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Treasury Department Launches Treasury Coin Market Online Auctions

Treasury Department Launches Treasury Coin Market Online Auctions

Prachachat•Economy•2d ago

Reader Briefing

The Treasury Department has launched Treasury Coin Market, an electronic auction system for rare coins, with the first auction reaching 2.54 million baht.

  • •The Treasury Department launched the Treasury Coin Market, Thailand's first integrated electronic coin auction system.
  • •The first auction featured a 10-baht coin from 1990, which sold for 2.54 million baht to Nattakorn Akkaramanee.
  • •Auctions will be held on the 17th of every month via the website http://coinmarket.treasury.go.th.
  • •The system integrates with Krungthai Bank to prevent fraud and money laundering.

Overview

  • •The Treasury Department launched Treasury Coin Market to provide an online auction channel for coin collectors.
  • •Ekniti Nitithandpraphash stated that the system aims to create a modern Thai coin market infrastructure with transparent pricing and data accuracy.
  • •The system incorporates Coin Grading and Mint State (MS) international standards to assess rarity and quality.
  • •Revenue from coins typically stands at 400 million baht, and the Treasury Department expects this market could provide additional income.
  • •The market may create new professional roles such as Coin Graders to support a global collectible coin market valued at tens of billions of US dollars.
  • •Akrut Sonthayanon announced that auctions will occur every 17th of the month, with coins selected in consultation with the Coin Association.
  • •A 10-baht coin from 1990, quality MS66, produced for the Mint Directors’ Conference, was auctioned to Nattakorn Akkaramanee for 2.54 million baht.
  • •The Treasury Department will next auction gold coins of Princess Srinagarindra and Princess Maha Chakri Sirindhorn.

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Source: Prachachat (Original)

Key Quotes

Ekniti Nitithandpraphash
"Reflects the role of the Ministry of Finance, with the modern Treasury Department aiming to upgrade the quality of all types of assets."
สะท้อนบทบาทของกระทรวงการคลัง โดยกรมธนารักษ์ยุคใหม่ที่เราต้องการยกระดับคุณภาพของสินทรัพย์ทุกประเภท

Key Entities

Organization

Treasury Department(กรมธนารักษ์)
The agency that launched the Treasury Coin Market and manages the auction of rare coins.
Ministry of Finance(กระทรวงการคลัง)ℹ️
The ministry overseeing the Treasury Department.
Krungthai Bank(ธนาคารกรุงไทย)ℹ️
The bank collaborating with the Treasury Department to prevent fraud and money laundering in the auction system.
Coin, Pod Duang and Collectors Association(สมาคมเหรียญกษาปณ์ พดด้วง และนักสะสม)
The association that provided advice on market standards and helps select coins for auction.
The Coin Market(ตลาดเดอะคอย)
The market where Nattakorn Akkaramanee serves as CEO.

Person

Ekniti Nitithandpraphash(เอกนิติ นิติทัณฑ์ประภาศ)
Deputy Prime Minister and Minister of Finance.
Akrut Sonthayanon(อัครุตม์ สนธยานนท์)
Director General of the Treasury Department.
Nattakorn Akkaramanee(ณัฐกร อัครมณี)
CEO of The Coin Market and the winner of the first auction.