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Thu 18 Oct 2012 11:59 AM

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Rare Qatar-Dubai bank notes fetch $290,000

Series of old notes sold for five times higher than pre-sale estimate at Bonhams auction

Rare Qatar-Dubai bank notes fetch $290,000
(Image for illustrative purposes)

A series of rare Qatar and Dubai banknotes have sold for GBP£180,000 (US$290,000), five times higher than their pre-sale estimate, auction house Bonhams said.

The series of notes, issued by the Qatar & Dubai Currency Board, featured a full set of one, five, ten, 25, 50 and 100 riyals from September 1966, Art Daily reported. The pre-sale estimate for the lot was GBP£25,000-GBP£35,000.

The uncirculated notes all feature the same early serial number, which makes them even rarer, said the auction house.

Qatar and Dubai signed a currency agreement in March 1966 ahead of plans for a common currency. Six months later the Currency Board issued its first paper money.

Within less than seven years the currency agreement had terminated and the UAE issued new circulation following its formation in 1971.