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10 Ngultrum
| Issuer | Royal Monetary Authority of Bhutan |
|---|---|
| Year | 1986-2000 |
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| Composition | Log in to see details |
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| Shape | Rectangular |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | The reverse presents a detailed landscape vignette of Paro Dzong (Rinpung Dzong), the iconic fortress-monastery set on a hillside above the Pao Chhu river valley, rendered in purple intaglio with fine architectural detail. A traditional covered cantilever bridge is visible at lower left. The issuer name 'ROYAL MONETARY AUTHORITY OF BHUTAN' is inscribed in two lines at the top, with 'TEN NGULTRUM' and corresponding Dzongkha text below, and the denomination numeral '10' repeated at both lower corners. |
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| Protection type | Watermark |
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| Comments |
The Royal Monetary Authority was established only in 1982, making this series among the earliest issues from a central banking authority that was itself barely a decade old when the note entered circulation. Bhutan had no formal paper currency system at all until 1974 — the Ngultrum replaced a barter-adjacent economy where Indian rupees served as the principal medium of exchange, and INR remained legal tender in Bhutan well into this note's production window.
De La Rue's involvement was consistent across Bhutan's early issues, a relationship typical of newly independent monetary authorities contracting out security printing while domestic infrastructure remained undeveloped.