1 Baht / 1 Tical HSBC, no rim lettering

The Hongkong and Shanghai Banking Corporation held the right to issue banknotes in Siam during the late nineteenth century, one of the few foreign commercial banks permitted to do so. This 1889 issue is denominated in both Baht and Tical — the same unit, two names, reflecting the transitional spelling conventions of the period before Siam standardized its English transliteration.

The "no rim lettering" distinction separates this from closely related varieties carrying additional text around the note's border, a detail critical to correct attribution within the S121 series. Barclay & Fry, the London security printers responsible for the production, ceased operations in 1922 — their work on colonial and foreign bank issues across Asia and Africa is now their primary numismatic footprint.