Its currency value was originally expressed as that of silver of corresponding weight (now defined as 15 grams), and was in use probably as early as the Sukhothai period in the form of bullet coins known in Thai as photduang.

[2] These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht.

This predecimal system was in use up until 1897, when the decimal system devised by Prince Jayanta Mongkol, in which one baht = 100 satang, was introduced by his half-brother King Chulalongkorn along with the demonetization of silver bullet coins on 28 October 1904 after the end of silver bullet coin production by the opening of Sitthikarn Royal Mint in 1857.

[9] [10] A strengthening US economy caused Thailand to re-peg its currency at 25 to the dollar from 1984 until 2 July 1997, when the country was affected by the 1997 Asian financial crisis.

Following representations,[18] a separate code point (U+20BF ₿ BITCOIN SIGN, a Latin letter B with two vertical strokes) was allocated in Unicode version 10.0.

[20] The CJK codepoint, U+332C ㌬ SQUARE PAATU, is documented in subsequent versions of the standard as "a mistaken, unused representation" and users are directed to U+0E3F ฿ THAI CURRENCY SYMBOL BAHT instead.

[20]) Before decimalization, the Siamese government employed Chinese, Latin, Jawi (Malay), Devanagari, Khmer and Khom, Lanna, and Burmese scripts  in banknotes and coins, as seen.

Instead, a so-called "bullet" coinage was used, consisting of bars of metal, thicker in the middle, bent round to form a complete circle on which identifying marks were stamped.

Photduang, a form of currency used during the Sukhothai period, was characterized by its longer legs, which created a larger and wider hole in the middle.

The cuts on the legs also reduced in size and were eventually replaced by a small elliptical nick, known as "Met Kao San," on one side of the coin.

However, from the Ayutthaya period onward, the production of photduang was monopolized by the government, making it easier to identify coins from each era.

[34] This series of coins was produced using manually operated machinery that had been presented as a royal gift by Queen Victoria of England.

Due to the limited production capacity of these machines, the coins could not be minted in sufficient quantities to meet the country's demand.

[36] In 1866, These thin copper coins, in sik (half-fuang) and siao (quarter-fuang) denominations, were produced to replace their thicker counterparts, which were heavier and had the same value.

The minister of treasury, Jayanta Mongkol, the Prince Mahisara Rajaharudaya, suggested to King Rama V, that decimalization would make counting easier and further modernize Siam.

In 1941, a series of silver coins was introduced in denominations of 5, 10, and 20 satang, due to a shortage of nickel caused by World War II.

Recognizing the inefficiencies, the Minister of Treasury proposed to King Rama V that Siam’s currency system should be decimalized.

Citizens were given a grace period to exchange the demonetized coins for the new decimal currency, with the deadline set for May 16, RS 128 / BE 2452 / AD 1910.

This series of coins is distinctive as it lacks the royal insignia or the state seal, which were commonly featured in earlier designs.

The introduction of this coin aimed to make it easier for ordinary people to purchase items without the burden of inflated prices.

[50] In 1942, a bunch of denomination switched material due to the costs of World War 2, the 1-satang coin lost its hole in the middle and was downsized.

In 2008, in the 13th issue, the Ministry of Finance and the Royal Thai Mint announced the 2009 coin series, which included changes in materials to reduce production costs as well as an update of the image on the obverse to a more recent portrait of the king.

On 10 September 1902, the government introduced notes which were printed by Thomas De La Rue & Company Limited, England, during the reigns of Kings Rama V and Rama VI, denominated 5, 10, 20, 100 and 1000 ticals, still called baht in the Thai text — each denomination having many types,[56] with 1 and 50 tical notes following in 1918.

[59][60] On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday.

In 2017, the Bank of Thailand announced a new family of banknotes in remembrance of the late King Bhumibol Adulyadej (Rama IX).

[62] In 2018, the Bank of Thailand announced a new family of banknotes featuring a portrait of the current King Vajiralongkorn (Rama X).

The main colors and dimensions of the notes are the same as before, with the back designs featuring images of the Kings of Thailand from past to present.

In 1900, Charles James Rivett Carnac, a Royal Treasury Ministry advisor proposed that the Siamese baht followed the issuances of banknotes followed the British standard.

The 50-baht and 500-baht notes are part of series 13 and were issued to commemorate the bicentennial celebration of Bangkok in 1982, though their production had to be delayed for the new printing press to be installed.

Ngoen (เงิน) is Thai for "silver" as well as the general term for money, reflecting the fact that the baht (or tical) is foremost a unit of weight for precious metals and gemstones.