Vintage Thai coin sells for over S$98K at auction, was one of only 100 made

Vintage Thai coin nets over S$98K at auction

Collectors can fork out hefty sums for prized items. One vintage ฿10 (S$0.40) coin sold for ฿2.54 million — around S$98,500.

According to Khaosod English, Thailand’s Treasury Department held the auction on 25 Aug via its new online platform, which led to the sale.

Why the coin was so valuable

The coin’s surprising price stems from the fact that only 100 were ever minted. This coin comes directly from the Treasury Department’s vaults and has never been in circulation before.

The coins were minted in 1990 to commemorate the 16th Mint Directors Conference held in the United Kingdom.

Of the 100 coins, 34 went overseas for exhibits. The Mint Museum holds eight, and the rest are in vaults.

A well-known local coin collector won the bid after just over 10 minutes and 52 bids.

Auction held as electronic payments become the norm

According to The Nation, the Treasury Department held the auction to promote its new coin market platform. The move comes amid Thailand’s shift towards digital payment systems. As a result, the coin market platform is part of the department’s strategy to generate new revenue and find value in stagnating assets.

The department revealed that although physical money is still necessary, the costs it entails are currently exerting considerable pressure.

One interesting challenge noted by the department is that coins seemingly disappear from circulation. The department suspects that the coins are either inside vending machines or flowing into neighbouring countries.

Remarkably, the only source of coins seems to be religious institutions, as monks frequently bring in coins in bulk after receiving them as donations.