5 Baht

Thailand issued this note under its own government authority — not through the Bank of Thailand, which had been established in 1942 but was not yet the sole issuing body. The 1945 series appeared during the closing phase of World War II, when the country was navigating an uncomfortable position as a nominal Japanese ally while simultaneously maintaining covert Allied contacts through the Seri Thai resistance movement.

The wartime paper supply was constrained, and quality across the 1945 issues is notoriously inconsistent. Notes from this period frequently show uneven inking and paper irregularities that are production artifacts, not damage.