10 Baht 'Ploughing Ceremony' Series 2, type I 'Contract'

The "Ploughing Ceremony" designation refers to the Royal Ploughing Ceremony, an ancient Brahmin-origin ritual marking the ceremonial start of the rice-growing season — appropriate iconography for a nation whose economy was almost entirely dependent on rice exports in the 1920s. Siam at this point had not yet established a central bank; the Ministry of Finance issued notes directly, a situation that persisted until the Bank of Thailand was founded in 1942.

The "type I Contract" distinction separates this from later printings under revised agreements with De La Rue. Relatively few examples survive in collectable condition, partly because Siam's humid tropical climate was punishing on paper currency in ordinary use.