Watch List notes:

QATAR & DUBAI. Qatar & Dubai Currency Board. 25 Riyals, ND (ca. 1960). P-4a. PMG Very Fine 25.
B104a. A scarce Pick 4a Qatar and Dubai Currency Board 25 Riyals is offered here. Though they are now separate, Qatar & Dubai, both Arab states, were once linked together as they were both members of the Trucial States. During that time they were joined together as a banking union for 6 years in which they shared the same currency. However, initially it was the Arabian Gulf Currency Agreement that was signed in 1965 that linked the Trucial States of Qatar, Dubai, Abu Dhabi, and Bahrain.

Things did not work out with the four states joined together, so Qatar and Dubai split off and signed the Qatar and Dubai Currency Agreement in March of 1966, which created both a Currency Board and a common currency. Five directors made up the board with two from each state and one expert from a country unrelated to Qatar or Dubai. Qatar had more control and seniority over the union as more Qatar notes were circulated than Dubai notes. Qatar was at the time responsible for the finances of the Currency Board which ultimately made it responsible for both losses and profits.

Qatar and Dubai then placed orders for coins and banknotes with the British Royal Mint and Bradbury Wilkinson. Eventually six denominations were printed; the 1, 5, 10, 25, 50 and 100 Riyals. Fortunately, we are able to offer this very rate issued 25 Riyals (Pick 4a). Typically, issued notes of this variety are usually seen with graffiti or annotations in the falcon's head watermark area to the right of center. We are lucky to offer this note without any comments on the holder and absent of any major netting defects. This is estimated very conservatively, and a piece we believe will have spirited bidding as very few are available. PMG Very Fine 25.

Estimate: $10000.00- $15000.00