50 Ngultrum

Bhutan's first formal banknote series was introduced in 1974, replacing the earlier jatan and nganlong currency system that had functioned largely outside any central banking framework. The Royal Monetary Authority, established that same year, contracted Thomas De La Rue from the outset — a relationship that continued through this 1981 issue. The 50 Ngultrum was the highest denomination in the inaugural series, a notable choice for an economy still heavily reliant on barter in rural areas.

The watermark is the sole mechanical security feature, modest even by early 1980s standards.