5 Ngultrum

Bhutan's Royal Monetary Authority was established only in 1982, making this P#14 series among the earliest notes issued under a fully functioning central bank structure — prior issues had come from the Royal Government directly. Thomas De La Rue handled the printing throughout this period, as they did for much of the RMA's early catalog, a relationship that gave Bhutan's notes a consistently high production standard from the outset.

The watermark is the sole security feature, modest even by the standards of the 1980s. Bhutan's limited exposure to counterfeiting pressure at the time made that calculation reasonable.