Qatar and Dubai banknotes see 414% increase in value

paulfrasercollectibles

2015-06-26 13:01:36

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Qatar and Dubai banknotes see 414% increase in value

A full set of Qatar and Dubai banknotes sold for $291,000 at Bonhams

A complete set of Qatar and Dubai banknotes has exceeded all expectations at Bonhams' Scripophily, Banknotes and Coins auction, which was held in London yesterday (October 17).

Qatar and Dubai Currency Board Banknotes AuctionAny of the Qatar-Dubai notes are hard to find in a high grade, with one exception

The set originates from 1966, with each of the denominations bearingthe serial number 000009, making them extremely attractive to collectors. With the exception of theone riyal, any notes from the Qatar and Dubai Currency Board are very difficult to find in good condition, with the 25 riyal having such a low issue that it is very scarce in any grade.

The collection stems from the Qatar-Dubai Currency Agreement, signed in March 1966, which saw the introduction of a common currency in both states. This agreement was scrapped less than seven years later, with Qatar issuing its own currency, and the latest notes from the UAE Currency Board entering circulation in Dubai.

Qatar and Dubai Currency Board banknotes auctionThe agreement between the two states was terminated after seven years

Each of the notes is decorated with a vignette that features a dhow, derrick and palm tree at the left, and was lightly mounted on a card page, held in place by masking tape. The notes were sold in a blue leather presentation album with the Arabic inscription "Council for the Currency of Qatar and Dubai" in gold lettering across the front.

In uncirculated condition, the set achieved a 414% increase on the 35,000 ($56,500) high estimate, selling for 180,000 ($290,782).

Paul Fraser Collectibles brings you all the latest news on rare coin and banknote collecting. We also offer a superb selection of British and Italian coins in our online store.

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