Saturday, February 2, 2008

Saudi Arabia 10 Riyal Haj Note 1954

Even though Saudi Arabia had been issuing coins very much earlier, their currency notes did not appear until 1953 and even then it was not meant for full circulation throughout Saudi Arabia.

In 1953, the Saudi Arabian Monetary Agency (SAMA) began issuing Haj Pilgrim Receipts for 10 riyals, with 1 and 5 riyals following in 1954 and 1956, respectively. These currency notes resembled banknotes and were initially intended for use by pilgrims who exchanged foreign currency for them. However, they became widely accepted in Saudi Arabia and largely replaced silver riyal coins in major financial transactions. Finally in 1961, the Monetary Agency began issuing regular banknotes for 1, 5, 10, 50 and 100 riyal with the Pilgrim Receipts being demonetized in 1964.

The above banknote is the second 10 riyal being issued in 1954 replacing the first 10 riyal note issued in 1953. I have the 5 riyal and 1 riyal pilgrim notes as well.

1 comment:

MYD said...

A friend of mine is having the same Saudi Riyal Hajj Note of 1954 in his custody. He just wants to know the exact market value of this rare currency note. Would please help us?