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5 Ngultrum
| Issuer | Royal Government of Bhutan |
|---|---|
| Year | 1974 |
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| Printer | Security Printing Press, Nasik |
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| Obverse description | Central intaglio portrait of Jigme Singye Wangchuck enclosed within a circular frame, flanked on both sides by ornate dragon motifs against a fine guilloche underprint in pink and yellow tones. Dzongkha script inscriptions appear above and below the portrait, with the numeral '5' at upper left. A signature line and serial number with prefix 'D/1' are positioned at lower left. |
|---|---|
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| Reverse description | Central intaglio vignette of Simtokha Dzong set within a hillside landscape, rendered in fine line work in shades of red-brown, with ornamental corner pieces framing the composition. A circular watermark zone occupies the left field, with a small deity vignette at right. The inscription 'ROYAL GOVERNMENT OF BHUTAN' runs across the top, with 'FIVE NGULTRUMS' lettered at the base. |
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| Comments |
Bhutan's first domestic banknote series, of which this is part, was issued as the country began establishing formal monetary institutions in the early 1970s. Prior to this period, Indian rupees circulated as the dominant medium of exchange, and the ngultrum was introduced at parity with the rupee — a fixed relationship that persists to this day.
The Security Printing Press at Nasik, operated by the Government of India, produced notes for several newly independent or newly monetized states during this period. Bhutan's reliance on it reflects how closely the two countries' financial systems were intertwined.