5 Baht

Thailand's wartime government issued this note during the Japanese occupation, when the country's financial administration was operating under severe external pressure. The Japanese military's presence after December 1941 forced rapid expansion of the currency supply to cover occupation costs, and several lower-denomination notes from this period show unusual production compromises as a result.

The multiple serial number configurations documented for P#45 — including at least one variant with the lower-left number rendered in Thai numerals rather than Western — suggest the series was printed in batches across different runs, possibly to satisfy competing administrative demands between Thai and Japanese authorities.