10 Baht - Rama VIII Series 5, type IV green reverse

Printed in Tokyo by the Japanese Imperial Printing Bureau during the wartime occupation period, this note was produced for Thailand under the terms of the alliance Japan had effectively coerced Bangkok into signing in December 1941. Thailand's own printing infrastructure could not meet wartime demand, and Japan supplied the shortfall — an arrangement that left the Thai government dependent on a foreign press for its own currency at a politically fraught moment.

The green reverse distinguishes this type IV from earlier variants in the Series 5 run. Pick 48 is notably scarcer than the preceding types, likely reflecting the disruption to supply and distribution in the final months before Japan's surrender in August 1945.