History of Khmer Currency

Instructor: Socheat Nhean

 Our Team
Presenter Q&A

❏ Srey Leak Han ❏ Ulareath Phuong

❏ Yinchhay Im ❏ Ketia Nhem
❏ Sarina Seng ❏ Sarita Duch
❏ Sophareach Kornheng ❏ Sokha Wendy Taylor
❏ Laysrun Ear ❏ Soktheavy Horn
❏ Sokly Techsreng ❏ Sosethika Kou
❏ Tongsour Meth
❏ Sreymeas Chao
 Contents:
1 Overview

2 Pre-Angkor & Angkor (1st century - 1431)

3 The down fall after Angkor (1431-1863)

4 French Protectorate and First Riel (1863-1979)

5 Second Riel (1979-present)

6 Reference
 Overview
WHAT IS CURRENCY?

❏ A medium of exchange ❏ A unit of account ❏ A store of value

Pre-Angkor & Angkor
(1st century - 1431)
Funan (1st century - 550)
❏ Primitive monetary system that determine that
value of the coin base on precious metal
composition or weight of the coin.
❏ The coin come in varying size and metal
composition with a combination of hindu
symbol.
❏ Foreign coin were also found in important
trading port and city. Silver rising sun coin was found in Angkor borei
 Chenla (6th century - 802)

❏ The first golden coin of chenla was not make to use commercially but to
commemorating the King Isanavarman I and his new capital isanapura.
❏ The coin were more advance than the funan period in term of minting.
 Angkor (802-1431)
❏ During 9th to 1th centuries, a great khmer empire
developed around Angkor.
❏ Their powerful political and cultural structure had
no monetary system.
❏ Bartering Society: a system of exchange in which
participant in the transaction directly exchange
goods and services for other goods or services
without using medium, such as money.
The down fall after Angkor
(1431-1863)
 Chaktomuk Era
(1431-1516)
❏ Cambodia had conflicts with Siam (Thai) and Annam (Vietnam) and internal conflicts.
❏ Cambodia had impact of the use of the money and Siam money (lanchang)and Annam
currency (Sapeque) entered Cambodia.

Lanchang Sapeque
 Chaktomuk Era (Cont.)
❏ At the beginning of 16th century, King Srey Jettha (sdach korn) minted money called “SLEUNG”
❏ Existed in Gold, Silver and Bronze
❏ Weights from 0.4 grams to 1.4 grams
❏ Diameter of the coin is from 7mm to 15mm
❏ In this period, Cambodia called it “Sleung state 1” including: horse, chicken, krud
 Longvek Era
(1516-1620)
❏ Sleung coin has changed in longvek era into “Sleung state 2”
including: crab, snake, heart
❏ All made from silver under different valued and size

ប្រាក់ស្លឹងសម័យេ កាយអង្គរ ដំណាក់កាលទី ២ (១៦០០-

១៨៧០)
 Oudong Era
(1620-1863)

❏ Coins were in continual use by Cambodians.

❏ Sleung coins stage 3 is called PRAK PE.
❏ Prak Pe got the symbol of a Chicken or a
Hamsa Bird with 1 chinese letter called *Ji*
which mean *happiness*

ប្រាក់ស្លឹងសម័យេ កាយអង្គរ ដំណាក់កាលទី ៣ (១៨៥០-

១៩០៧)
 Oudong Era (Cont.)
❏ In 1853, King Ang Duong bought
screw-press to mint coins of minor
denomination.
❏ The screw-press was considered by the
people to be *inhabited* by dragon, a spirit
possessing magical power.
❏ Most silver coins were minted in
1853-1854, 1856, and 1858 while being
symbolically dated in 1848. (with no record
showing how they were exactly used)
French Protectorate and First Riel
(1863-1979)
 The French Protectorate
(1863-1953)

Creation of the piaster End of the piaster

1914

1878 1954
World War I
Start of the piaster crises
 The Piaster
❏ 1847 ❏ 1912 ❏ 1920

❏ 1928 ❏ 1938 ❏ 1943

 The Sangkum Reastr Niyum
(1955-1970)
➢ Cambodia established the National Bank of Cambodia on December 23, 1954
and successfully launched the new riel in September 1955.

Some currencies from 1955-1970

❏ 1 riel ❏ 5 riel

❏ 100 riels ❏ 500 riels

 Khmer Republic
(1970-1975)
➢ During the Khmer Republic, the general appearance of the national currency did not evolve
much, but the era saw the disappearance of coins. The bright and colorful currency started
to turn into darker colors which give a sign that a dark era is about to come.

Some currencies from 1970-1975

❏ 100 riels ❏ 500 riels

❏ 1000 riels ❏ 5000 riels

 Khmer Rouge
(1975-1979)
➢ The Khmer Rouge abolished money in 1975, but reintroduced it in 1978 in zones controlled
along the Thai-Cambodia border, printing pseudo-bank notes in Pailin or Anlong Veng.

These riels were not used

Second Riel (1979-present)
 People’s Republic of Kampuchea
(1979-1988)
To rebuild the economy back from scratch in the aftermath of the civil wars, the central bank is
reestablished on 10 October 1979, under the name “The People’s Bank of Kampuchea”. Six months
later, on 20 March 1980, the riel is reissued.
Exchange Rate:
❏ 1980: 4 condensed milk can fulls of rice = 1 kg of rice = 1 riel = 0.25 dollar (25 cents)
❏ 1981: Riel drops sharply on underground market
❏ 1982: 50 riels = US$1
❏ 1984: 7 riels = US$1, 1 riel = 1 kg of rice
❏ 1986: 30 riels = US$1
❏ 1988: 143 riels = US$1
There was 8 currency issued in 1980:
❏ 0.1 riel (1 kak) ❏ 0.2 riel (2 kak)

❏ 0.5 riel ❏ 1 riel

❏ 5 riels ❏ 10 riels
 There was 8 currency issued in 1980 (Cont.):
❏ 20 riels ❏ 50 riels

But in 1987 they reissued the 5 and 10 riels note:

❏ 5 riels ❏ 10 riels
 State of Cambodia
(1989-1993)
On 30 April 1989, the National Assembly of the People Republic of Kampuchea (PRK), presided by
Hun Sen, held a meeting in order to make some, at first, largely cosmetic constitutional changes.
The name “People’s Republic of Kampuchea” was officially changed to the State of Cambodia (SOC).
Kampuchean riel was replaced by Cambodian riel. From 1989-1992, 6 new banknotes were printed by
only 4 had been issued as the official banknote.

Exchange Rate:
❏ 1989: 265 riels = US$1

៛
❏ 1990: 700 riels = US$1
❏ 1991: 895 riels = US$1 $
❏ 1992: 1444 riels = US$1
❏ 100 riels (issued in 1990) ❏ 500 riels (issued in 1991)

❏ 50 riels (issued in 1992) ❏ 200 riels (issued in 1992)

★ According to the Sosoro Museum, these two banknotes were printed but are unissued banknote

❏ 1000 riels (printed in 1992) ❏ 2000 riels (printed in 1992)

 Kingdom of Cambodia
(1993-present)
➢ There are 3 types of money:
❏ Fiat money & Fiduciary money

❏ Bank money

❏ Electronic money
 References:
❏ Sosoro Museum
❏ Cambodia from Funan to Chenla - A Thousand Years Of Monetary History
❏ http://khmertimeskh.com
❏ https://www.nbc.gov.kh/english/about_the_bank/previously_used_banknotes.php
If you have any questions, feel free to ask.
Thank you!