the rivers Ganges and Yamuna,
but generally represent good fortune for Buddhists, Hindus and Jains.
“Palbheu”
(endless knot) is a geometric design symbolising the nature of reality where
everything is inter-related and only exists as part of a web of karma and its
effect. It also represents the illusory character of time and long life.
“Gyaltsen”
(victory banner) symbolises the victory of Buddha’s teachings over death,
ignorance, disharmony and over all the negativity of this World.
A photo-journey of the Dzongs of Bhutan, contributed by Jayant Biswas from his trip to Bhutan for this post:
Paro Dzong:
The Paro Dzong
Intricate woodwork inside the Dzong with a riot of colours.
Punakha Dzong:
Entrance to the Dzong
Courtyard of the Dzong
Intricate woodwork
Simtokha Dzong:
Yak cheese
Taktsanga dzong:
Also known as the Tiger's Nest.
View from the Dzong
Tashichho Dzong:
The Dzong lit up at night
Buddhist Prayer Wheels
Buddhist Tankhas
Miscellaneous photos:
Cross-Roads in the town square - Thimpu
Bhutanese mother and child.
(The above Notes and coins have been brought by Jayant Biswas during his recent trip to Bhutan for my collection. The images of the one Ngultrum Note issued during the 1970s have been contributed for this post by Dr. P.V.Satyaprasad. The 10 chetrum coin from 1974 is from my collection, while the 10 chhertum from 1979 is from Ajit George's collection. Article researched and images scanned by Rajeev Prasad)
Links:
1)A Fairy Tale Royal Wedding at Bhutan on 13.10.2011
A photo-journey of the Dzongs of Bhutan, contributed by Jayant Biswas from his trip to Bhutan for this post:
Paro Dzong:
Punakha Dzong:
Entrance to the Dzong
Simtokha Dzong:
Taktsanga dzong:
Tashichho Dzong:
Buddhist Prayer Wheels
Miscellaneous photos:
(The above Notes and coins have been brought by Jayant Biswas during his recent trip to Bhutan for my collection. The images of the one Ngultrum Note issued during the 1970s have been contributed for this post by Dr. P.V.Satyaprasad. The 10 chetrum coin from 1974 is from my collection, while the 10 chhertum from 1979 is from Ajit George's collection. Article researched and images scanned by Rajeev Prasad)
Links:
1)A Fairy Tale Royal Wedding at Bhutan on 13.10.2011
No comments:
Post a Comment