Bhutan’s Next Ngultrum

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Bibliographic details

• Authors: Jeff Kearns
• Published: March 3, 2026

Context and historical background

• Jigme Singye Wangchuck introduced his philosophy of gross national happiness in 1972.
• His official coronation in 1974 coincided with issuance of the kingdom’s first paper money.
• The Himalayan nation has a population of 800,000.
• The Royal Monetary Authority Governor Yangchen Tshogyel described the redesigned notes in the 2025 annual report.

New banknote rollout and timing

• New banknotes (100, 500, and 1,000) circulated in January.
• The redesigned notes were unveiled in November on Jigme Singye Wangchuck’s 70th birthday.

Denominations and featured portraits

• 1,000 note:
  • Obverse: King Ugyen Wangchuck (reign from 1907 to 1926) wearing his father’s Raven Crown.
  • Reverse: Trongsa Dzong overlooking the Mangde Chhu River; also depicts the official state seal and two great hornbill birds.
• 500 note:
  • Features the fourth king Jigme Singye Wangchuck and a vajra cross (a Buddhist symbol of stability).
• 100 note:
  • Features the fifth king Jigme Khesar Namgyel Wangchuck, who became king at age 26 following the 2006 abdication.

Symbolism and national themes

• Design highlights Bhutan’s “rich cultural traditions and royal heritage,” per the 2025 annual report.
• Imagery emphasizes:
  • Dynastic continuity and early nation consolidation (Raven Crown; King Ugyen Wangchuck).
  • Bhutan’s biodiversity and varied topography rising to peaks topping 7,000 meters.
  • National happiness and economic stability associated with Jigme Singye Wangchuck’s legacy, including establishment of the Royal Monetary Authority and the Bank of Bhutan.

Production, design, and security features

• Notes were designed by De La Rue (Basingstoke, England).
• Printed on polymer substrate.
• Advanced security features include a holographic security stripe on the 500 and 1,000 denominations depicting a dragon grasping jewels.
• Industry recognition: High Security Printing Asia named the notes best new series last year, citing their design and security features.

Bhutan’s Next Ngultrum — Jeff Kearns, F&D Magazine, March 2026.

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