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The substantial increase in trade brought about by the liberalisation of trade due to the Bowring Treaty led to heavy shortages in pod duang coinage, or bullet money as it was known to foreigners, and an influx of foreign coins, particularly Mexican dollars, which were treated as the international currency of the era. Leading off from the reputation of the Spanish dollar, Mexican dollars were renowned for their purity throughout the world but within the Kingdom of Siam, most citizens did not accept them.This led to great difficulties for foreign merchants who needed to trade their foreign currency at the Royal Treasury, who?d melt the coins down and create pod duang out of them. The Royal Treasury however, could not keep up with the demand for pod duang due to the exponential increase in trade with the number of ships docking at Siam increasing from 12 to 200 the year after the Bowring Treaty was implemented. (Treasury Department, 2005) Vice Consul of England, Charles Bell submitted a petition requesting the Kingdom of Siam accept foreign silver coins and while King Rama IV accepted the petition, citizens still refused to accept them questioning the purity of the coins. (Treasury Department, 2005) Consequently, Mexican dollars were tested for their purity, counterstamped with the mark of the Chakra-Mongkut as a guarantee of their silver content and made currency at the value of one and two thirds baht.
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