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Bhutan probably first became a distinct political entity in the 1600s, when a Tibetan Buddhist priest named Sheptoon La-Pha became king. In 1865 the British invaded Bhutan from neighboring India and incorporated Bhutan into their sphere of influence. The kingdom of Bhutan was established on December 17, 1907 when the kingship became hereditary.

The first coins were issued in Bhutan around 1790 and were crude imitations of coins issued by the Cooch Bihar kingdom. The Indian Rupee (INR) has circulated in Bhutan beginning in 1907, and it is still legal tender. Bhutan issued Rupee coins (BTR) beginning in 1928, including the Tickchung equal to a half rupee. It introduced the Bhutan Ngultrum (BTN) at par with the Indian Rupee on April 6, 1974. The India Rupee was divisible into 16 Annas and 64 Paise until 1957, divisible into 100 Naye Paise from 1957 until 1964, and divisible into 100 Paise from 1964 on. The Ngultrum is divisible into 100 Chetrums. Banknotes were issued by the Royal Government of Bhutan until October 31, 1983 and by the Royal Monetary Authority of Bhutan beginning on November 1, 1983 as a result of the Royal Monetary Authority of Bhutan Act, 4 August 1982.

This is a 1 Ngultrum note series 2006. The note is predominantly blue with a multicolored underprint. The obverse shows an intricate design between 2 facing dragons. The reverse shows the Simtokha Dzong Palace.

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