Bhutanese banknotes, denominated in the ngultrum, feature designs depicting the country's dzongs, monarchs, and national symbols. The currency has evolved from Cooch Behar mint coins through successive paper series to a new polymer commemorative series launched in 2025 by De La Rue.
Bhutanese banknote design reflects the Kingdom of Bhutan's cultural identity, dynastic history, and national symbolism through successive series of currency notes denominated in the ngultrum (Nu.). From the country's earliest use of Cooch Behar mint coins through its adoption of modern paper currency and the introduction of polymer notes in 2025, Bhutanese banknotes have served as visual narratives of the nation's heritage, featuring iconic dzongs, portraits of the Wangchuck kings, and Buddhist iconography.[1]
Pre-Modern Currency
Until 1789, coins from the Cooch Behar mint (in present-day West Bengal, India) circulated as the primary medium of exchange in Bhutan. Following this period, Bhutan began issuing its own coins, mostly silver half-rupees known as chetrum (also spelled chhetrum). These early Bhutanese coins were relatively crude by the standards of neighbouring mints but served the country's limited monetary needs for over a century.[2]
As Bhutan's economy developed in the early 1960s, the need for a modern monetary system became apparent. Monetization in 1968 led to the establishment of the Bank of Bhutan, and in 1974, the ngultrum was officially introduced as the national currency, with 100 chetrum equal to 1 ngultrum. The ngultrum was pegged at par to the Indian rupee, a parity that has been maintained to the present day. The Ministry of Finance initially held the authority to issue banknotes.[2]
Royal Monetary Authority and Early Series
The Royal Monetary Authority of Bhutan (RMA) was established in 1982 as the country's central bank. In 1983, the RMA assumed the authority to issue banknotes, replacing the Ministry of Finance in this role. The RMA has since been responsible for all currency design, production, and monetary policy.[1]
Early banknote series featured relatively simple designs and were produced in a limited range of denominations. As Bhutan's economy grew and printing technology improved, successive series incorporated increasingly sophisticated designs and security features. Denominations expanded to cover a range from Nu. 1 to Nu. 1,000, reflecting the growing complexity of the economy.
The 2006 Series
In 2006, the Royal Monetary Authority introduced a comprehensive new series of banknotes in eight denominations: Nu. 1, Nu. 5, Nu. 10, Nu. 20, Nu. 50, Nu. 100, Nu. 500, and Nu. 1,000. This series featured updated designs with distinct sizes and colours for each denomination, making the notes easier to distinguish. The design elements across the series drew on Bhutan's architectural and monarchical heritage:[1]
- Portraits of the Wangchuck kings featured prominently on higher-denomination notes
- Iconic dzongs (fortress-monasteries) including Trongsa Dzong, Punakha Dzong, and Tashichho Dzong appeared as central design motifs
- National symbols including the druk (thunder dragon), the national emblem, and Buddhist wheel imagery were incorporated throughout
- The colour palette used distinct hues for each denomination to aid identification
Security features in the 2006 series included watermarks featuring portraits of the kings (visible when held against light on notes of Nu. 10 and above), security threads, microprinting, and intaglio printing for tactile elements.[3]
Commemorative Notes
Bhutan has issued several commemorative banknotes to mark significant national occasions. These limited-edition notes are legal tender but are primarily produced for collectors and as national souvenirs. Commemorative issues have marked events including royal coronations, jubilees, and the centenary of the monarchy in 2008. These notes typically feature enhanced design elements and premium printing quality.
2025 Polymer Series
On 12 November 2025, the Royal Monetary Authority unveiled a new generation of ngultrum banknotes to commemorate the 70th birth anniversary of the Fourth Druk Gyalpo, Jigme Singye Wangchuck. This first phase introduced polymer banknotes in three denominations — Nu. 100, Nu. 500, and Nu. 1,000 — designed and printed on SAFEGUARD polymer substrate by the British security printing company De La Rue. The notes entered circulation in January 2026.[4]
Each denomination in the new series honours a different member of the Wangchuck dynasty:
- The Nu. 1,000 note honours the First King, Gongsar Ugyen Wangchuck (1862–1926), the founder of the Bhutanese monarchy
- The Nu. 500 note pays tribute to the Fourth Druk Gyalpo, Jigme Singye Wangchuck (born 1955), who reigned from 1972 to 2006 and is credited with introducing the concept of Gross National Happiness
- The Nu. 100 note celebrates the reign of the Fifth Druk Gyalpo, Jigme Khesar Namgyel Wangchuck (born 1980), the current king
The polymer notes feature advanced security elements including ARGENTUM, ROTATE, Enhanced GEMINI, tactile embossing for the visually impaired, and a holographic optical security stripe with DEPTH and SPOTLIGHT technology depicting a dragon grasping jewels. The polymer substrate makes the notes more durable, longer-lasting, and recyclable compared to traditional cotton-based paper currency. The series won the "Best New Banknote Series" award at the High Security Printing Asia 2025 conference.[5]
Design Philosophy
Bhutanese banknote design reflects a deliberate effort to use currency as a vehicle for national identity and cultural education. Each denomination is intended to tell a distinct story within the broader narrative of Bhutan's journey from a unified kingdom to a modern constitutional monarchy. The consistent incorporation of dzongs, the Wangchuck dynasty, the druk, and Buddhist symbols reinforces the interconnection of governance, religion, and national identity that characterizes Bhutanese public life.
See also
References
- Brief history of currency of Bhutan — Royal Monetary Authority
- The history and evolution of money in Bhutan — Daily Bhutan
- Bank Notes — Royal Monetary Authority of Bhutan
- Royal Monetary Authority of Bhutan launches first phase of banknote series — De La Rue
- Royal Monetary Authority Unveils New Banknote Series Honouring the Fourth King — Daily Bhutan
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