1 Baht / 1 Tical HSBC, with rim lettering

The Hongkong and Shanghai Banking Corporation was granted permission to issue notes in Siam as part of broader treaty arrangements that gave foreign banks operating rights in Bangkok during the late nineteenth century. This 1 Baht / 1 Tical piece is denominated in both currencies simultaneously — Baht and Tical being the same unit, but the dual labeling reflects the coexistence of romanized and traditional nomenclature in official commerce of that period.

Barclay & Fry of London, a firm better known for label and commercial printing, handled the physical production. The rim lettering that distinguishes P#S121 from related issues in the series was a security feature, pressed into the note's edge during finishing — unusual for paper currency of this type and period.