Catalog
50 Ngultrum
| Issuer | Royal Monetary Authority of Bhutan |
|---|---|
| Year | 1986-1992 |
| Type | Standard circulation banknote |
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| Obverse description | Portrait of King Jigme Dorji Wangchuk in intaglio at right, wearing traditional Bhutanese cap, set within an oval vignette against an ornate guilloche underprint in rose and ochre tones. At centre-left, the royal emblem of Bhutan — a circular medallion with two dragons and a crossed-vajra motif — is rendered in multicolour; a Dharma wheel vignette appears to its right amid decorative floral scrollwork. Dzongkha legends appear at top and along the lower margin, flanking the serial number prefix. |
|---|---|
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| Protection description | the royal emblem visible when held to light |
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| Comments |
The Royal Monetary Authority of Bhutan was established only in 1982, making the P#17 series among the earliest notes issued under a fully functioning central bank structure — prior issues had been administered through less formalized arrangements. Thomas De La Rue handled the printing throughout this period, a relationship that extended across multiple Bhutanese denominations during the 1980s.
The ngultrum has maintained a fixed peg to the Indian rupee at 1:1 since its introduction in 1974, which makes these notes functionally interchangeable with Indian currency in practice — an unusual monetary arrangement that limits the ngultrum's independent role despite its official status.