On 24 Aug at the Treasury Department, Ministry of Finance, the Treasury Department in collaboration with Krungthai Bank launched the "Treasury Coin Market" system to auction coins via an online platform. Participants must register through the Paotang application. This marks the first time coins are auctioned this way to create value and revenue for the state. Mr. Akniti Nitithanprapas, Deputy Prime Minister and Finance Minister, presided over the auction launch.
For this inaugural auction, the Treasury Department presented one legendary 10-baht coin minted in 1990, highly sought after by collectors worldwide. Only 100 coins were produced: 34 for the 1990 Coin International event, 8 preserved in the Coin Museum, and 58 kept at the Mint. Only one coin was auctioned this time. Twenty-three bidders registered online, but only five actively bid during the auction. The bidding rule extended the auction by one minute if a new bid was placed in the last minute until no higher bids were offered. Starting at 300,000 baht, the bidding lasted over 10 minutes with 52 bids, closing at 2.54 million baht. The winner was Mr. Nattakorn Akkaramanee, CEO of The Coin Market. Proceeds will be added to the state's revenue.
Mr. Akniti stated that this auction is a special opportunity and this coin edition will not be re-auctioned in the future. The auction energizes both domestic and international coin collecting markets, valued at tens of billions of US dollars. Thai coins hold historical heritage value. Launching auctions via the Treasury Coin Market platform, operated by the official coin producer, is a world first.
Mr. Akarut Sontayanont, Director-General of the Treasury Department, said the department plans monthly auctions on the 17th of each month. Upcoming auctions will feature coins such as the Somdej Ya Healthy Coin, minted 604 pieces with only 14 left at the Treasury; the King Rama VII Birth Anniversary 1991 coin; and the Makxsay Award Commemorative Coin for Princess Maha Chakri Sirindhorn, minted 600 pieces with only 11 left at the Treasury. Interested parties can register and learn how to use the auction system via the Treasury Coin Market website.https://coinmarket.treasury.go.thThis platform also serves as a channel to closely follow coin auction news for collectors both in Thailand and abroad.