I agree with Frederick about the sophistication in the Bangkok bead market.
You can find many kinds of beads but you probably will not get the actual information.

In the picture, the rider that Frederick says that similar images of Alexander the Great.
I think patterns on the beads indicate Persian art.
The man has a long beard and wears a hat look like Persian hat, reminds me of Darius III the last king of the Achaemenid Empire of Persia.
Because the pictures of him are big eyes just like the picture on the bead.
The horse picture on back side shows the muscle clearly.

Will's comments about the technique Jatim polychrome beads.
I found some beads on ebay, It seems that using techniques similar my bead. It was found in Mali.
I believe this bead isn’t Southeast Asia beads, sometime it’s West Asian beads as Will told.

Unfortunately, I keep this bead in my home at Nong Khai.
Now I can not to see inside the hole, according to the Frederick told.
Opportunities when I return to Nong Khai, I will check again.

I have searching for St George and the dragon picture as Carole mentioned that the same really.
I still need to see underside of the beads again.
And thanks for the idea about the horse looked like Medieval imagery by Luann Udell.

Thank you very much,
Mor

PS. I do not worry about this bead, Frederick . Because it looks like a work of art. Ha Ha Ha…