Saudi Arabia: New Coins and Banknotes Planned

Started by Bimat, July 13, 2015, 07:04:15 AM

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Bimat

King briefed on designs of new currency notes, coins

Saudi Gazette report

MAKKAH — Custodian of Two Holy Mosques King Salman has been briefed on new designs of Saudi currency notes and the second issue of Saudi coins.

Minister of Finance Dr. Ibrahim Al-Assaf, Governor of the Saudi Arabian Monetary Agency (SAMA) Fahd Al-Mubarak, and SAMA Deputy Governor Abdulaziz Al-Firaih informed the King that the new currency notes and the second issue of coins include images of the new expansions of the Two Holy Mosques, some landmarks of the Saudi renaissance, and important Saudi antiquities.

The new series have the latest and most advanced security system to prevent counterfeiting and other similar activities.

In 2007, SAMA announced the fifth domination of the Saudi Riyal that features the pictures of the late King Abdullah on all notes except the SR500, which features King Abdulaziz Al-Saud.  The SR100 and SR50 notes were released on May 21, 2007. The SR10 and SR5 notes followed in June 2007, then the SR500 followed in Sept. 2007, and finally the SR1 note completed the series in Dec. 2007.

Source: Saudi Gazette
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Jostein

Could it mean new coin types?? or only designs?  ::)
"Change is the law of life. And those who look only to the past or present are certain to miss the future" - John F. Kennedy

http://www.bimetallic-coins.com

Pabitra

About notes, there is clear indication of new designs.

As far coins go, it may be just name change. The mere change of name of King to Salman, would define it as a new type, as per SCWC numbering system.

The design of Saudi coins has not changed for quie some time now.

Pabitra

It seems new coins are likely to be issued soon.
They have designs incorporating Two Holy Mosques, important Saudi Antiquities and some landmarks of the Saudi Renaissance.

Figleaf

That sort of change would make their coins look a whole lot more like Iranian coins ... Oops! >:D

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.


eurocoin

Interestingly the article mentions 7 denominations, the ones that we can be sure about the following five denominations: 5 halalat, 10 halalat, 25 halalah, 50 halalah and 1 Riyal.

I think we can now also be sure that a 2 Riyal coin will be introduced.

That leaves one unknown denomination. The 1 halalat coin is still legal tender but hasn't been minted since 1963 so a re-introduction of that coin seems rather unlikely. Maybe a 5 Riyal coin?

Apparently designs are important to them so I hope it will be a nice thematic series.

Pabitra

If you go by what has been done by Qatar in new series, issued this year, the interpretation may be different.
Qatar has issued 5 coins in Unc set but issued only 3 coins for circulation.
I have reasons to believe that coins below 25 Halala may not be meant for circulation.
In such circumstances, set may be 4 coins but general use be only 3 coins. Just my guess to accept 7 coins order with Paris mint, if reported accurately.

Bimat

No plans to issue SR1,000 bills, says SAMA

Jul 15, 2016

RIYADH — The Saudi Arabian Monetary Agency (SAMA) announced on Thursday it has no plans to issue bank notes in the denomination of 1,000 riyals, the Saudi Press Agency reported.

In a statement, the Saudi central bank categorically rejected reports being circulated in the social media about the date of issuing new bank notes and coins carrying the picture of Custodian of the Two Holy Mosques King Salman.

"The bank notes and coins with King Salman's picture are being developed currently incorporating the best technical features and strong security marks," the statement said, adding that the date of issue will be announced in due course through the media.

It urged all people to rely on only information from official sources such as the SAMA website or the country's official news agency SPA in this regard.

Source: Saudi Gazette
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Pabitra

Quote from: Bimat on July 15, 2016, 07:44:34 AM
"The bank notes and coins with King Salman's picture are being developed currently incorporating the best technical features and strong security marks," the statement said, adding that the date of issue will be announced in due course through the media.

If the proposed coins are to follow an "unislamic" tradition of carrying the effigy of the King then reluctance of former head of SAMA and delay of nearly one year in issue of the new coins becomes understandable.

Bimat

New designs of Saudi banknotes and coins to be released today

Dec 13, 2016

Riyadh — The Saudi Arabian Monetary Agency (SAMA) will release on Tuesday evening new designs of Saudi banknotes and coins, SAMA announced on its website.

The 6th issue of banknotes and coins for the era of Custodian of the Two Holy Mosques King Salman will have the motto, "Trust and Security."

The event will be streamed live on SAMA website (www.sama.gov.sa) at 8:00 p.m.

The new designs of the banknotes and coins carry the strongest security marks amid affirmations that the monetary authority does not intend to issue SR1,000 notes, a section of the Arabic press said quoting SAMA sources.

The new Saudi Arabian currency notes have added security lines and new features that make forgery difficult.

The 5th issue of Saudi banknotes was released in the era of the late King Abdullah. The SR100 and SR50 denomination notes were released on May 20, 2007, followed by the release of SR10 and SR5 notes on July 16, 2007. The SR500 and SR1 denominations were released on Sept. 16, 2007 and Dec. 30, 2007 respectively.

Source: Saudi Gazette
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Bimat

B the way, Saudi Arabian Monetary Agency (SAMA) is now renamed as Saudi Arabian Monetary Authority. So the abbreviation remains same... ;)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

eurocoin

#12
Below an image showing the minted coins. The set consists of 2 bimetallics. Better images of the coins will be released later today during the unveiling ceremony which will take place at 6 PM for our members from the European continent and at 5 PM for our British members. Or of course as soon as we get hold of them  >:D




<k>

#13
Another first from eurocoin. Will this be the first and last time that the rulers of the desert kingdom show their face? Will it still be a kingdom in 10 years' time?
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Figleaf

Indeed, eurocoin is a major scoop finder.  :applause: is in order, especially since I am sure it involves much time and energy, both scarce commodities.

The question of the future of the desert kingdom has been asked for decades. It is not difficult to see the path: those who do not adapt are subject to Darwin's law and giving comfort to extreme branches of a religion will give extreme reactions. The problem is timing. When will something happen? At best, we can predict that oil will not run out before patience runs out.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.