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Auction: 23009 - World Banknotes
Lot: 321

(x) Qatar & Dubai Currency Board, 50 riyals, ND (1960s), serial number A/1 753105,
The Qatar and Dubai currency board.

The introduction of the Qatar-Dubai riyal in 1966 was a result of a unique historical context and a series of complex economic and political factors that led Qatar and Dubai to adopt a common currency. The decision to establish a joint currency reflected the close economic ties between the two regions and their efforts to promote economic cooperation and stability.

Along with other Trucial States (the precursor to the United Arab Emirates), Qatar and Dubai were part of the area of the Gulf region undergoing rapid economic changes due to the discovery of oil reserves. This economic transformation created opportunities for economic cooperation and trade among these neighbouring states.

Prior to the introduction of the Qatar-Dubai riyal, both Qatar and Dubai issued their own currencies. However, the use of multiple currencies in close geographical proximity posed challenges in trade, cross-border transactions, and financial stability of the region. To address this, Qatar and Dubai sought a common currency arrangement to simplify these processes.

During the 1960s, both Qatar and Dubai were undergoing political changes. Qatar gained independence from Britain in 1971, and Dubai was part of the larger Trucial States that were in discussions to form a federation. These political developments likely influenced the decisions related to currency unification.
It is important to note that while the Qatar-Dubai riyal was introduced with the intention of fostering economic cooperation and simplifying financial transactions, it was only a temporary arrangement.

The currency was used for a relatively short period, from 18th September 1966 to 17th August 1973, precisely 90 days after Dubai joined the newly formed United Arab Emirates (UAE) and subsequently adopted the UAE dirham as its official currency. Qatar also introduced its own Qatari riyal in 1973, marking its complete separation from the shared currency arrangement
(Pick 5a), in PMG holder 64 Choice Uncirculated

Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium.

Estimate
£55,000 to £65,000

Starting price
£38000