Second complete set of UAE dirham notes ever printed sell at US auction

UAE heritage: The set of dirham notes, printed in 1973 but in mint condition, consisted of Dh1, Dh5, Dh10, Dh50 and Dh100 all with the serial number 000002.

The unique 1973 set of notes denominated 1, 5, 10, 50 and 100 dirhams, all with matching serial 000002, turned up in the US recently. Each note is lightly folded and it is clear that on the day of issue someone with foresight thought to save a complete set of the Emirate's first national money.Show less

DUBAI // The second set of UAE dirham notes ever printed were sold at a US auction last week for US$25,000 (Dh91,800).

The set of notes, printed in 1973 but in mint condition, consisted of Dh1, Dh5, Dh10, Dh50 and Dh100 all with the serial number 000002. The new owner of the notes has asked to remain anonymous.

Archives International Auctions had estimated the set would sell for between $17,500 and $35,000.

The notes will go on display in Qatar later this year, though the new owner was not thought to be a GCC resident. The bank notes were discontinued in 1982 so will not be accepted as legal tender.

“They were of a very high quality. If you have the banknotes in your pockets they become washed and used but these were kept for 40  years untouched. They are hard to come by and that is where the value comes from,” said an Emirati expert on bank notes.

He said the low serial number was the main selling point of the notes, which were printed in London.

“It’s an important set for the UAE. It’s a presentation set. They’re the first currency of the UAE and it’s important because it’s number two.”

Collecting a full set of notes all with the same serial number was a near impossible task, he said.

The notes came off the press two years after the UAE was founded in 1971.

Before that date, notes printed for Qatar and Dubai, and issued in 1966, circulated in all the emirates apart from Abu Dhabi, which used Bahraini dinar notes.

After the formation of the UAE the first dirham notes were printed by UK company DeLa Rue and were issued on 20 May 1973.

After 1973, more notes were printed in 1982, 1993, 1996, 1998, 2000 and 2008.

Collectors feel they are buying a part of history and particularly covet matching low serial numbers. The activity is popular in the region, said the expert. “It’s a pure hobby. It’s expensive and can be very expensive sometimes.”

The last low number set of Qatar and Dubai rials was sold at a London auction in 2012. These notes, which bore the serial number 000009, fetched Dh1,068,729.