1 Baht

Thailand's first postwar series was produced by Thomas De La Rue while the country was still navigating the political fallout of its wartime alignment with Japan — an uncomfortable position that complicated its re-entry into Western financial relationships. The 1948 series marked a deliberate return to British printing after the wartime interruption, reasserting both technical standards and political signaling through the choice of printer.

P#69 is one of the more short-lived issues in the series, replaced relatively quickly as denominations were reorganized. The watermark is the primary security element — modest by De La Rue's own capabilities at the time, but consistent with the austerity of the immediate postwar brief.