King Rama V, also known as Chulalongkorn (1853-1910), was the ruler of Thailand from 1868 to 1910. He was the fifth king of the Chakri dynasty and was famous for his modernization reforms that fundamentally changed the history of Thailand. Chulalongkorn's father, IV. He took the throne after the death of King Rama (Mongkut) and took on many responsibilities at a young age. During his reign, he introduced significant foreign policy and internal reforms to protect Thailand's independence from the expansion of colonial Western powers. He introduced a government system following Western standards and abolished slavery. He developed the education and health system and introduced modern infrastructure. He successfully defended the independence of Thailand and maintained diplomatic relations with the Western powers. Chulalongkorn died in 1910, and was succeeded by VI. Rama (Vajiravudh) continued to modernize the country.

During the reign of King Rama V (1868-1910), Thailand's coinage underwent a major change. Modern, machine-produced coins were introduced instead of the previous coins, mainly made of silver and copper. The material of the coins, besides silver and copper, included nickel and gold. New denominations appeared, such as 1, 2, 5, 10 and 20 baht. The coins depicted portraits, shields with coats of arms and Buddhist symbols. In 1892, the first Thai paper money was introduced. The paper money was issued by the Royal Siamese Mint and the Customs Office. Banknotes were made in denominations of 1, 5, 10, 20, 50 and 100 ticals.V. Many commemorative coins were minted during the reign of King Rama. These coins commemorated important events, royal anniversaries and royal weddings.V. During the reign of King Rama, many coinage reforms were implemented. These reforms aimed to modernize the monetary system and protect against counterfeiting.V. During the reign of King Rama, the Thai coinage developed in the spirit of modernization and centralization. This development contributed to the stabilization of the Thai economy and the boom in international trade.