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2 Ngultrum
| Issuer | Royal Monetary Authority of Bhutan |
|---|---|
| Year | 1986-1990 |
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| Composition | Cotton paper |
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| Obverse description | Light brown tone on multicolour underprint. The royal emblem of Bhutan is centred, flanked symmetrically by two facing dragons in intaglio. Guilloche patterns frame the composition within a fine-line border. |
|---|---|
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| Reverse lettering | ROYAL MONETARY AUTHORITY OF BHUTAN SIMTOKHA DZONG TWO NGULTRUM 2 ང་གུལ་ཊམ་གཉིས། |
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| Comments |
Bhutan's Royal Monetary Authority was established only in 1982, and this note belongs to the institution's earliest independently managed series — the country had relied on the Reserve Bank of India for currency management well into the 1970s. Thomas De La Rue's involvement was predictable for a small newly sovereign issuer seeking international credibility, but the 2 Ngultrum denomination itself was an oddity even at issue, occupying an awkward position in daily commerce in a country where barter remained common in rural areas through much of the decade.
The watermark is the sole security feature — no security thread, no fluorescent printing. Bhutan's low counterfeiting risk at the time made elaborate protection economically unjustifiable.