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Bhutanese ngultrum

November 28, 2023

The ngultrum (/əŋˈɡʌltrəm/; Dzongkha: དངུལ་ཀྲམ [ŋýˈʈúm], symbol: Nu., code: BTN) is the currency of the Kingdom of Bhutan. It can be literally translated as 'silver' for ngul and 'coin' for trum. It is subdivided into 100 chhertum (Dzongkha: ཕྱེད་ཏམ [pt͡ɕʰɛ́ˈtám], spelled as chetrums on coins until 1979). The Royal Monetary Authority of Bhutan, the central bank of Bhutan is the minting authority of the ngultrum banknotes and coins. The ngultrum is currently pegged to the Indian rupee at parity.

Ngultrum
དངུལ་ཀྲམ (Dzongkha)
ISO 4217
CodeBTN (numeric: 064)
Subunit0.01
Unit
SymbolNu.‎
Denominations
Subunit
 1⁄100chhertum
Symbol
 chhertumCh.
BanknotesNu.1, Nu.5, Nu.10, Nu.20, Nu.50, Nu.100, Nu.500, Nu.1000[1][2]
Coins
 Rarely usedCh.5, Ch.10, Ch.25, Ch.50, Nu.1, Nu.3
Demographics
User(s) Bhutan (alongside Indian Rupee)
Issuance
Monetary authorityRoyal Monetary Authority of Bhutan
 Websitewww.rma.org.bt
Valuation
Inflation5.2%
 SourceRoyal Monetary Authority of Bhutan, 2015 est.
Pegged with Indian rupee (at par)
This article contains Tibetan script. Without proper rendering support, you may see very small fonts, misplaced vowels or missing conjuncts instead of Tibetan characters.

History edit

Until 1789, the coins of the Cooch Behar mint circulated in Bhutan.[3] Following this, Bhutan began issuing its own coins known as chetrum, mostly silver 1⁄2 rupees. Hammered silver and copper coins were the only types issued until 1929, when modern style silver 1⁄2 rupee coins were introduced, followed by bronze 1 paisa in 1931 (dated 1928). Nickel 1⁄2 rupee coins were introduced in 1950. While the Cooch Behar mint coins circulated alongside Bhutan's own coins, decimalization was introduced in 1957, when Bhutan's first issue of coins denominated in naya paisa. The 1966 issues were 25 naya paisa, 50 naya paisa and 1 rupee coins, struck in cupro-nickel.[4]

While the Bhutanese government developed its economy in the early 1960s, monetization in 1968 led to the establishment of the Bank of Bhutan. As monetary reforms took place in 1974, the Ngultrum was officially introduced as 100 Chhetrum equal to 1 Ngultrum. The Ngultrum retained the peg to the Indian rupee at par, which the Bhutanese coins had maintained.[5]

The term derives from the Dzongkha ngul, "silver" and trum, a Hindi loanword meaning "money."[6]

The Ministry of Finance issued its first banknotes in 1974 in denominations of Nu.1, Nu.5, Nu.10 and Nu.100. This was followed by the establishment of the Royal Monetary Authority of Bhutan as the central bank of Bhutan in 1982, which took over the authority to issue banknotes in 1983, replacing the authority of the Ministry of Finance.[7]

Coins edit

In 1974, aluminum Ch.5 and Ch.10, aluminium-bronze Ch.20, and cupro-nickel Ch.25 and Nu.1 were introduced. The Ch.5 was square and the Ch.10 was scallop-shaped. A new coinage was introduced in 1979, consisting of bronze Ch.5 and Ch.10, and cupro-nickel Ch.25 and Ch.50 and Nu.1 and Nu.3. Aluminium-bronze Ch.25 was also issued dated 1979. Ch.5 and Ch.10 have largely ceased circulating. Currently, coins are available in denominations of Ch.20, Ch.25, Ch.50 and Nu.1.

Image Value Technical parameters Description Date of
Diameter Thickness Weight Edge Obverse Reverse issue withdrawal
Ch.20 22.00 mm 1.8 mm 4.5 g Reeded Man working in field.
Lettering: ཀུན་ལ་བཟའ་བཏུང FOOD FOR ALL 		Lesser Version of Coat of Arms
Lettering: འབྲུག BHUTAN CHETRUMS 20 ཕྱེད་ཊམ 		1974 Current
Ch.25 22.20 mm 1.8 mm 4.6 g Reeded Golden fishes of good fortune.
Lettering: ROYAL GOVERNMENT OF BHUTAN 		Dorje (a double diamond-thunderbolt) is a part of Coat of Arms and represents the harmony between secular and religious power
Lettering: ཕྱེད་ཀྲམ་ཉེར་ལྔ། TWENTY-FIVE CHHERTUM 		1979 Current
Ch.50 25.85 mm 1.8 mm 6.9 g Reeded Treasure vase (One of the 8 Revered Buddhist Symbols).
Lettering: ROYAL GOVERNMENT OF BHUTAN 		Eight Various Revered Buddhist Symbols & in the center is the word འབྲུག (BHUTAN)
Lettering: ཕྱེད་ཀྲམ་ལྔ་བཅུ། FIFTY CHHERTUM. 		1979 Current
  Nu.1 27.95 mm 1.7 mm 8.2 g Reeded Coat of Arms within circle, date below Elaborate designed Wheel of Dharma on a Lotus.
Lettering: ROYAL GOVERNMENT OF BHUTAN 		Coin divided into nine sections within circle, each has symbol, denomination below Eight Various Revered Buddhist Symbols & in the center is the word འབྲུག
Lettering: དངུལ་ཀྲམ་གཅིག། ONE NGULTRUM 		1979 Current

Banknotes edit

Previous series edit

On June 2, 1974,[8] Nu.1, Nu.5 and Nu.10 notes were introduced by the Royal Government of Bhutan, followed by Nu.2, Nu.20, Nu.50, and Nu.100 in 1978.[8] On August 4, 1982, the Royal Monetary Authority of Bhutan Act was enacted, although the RMA did not begin operations until November 1, 1983, and did not issue its own family of notes until 1986.[8]

Previous series
Image Value Dimensions Main Colour Description
Obverse Reverse Obverse Reverse Watermark
    Nu.1 114 x 62 mm Blue The Government crest, two dragons Simtokha Dzong "Royal Monetary Authority" in top and bottom margin
    Nu.5 130 × 62 mm Orange The Government crest, two mythical bird (Bja Tshering) (the bird of long life) Paro Rinpung Dzong
    Nu.10 140 × 70 mm Purple The Government crest, Dungkar (conch) (one of the eight lucky signs), Jigme Singye Wangchuck
    Nu.20 152 × 70 mm Yellow-green The Government crest, Khorlo (Wheel of Dharma, one of the eight auspicious signs), Jigme Dorji Wangchuck Punakha Dzong
    Nu.50 155 × 70 mm Pink Trongsa Dzong, two mythical birds Bja Tshering (bird of long life)
    Nu.100 161 × 70 mm Green Norbu Rimpochhe (one of the seven auspicious gems), Jigme Singye Wangchuck Tashichho Dzong Crossed Dorji (Dorji jardrum)
    Nu.500 160 × 70 mm Red Norbu Rimpochhe encircled by two Dragons (one of the seven auspicious gems), Ugyen Wangchuck Punakha Dzong
For table standards, see the banknote specification table.

Present series edit

In 2006, the Monetary Authority introduced its latest series of notes, with denominations of Nu.1, Nu.5, Nu.10, Nu.20, Nu.50, Nu.100, Nu.500, and Nu.1000. These notes use a hybrid substrate.[9]

2006–present Series
Image Value Dimensions Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse Obverse Reverse
[2] [3] Nu.1 120 x 60 mm Blue, red and green Dragons Simtokha Dzong 2006
2013 		November 20, 2006 None
[4] [5] Nu.5 125 x 60 mm Yellow, brown and red Birds Taktsang 2006
2011
2015 		November 20, 2006 None
[6] [7] Nu.10 125 x 65 mm Purple, dark green and yellow Jigme Singye Wangchuck; Dungkar (conch), one of the eight good luck symbols Paro Rinpung Dzong 2006
2013 		2007 Jigme Singye Wangchuck
[8] [9] Nu.20 130 x 65 mm Yellow and green Jigme Dorji Wangchuck Punakha Dzong 2006
2013 		November 20, 2006 Jigme Dorji Wangchuck
[10] [11] Nu.50 145 x 70 mm Pink, orange and green Jigme Khesar Namgyel Wangchuck Trongsa Dzong 2008
2013 		November 6, 2008 Jigme Khesar Namgyel Wangchuck
[12] [13] Nu.100 145 x 70 mm Green Jigme Singye Wangchuck; Norbu Rimpochhe, one of the seven auspicious gems Tashichho Dzong, dragons in upper corners 2006
2011
2015 		2007 Jigme Singye Wangchuck
[14] [15] Nu.500 155 x 70 mm Pink, orange and green Ugyen Wangchuck with the Raven Crown Punakha Dzong 2006
2011 		November 20, 2006 Jigme Singye Wangchuk
[16] [17] Nu.1000 165 x 70 mm Yellow, red and gold Jigme Khesar Namgyel Wangchuck with the Raven Crown Tashichho Dzong 2008
2016 		November 6, 2008 Jigme Khesar Namgyel Wangchuck
For table standards, see the banknote specification table.

Commemorative notes edit

Commemorative notes
Image Value Dimensions Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse
[18] Nu.100 145 x 70 mm Orange, brown and red Mythical angel carrying the Raven Crown; national emblem; royal wedding logo consisting of khorlo (wheel) signifying royalty, circles with dhar (ceremonial scarf) signifying eternal union of thap (method) and sherab (wisdom), and the dham tshig tsangma and lotus, symbolizing purity of union; Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema Punakha Dzong (aka Pungtang Dechen Photrang Dzong, meaning “the palace of great happiness or bliss”) 2011 October 13, 2011 None
[19] Nu.100 146 x 70 mm Yellow, gold, blue, and red King Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema; Jigme Namgyel Wangchuck Mountains; dragon February 5, 2016 2017 Jigme Singye Wangchuck with electrotype swirl
For table standards, see the banknote specification table.

Exchange rate edit

Current BTN exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USD

See also edit

References edit

  1. ^ . banknotenews.com. Archived from the original on 2016-01-25. Retrieved 2008-11-13.
  2. ^ Bhutan issues new 50- and 1,000-ngultrum notes 2016-03-05 at the Wayback Machine BanknoteNews.com. Retrieved 2011-10-15.
  3. ^ "Old Coins of Bhutan". Mintage World. Retrieved 10 October 2021.
  4. ^ "Currency Information: Bhutanese Rupee". ExchangeRate.com. Retrieved 29 September 2016.   This article contains quotations from this source, which is available under a Creative Commons Attribution-Sharealike 3.0 Unported License.
  5. ^ "Royal Monetary Authority of Bhutan - History". rma.org.bt. Retrieved 17 April 2021.
  6. ^ Berlin, Howard M. (24 October 2008). World Monetary Units: An Historical Dictionary, Country by Country. McFarland. ISBN 9781476606736 – via Google Books.
  7. ^ "Royal Monetary Authority Act of Bhutan 1982" (PDF). Government of Bhutan. 1982. Retrieved 2010-10-08.
  8. ^ a b c Linzmayer, Owen (2011). "Bhutan". The Banknote Book. San Francisco, CA: BanknoteNews.com. Retrieved 2011-08-21.
  9. ^ . www.banknotenews.com. Archived from the original on 5 April 2018. Retrieved 12 April 2018.
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Panish, Charles K: "Early Coinage of Bhutan". The American Numismatic Society, Museum Notes 17, New York 1971, p. 247-254 and plates XLVII-XLVIII.
  • Rhodes, Nicholas:The Coinage of Bhutan. Oriental Numismatic Society, Information Sheet no 16, January 1977.
  • Rhodes, Nicholas: "Coinage in Bhutan".Journal of Bhutan Studies.. The Centre of Bhutan Studies, vol. 1, no. 1, Thimphu, Autumn, 1999, p. 84-113.
  • Rhodes, Nicholas: "The Monetisation of Bhutan". Journal of Bhutan Studies.. The Centre of Bhutan Studies, vol. 2, no. 1, Thimphu, Winter 2000, p. 85-103.
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links edit

November 28, 2023
bhutanese, ngultrum, ngultrum, dzongkha, དང, ŋýˈʈúm, symbol, code, currency, kingdom, bhutan, literally, translated, silver, ngul, coin, trum, subdivided, into, chhertum, dzongkha, ཏམ, ɕʰɛ, ˈtám, spelled, chetrums, coins, until, 1979, royal, monetary, authorit. The ngultrum e ŋ ˈ ɡ ʌ l t r em Dzongkha དང ལ ཀ མ ŋyˈʈum symbol Nu code BTN is the currency of the Kingdom of Bhutan It can be literally translated as silver for ngul and coin for trum It is subdivided into 100 chhertum Dzongkha ཕ ད ཏམ pt ɕʰɛ ˈtam spelled as chetrums on coins until 1979 The Royal Monetary Authority of Bhutan the central bank of Bhutan is the minting authority of the ngultrum banknotes and coins The ngultrum is currently pegged to the Indian rupee at parity Ngultrumདང ལ ཀ མ Dzongkha ISO 4217CodeBTN numeric 064 Subunit0 01UnitSymbolNu DenominationsSubunit 1 100chhertumSymbol chhertumCh BanknotesNu 1 Nu 5 Nu 10 Nu 20 Nu 50 Nu 100 Nu 500 Nu 1000 1 2 Coins Rarely usedCh 5 Ch 10 Ch 25 Ch 50 Nu 1 Nu 3DemographicsUser s Bhutan alongside Indian Rupee IssuanceMonetary authorityRoyal Monetary Authority of Bhutan Websitewww wbr rma wbr org wbr btValuationInflation5 2 SourceRoyal Monetary Authority of Bhutan 2015 est Pegged withIndian rupee at par This article contains Tibetan script Without proper rendering support you may see very small fonts misplaced vowels or missing conjuncts instead of Tibetan characters Contents 1 History 2 Coins 3 Banknotes 3 1 Previous series 3 2 Present series 3 3 Commemorative notes 4 Exchange rate 5 See also 6 References 7 External linksHistory editUntil 1789 the coins of the Cooch Behar mint circulated in Bhutan 3 Following this Bhutan began issuing its own coins known as chetrum mostly silver 1 2 rupees Hammered silver and copper coins were the only types issued until 1929 when modern style silver 1 2 rupee coins were introduced followed by bronze 1 paisa in 1931 dated 1928 Nickel 1 2 rupee coins were introduced in 1950 While the Cooch Behar mint coins circulated alongside Bhutan s own coins decimalization was introduced in 1957 when Bhutan s first issue of coins denominated in naya paisa The 1966 issues were 25 naya paisa 50 naya paisa and 1 rupee coins struck in cupro nickel 4 While the Bhutanese government developed its economy in the early 1960s monetization in 1968 led to the establishment of the Bank of Bhutan As monetary reforms took place in 1974 the Ngultrum was officially introduced as 100 Chhetrum equal to 1 Ngultrum The Ngultrum retained the peg to the Indian rupee at par which the Bhutanese coins had maintained 5 The term derives from the Dzongkha ngul silver and trum a Hindi loanword meaning money 6 The Ministry of Finance issued its first banknotes in 1974 in denominations of Nu 1 Nu 5 Nu 10 and Nu 100 This was followed by the establishment of the Royal Monetary Authority of Bhutan as the central bank of Bhutan in 1982 which took over the authority to issue banknotes in 1983 replacing the authority of the Ministry of Finance 7 Coins editIn 1974 aluminum Ch 5 and Ch 10 aluminium bronze Ch 20 and cupro nickel Ch 25 and Nu 1 were introduced The Ch 5 was square and the Ch 10 was scallop shaped A new coinage was introduced in 1979 consisting of bronze Ch 5 and Ch 10 and cupro nickel Ch 25 and Ch 50 and Nu 1 and Nu 3 Aluminium bronze Ch 25 was also issued dated 1979 Ch 5 and Ch 10 have largely ceased circulating Currently coins are available in denominations of Ch 20 Ch 25 Ch 50 and Nu 1 Image Value Technical parameters Description Date ofDiameter Thickness Weight Edge Obverse Reverse issue withdrawalCh 20 22 00 mm 1 8 mm 4 5 g Reeded Man working in field Lettering ཀ ན ལ བཟའ བཏ ང FOOD FOR ALL Lesser Version of Coat of ArmsLettering འབ ག BHUTAN CHETRUMS 20 ཕ ད ཊམ 1974 CurrentCh 25 22 20 mm 1 8 mm 4 6 g Reeded Golden fishes of good fortune Lettering ROYAL GOVERNMENT OF BHUTAN Dorje a double diamond thunderbolt is a part of Coat of Arms and represents the harmony between secular and religious powerLettering ཕ ད ཀ མ ཉ ར ལ TWENTY FIVE CHHERTUM 1979 CurrentCh 50 25 85 mm 1 8 mm 6 9 g Reeded Treasure vase One of the 8 Revered Buddhist Symbols Lettering ROYAL GOVERNMENT OF BHUTAN Eight Various Revered Buddhist Symbols amp in the center is the word འབ ག BHUTAN Lettering ཕ ད ཀ མ ལ བཅ FIFTY CHHERTUM 1979 Current nbsp Nu 1 27 95 mm 1 7 mm 8 2 g Reeded Coat of Arms within circle date below Elaborate designed Wheel of Dharma on a Lotus Lettering ROYAL GOVERNMENT OF BHUTAN Coin divided into nine sections within circle each has symbol denomination below Eight Various Revered Buddhist Symbols amp in the center is the word འབ ག Lettering དང ལ ཀ མ གཅ ག ONE NGULTRUM 1979 CurrentBanknotes editPrevious series edit On June 2 1974 8 Nu 1 Nu 5 and Nu 10 notes were introduced by the Royal Government of Bhutan followed by Nu 2 Nu 20 Nu 50 and Nu 100 in 1978 8 On August 4 1982 the Royal Monetary Authority of Bhutan Act was enacted although the RMA did not begin operations until November 1 1983 and did not issue its own family of notes until 1986 8 Previous series 1 Image Value Dimensions Main Colour DescriptionObverse Reverse Obverse Reverse Watermark nbsp nbsp Nu 1 114 x 62 mm Blue The Government crest two dragons Simtokha Dzong Royal Monetary Authority in top and bottom margin nbsp nbsp Nu 5 130 62 mm Orange The Government crest two mythical bird Bja Tshering the bird of long life Paro Rinpung Dzong nbsp nbsp Nu 10 140 70 mm Purple The Government crest Dungkar conch one of the eight lucky signs Jigme Singye Wangchuck nbsp nbsp Nu 20 152 70 mm Yellow green The Government crest Khorlo Wheel of Dharma one of the eight auspicious signs Jigme Dorji Wangchuck Punakha Dzong nbsp nbsp Nu 50 155 70 mm Pink Trongsa Dzong two mythical birds Bja Tshering bird of long life nbsp nbsp Nu 100 161 70 mm Green Norbu Rimpochhe one of the seven auspicious gems Jigme Singye Wangchuck Tashichho Dzong Crossed Dorji Dorji jardrum nbsp nbsp Nu 500 160 70 mm Red Norbu Rimpochhe encircled by two Dragons one of the seven auspicious gems Ugyen Wangchuck Punakha DzongFor table standards see the banknote specification table Present series edit In 2006 the Monetary Authority introduced its latest series of notes with denominations of Nu 1 Nu 5 Nu 10 Nu 20 Nu 50 Nu 100 Nu 500 and Nu 1000 These notes use a hybrid substrate 9 2006 present SeriesImage Value Dimensions Main Color Description Date of issue Date of first issue WatermarkObverse Reverse Obverse Reverse 2 3 Nu 1 120 x 60 mm Blue red and green Dragons Simtokha Dzong 20062013 November 20 2006 None 4 5 Nu 5 125 x 60 mm Yellow brown and red Birds Taktsang 200620112015 November 20 2006 None 6 7 Nu 10 125 x 65 mm Purple dark green and yellow Jigme Singye Wangchuck Dungkar conch one of the eight good luck symbols Paro Rinpung Dzong 20062013 2007 Jigme Singye Wangchuck 8 9 Nu 20 130 x 65 mm Yellow and green Jigme Dorji Wangchuck Punakha Dzong 20062013 November 20 2006 Jigme Dorji Wangchuck 10 11 Nu 50 145 x 70 mm Pink orange and green Jigme Khesar Namgyel Wangchuck Trongsa Dzong 20082013 November 6 2008 Jigme Khesar Namgyel Wangchuck 12 13 Nu 100 145 x 70 mm Green Jigme Singye Wangchuck Norbu Rimpochhe one of the seven auspicious gems Tashichho Dzong dragons in upper corners 200620112015 2007 Jigme Singye Wangchuck 14 15 Nu 500 155 x 70 mm Pink orange and green Ugyen Wangchuck with the Raven Crown Punakha Dzong 20062011 November 20 2006 Jigme Singye Wangchuk 16 17 Nu 1000 165 x 70 mm Yellow red and gold Jigme Khesar Namgyel Wangchuck with the Raven Crown Tashichho Dzong 20082016 November 6 2008 Jigme Khesar Namgyel WangchuckFor table standards see the banknote specification table Commemorative notes edit Commemorative notesImage Value Dimensions Main Color Description Date of issue Date of first issue WatermarkObverse Reverse 18 Nu 100 145 x 70 mm Orange brown and red Mythical angel carrying the Raven Crown national emblem royal wedding logo consisting of khorlo wheel signifying royalty circles with dhar ceremonial scarf signifying eternal union of thap method and sherab wisdom and the dham tshig tsangma and lotus symbolizing purity of union Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema Punakha Dzong aka Pungtang Dechen Photrang Dzong meaning the palace of great happiness or bliss 2011 October 13 2011 None 19 Nu 100 146 x 70 mm Yellow gold blue and red King Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema Jigme Namgyel Wangchuck Mountains dragon February 5 2016 2017 Jigme Singye Wangchuck with electrotype swirlFor table standards see the banknote specification table Exchange rate editCurrent BTN exchange ratesFrom Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USDFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USDFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USDFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USD JPY USDSee also editRoyal Monetary Authority of Bhutan Economy of BhutanReferences edit BanknoteNews Breaking news about world paper money Powered by the Banknote Book banknotenews com Archived from the original on 2016 01 25 Retrieved 2008 11 13 Bhutan issues new 50 and 1 000 ngultrum notes Archived 2016 03 05 at the Wayback Machine BanknoteNews com Retrieved 2011 10 15 Old Coins of Bhutan Mintage World Retrieved 10 October 2021 Currency Information Bhutanese Rupee ExchangeRate com Retrieved 29 September 2016 nbsp This article contains quotations from this source which is available under a Creative Commons Attribution Sharealike 3 0 Unported License Royal Monetary Authority of Bhutan History rma org bt Retrieved 17 April 2021 Berlin Howard M 24 October 2008 World Monetary Units An Historical Dictionary Country by Country McFarland ISBN 9781476606736 via Google Books Royal Monetary Authority Act of Bhutan 1982 PDF Government of Bhutan 1982 Retrieved 2010 10 08 a b c Linzmayer Owen 2011 Bhutan The Banknote Book San Francisco CA BanknoteNews com Retrieved 2011 08 21 Bhutan Banknote News www banknotenews com Archived from the original on 5 April 2018 Retrieved 12 April 2018 Krause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Panish Charles K Early Coinage of Bhutan The American Numismatic Society Museum Notes 17 New York 1971 p 247 254 and plates XLVII XLVIII Rhodes Nicholas The Coinage of Bhutan Oriental Numismatic Society Information Sheet no 16 January 1977 Rhodes Nicholas Coinage in Bhutan Journal of Bhutan Studies The Centre of Bhutan Studies vol 1 no 1 Thimphu Autumn 1999 p 84 113 Rhodes Nicholas The Monetisation of Bhutan Journal of Bhutan Studies The Centre of Bhutan Studies vol 2 no 1 Thimphu Winter 2000 p 85 103 Krause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Pick Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 External links editAnalysis of Pegged Exchange Rate Between Bhutan and India Bhutan Currecy amp Banks in Bhutan Historical and current banknotes of Bhutan http himalaya socanth cam ac uk collections journals jbs pdf JBS 01 01 04 pdf http himalaya socanth cam ac uk collections journals jbs pdf JBS 02 02 03 pdf https web archive org web 20120806142959 http picasaweb google com Vercrusse Bhutan Coins02 Portals nbsp Asia nbsp Money nbsp Numismatics Retrieved from https en wikipedia org w index php title Bhutanese ngultrum amp oldid 1185908783, wikipedia, wiki, book, books, library,

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