Catalog
5 Ngultrum
| Issuer | Royal Monetary Authority of Bhutan |
|---|---|
| Year | 2006-2015 |
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| Value | 5 Ngultrums |
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|---|---|
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| Reverse description | The central vignette presents an intaglio rendering of Taktsang Monastery (Tiger's Nest), the sacred cliff-face complex perched above the Paro valley, executed in fine line engraving with surrounding mountainous terrain and vegetation. The denomination numeral '5' appears at lower left and right within ornate scrollwork cartouches, and the issuer's name is inscribed in Roman script across the top. Below the central vignette, the denomination is given in both Roman and Dzongkha scripts. |
| Reverse lettering | ROYAL MONETARY AUTHORITY OF BHUTAN FIVE NGULTRUM ཕྱེད་གྲམ་ལྔ། |
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| Comments |
Bhutan's Royal Monetary Authority was established in 1982, taking over currency issuance from the Bank of Bhutan. The ngultrum has remained pegged at par with the Indian rupee since its introduction in 1974 — a monetary arrangement that has never formally changed and that makes the ngultrum's independent circulation largely a matter of national identity rather than economic necessity. Indian rupees are accepted throughout Bhutan without restriction.
The P#28 series ran across nearly a decade with no significant printing changes noted between dated specimens, which is unusual for a long-running issue of this denomination.