On Wednesday, November 12, 2025, the Royal Monetary Authority (RMA) of Bhutan unveiled a new generation of ngultrum banknotes to commemorate the 70th Birth Anniversary of His Majesty the Fourth Druk Gyalpo. 

Embodying Bhutan's spiritual and national essence, the series weaves together symbols of unity, stability, and prosperity, serving not only as currency but as a heartfelt national tribute to legacy and leadership.

 

This new currency series is not merely legal tender but a gallery of national heritage, a tapestry woven with threads of history, spirituality, and the enduring legacy of the Wangchuck Dynasty. Each denomination tells a story, capturing the essence of Bhutan's journey from a unified kingdom under a visionary founder to a nation globally revered for its philosophy of Gross National Happiness.

 

The 100-ngultrum banknote celebrates the reign of the Fifth Druk Gyalpo, Jigme Khesar Namgyel Wangchuck (born 1980), the current King of Bhutan since 2006. He is pictured on the front. His Majesty is wearing the Raven Crown, set against the intricate and cosmic mandala. This is a feast for the senses, with five sensory offerings presented to nine central dragons, symbolizing the prosperity and protection bestowed upon the kingdom. The reverse shows Tashichho Dzong, a Buddhist monastery and fortress on the northern edge of the city of Thimphu, on the western bank of the Wang Chu. It serves as the seat of the Royal Government of Bhutan. Above it, the Garuda, the mythical bird and national protector, spreads its wings, symbolizing the vigilant protection over the nation's governance and people. The state seal stands firm beside the dzong, representing the strength and integrity of the Bhutanese state.

The 500-ngultrum banknote pays tribute to the Fourth Druk Gyalpo, Jigme Singye Wangchuck (born 1955), who reigned from 1972 to 2006 and is the father of the current King. His portrait is set against the backdrop of the cross-vajra, an ancient Buddhist symbol denoting indestructibility and permanent stability—a fitting metaphor for the foundational pillars he gifted the nation: Gross National Happiness and the Constitution of the Kingdom of Bhutan. The reverse shows Punakha Dzong (the palace of great happiness) built in 1638, the administrative center of Punakha District in Punakha. Punakha Dzong was the administrative center and the seat of the Government of Bhutan until 1955 when the capital was moved to Thimphu. Punakha Dzong is the final resting place of Zhabdrung Ngawang Namgyal, the founder of Bhutan. Dominating the sky above is the Khamsum Yulley Namgyal Chorten, consecrated in 1999, standing as a beacon of peace and protection for the nation. The state seal stands beside the dzong, affirming the unity of spiritual and temporal authority in His Majesty the King. A delicate yet deeply symbolic touch is the pair of Bhutan Glory butterflies below the watermark portrait, a nod to the nation's unique and cherished natural heritage that the Fourth King fiercely protected.

The 1000-ngultrum banknote honors the First King, Gongsar Ugyen Wangchuck (1862-1926), the founder and first king of Bhutan, who reigned from 1907 until his death. He is seated against the Wheel of the Universal Ruler. He is adorned with the sacred Raven Crown, a direct inheritance from his father, Desi Jigme Namgyel, symbolizing the unbroken lineage and the consolidation of the nation. The reverse shows Trongsa Dzong, the largest fortified fortress-monastery in Bhutan, located in Trongsa in the center of the country. It is the ancestral seat of the Wangchuck dynasty and the historical home of the Tongsa Penlop. Built on a spur overlooking the gorge of the Mangde River, a temple was first established at the location in 1543. Flanking this architectural marvel are the Seal of the State and a pair of great hornbills, representing the rich biodiversity of the kingdom. The sky above the dzong comes alive with mythical protectors—dragons and the Garuda—warding off negative forces and watching over the nation, just as the kings have for generations.

The new banknote series, which will enter circulation beginning in January 2026, was designed by and printed by De La Rue (DLR) on their Safeguard® polymer substrate. The banknotes feature advanced security elements and are printed on recyclable polymer substrate, making the notes more durable and environmentally sustainable than traditional paper currency.

 

The security features include:
- A large, complex, transparent window which contains a portrait of the current king, created with DLR's ARGENTUM™.
- A highly reflective, mirror-like ink pattern.
- Tactile dots in different geometric shapes for the visually impaired.
- A small, second window, created with DLR's ROTATE™. The note's denomination is seen from the front and a Bhutanese symbol is seen from the back.
- Enhanced GEMINI™ UV features.
- A dragon with an animated mane adorns the holographic optical security stripe on both sides of the 500 and 1000, created with DLR's DEPTH™ and SPOTLIGHT®. Three of its claws hold jewels that pulse when the note is tilted. The fourth claw holds a globe. At the bottom of the stripe, the denomination moves from left to right.

According to the RMA, earlier banknotes will continue to circulate and remain legal tender.

 

And, last but not least, this is the first phase of Bhutan's new banknotes series. Stay tuned... more are coming!!!

 

Donald Ludwig, November 12, 2025