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The
Kingdom became familiar with paper currency (bank-notes) only after the
establishment of SAMA. Its first experience with this type of currencies
was the issuance of pilgrim receipts which were issued at first in the
denomination of 10 riyals only. During the period 1372-1375H, these
receipts were issued in the denominations of 10, 5 and 1 riyal. The
issues remained in use until their withdrawal from circulation in 1384H.
under Royal Decree No. 6 dated 1-7-1389H, pertaining to the issuance of
the official currency, the first issue of bank-notes in the
denominations of 100, 50, 10, 5, and 1 riyal was put in circulation in
Muharram 1381H. they continued in circulation side by side with the
silver riyal minted by SAMA in 1384H, and King Saud’s gold sovereign
minted in 1377H. The second issue of bank-notes was put in circulation
on 15-11-1387H, and the third issue on 16-10-1396H. the current fourth
issue which was placed in circulation on 1-4-1403 included the new 500
riyals bank-note to meet the expanding volume of transactions.
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