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1 Ngultrum
| Issuer | Royal Government of Bhutan |
|---|---|
| Year | 1974 |
| Type | Standard circulation banknote |
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|---|---|
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| Reverse description | The reverse is dominated by a large central dorje (vajra) device set within a diamond-shaped guilloche underprint of interlocking geometric patterns in rose and violet tones. The inscription 'ROYAL GOVERNMENT OF BHUTAN' runs along the top margin in Roman lettering, with 'ONE NGULTRUM' at the foot. Numeral '1' vignettes appear at upper left and upper right, and a dharma wheel (dharmachakra) roundel is positioned at the lower right. |
| Reverse lettering | ROYAL GOVERNMENT OF BHUTAN ONE NGULTRUM |
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| Comments |
Bhutan's first modern banknote series, introduced in 1974, replaced a system of barter and coin that had operated without paper currency well into the twentieth century. The Royal Government turned to the Security Printing Press at Nasik — the same Indian government facility that produces Indian rupee notes — a practical choice given Bhutan's close financial relationship with India and the absence of any domestic printing infrastructure.
The Indian rupee remained legal tender in Bhutan alongside the ngultrum at par, a currency arrangement that continues to this day. P#1 is the lowest denomination of that inaugural series and the first Pick-listed note for the country.