A national currency has a greater significance to the country than its value. The strength of the legal tender of a nation determines the socio economic health of the country. The Emirati Dirham is one of the most powerful currencies in the world for its stability and the representation of the United Arab Emirates.
HISTORY
Right until the late 1960s, all the emirates who form the United Arab Emirates used to transact with the Gulf Rupee which was based on the Indian Rupee. Later when India devalued the Gulf Rupee against its own currency, some of the emirates moved on to the Saudi Riyal and later settled on Qatar and Dubai Riyal while Abu Dhabi chose Bahraini Dinar.
Two years into its independence, in 1973, the UAE setup a The Currency Board which introduced the UAE Dirham as the official currency of all emirates part of the United Arab Emirates. Later in 1980, the UAE set up its own Central Bank to take control of its currency and other financial policies.
An interesting fact about the UAE Dirham is that its exchange value always remains the same to the American currency where 3.6725 UAE Dirhams will get you 1 US Dollar always.
The decision to base the UAE currency on the United States Dollars stems from the notion that the US Dollar remains by far the most stable currency across the globe.
COINS
A UAE Dirham is equally divided into 100 Fils. In 1973, the Emirati Government introduced minted coins of values 1, 5, 10, 25, 50 Fils, and 1 Dirham. Coins of 1, 5, 10 fills are rarely seen nowadays as most of the transactions are rounded off to 25 Fils.
NOTES
The UAE Currency Board also introduced notes with the denominations of 5, 10, 50, and 100 Dirhams in 1973. While a 1000 Dirham note was first introduced in 1976, it was later pulled out of circulation only to be reintroduced in 2000. The 500 and 200 Dirham notes were introduced in 1983 and 1989 respectively.
SYMBOLS ON THE LEGAL TENDER
Just like any other country, the UAE too has used symbols and illustrations to demonstrate its culture and heritage thorough its legal tender. Here are the various symbols or illustrations which you will find on the Emirati Dirham.
25 Fils Coin
Natives of the UAE Dessert, Arabian Sand Gazelles are an essential part of the Emirate’s wildlife. The 25 Fils coin has a Gazelle facing left.
50 Fils Coin
Oil is an inevitable part of any Arab nation. The 50 Gills coin contains an illustration of three oil derricks which symbolizes the discovery of oil in the Emirates, a major turning point in its history.
1 Dirham Coin
The UAE’s 1 Dirham coin has an illustration of the traditional Arabic coffee pot Dallah which is a centre piece of Emirati culture and hospitality.
5 Dirham Note
Obverse Side (The side considered as the face of the Note):
The Obverse side of the UAE 5 Dirham note carries the image of Blue Souk in Sharjah. Build in 1978, the 80,000 sq. m traditional bazaar is known for its architecture and is by far the biggest historical destinations in the UAE.
Reverse Side (The side considered as the back of the Note):
Another major landmark, the Imam Salem Al Mutawa Mosque, earlier referred as the Al Jamaa mosque in Sharjah is the illustration which decorates the reverse side of the Emirati 5 Dirham note.
10 Dirham Note
Obverse Side (The side considered as the face of the Note):
The Obverse side of the UAE 10 Dirham note carries the image of an Omani dagger which is referred to as a Khanjar in Arabic. The illustration implies the heritage and cultural past of the UAE.
Reverse Side (The side considered as the back of the Note):
On its back, the UAE 10 Dirham notes has an illustration of Palm field which is the lifeline of every Emirati.
20 Dirham Note
Obverse Side (The side considered as the face of the Note):
The Obverse side of the UAE 20 Dirham note carries the image of Dubai Creek Golf and Yacht Club.
Reverse Side (The side considered as the back of the Note):
Representing the rich UAE history of fishing and trade, the Reverse side of the UAE 20 Dirham note carries the image of the traditional two-masted Arab sailing vessel called Dhow.
50 Dirham Note
Obverse Side (The side considered as the face of the Note):
UAE’s national animal, the Arabian Oryx could be found on the obverse side of the UAE 50 Dirham note which represents the country’s dedication towards preserving its native wildlife.
Reverse Side (The side considered as the back of the Note):
Another symbol of the UAE’s power, Al Jahili Fort which is one of the largest forts in the country finds its place on the reverse side of the UAE 50 Dirham note.
100 Dirham Note
Obverse Side (The side considered as the face of the Note):
One of the most important landmarks of the UAE history, the Al Fahidi Fort is the illustration on the obverse side of the UAE 100 Dirham note.
Reverse Side (The side considered as the back of the Note):
Representing the modern UAE, Dubai World Trade Centre building is depicted at the reverse side of the UAE 100 Dirham note.
200 Dirham Note
Obverse Side (The side considered as the face of the Note):
The Obverse side of the UAE 200 Dirham note carries the image of the Zayed Sports City Stadium and the Sharia Court building.
Reverse Side (The side considered as the back of the Note):
On the reverse, the UAE 200 Dirham note has the imagery of the Central Bank of the UAE.
500 Dirham Note
Obverse Side (The side considered as the face of the Note):
The Obverse side of the UAE 500 Dirham note carries the image of a Saker Falcon, which are an unavoidable part of the rich UAE history dating back to centuries of hunting.
Reverse Side (The side considered as the back of the Note):
On the reverse, the UAE 500 Dirham note has the imagery of the Jumeirah Mosque in Dubai.
1000 Dirham Note
Obverse Side (The side considered as the face of the Note):
Qasr AlHosn, a historical landmark as well as the oldest stone building in the city of Abu Dhabi is illustrated at the obverse side of the UAE 1000 Dirham note.
Reverse Side (The side considered as the back of the Note):
On the reverse, the UAE 1000 Dirham note has the view of Abu Dhabi skyline.
SECURITY
The Central Bank of UAE has etched a watermark of the country’s national emblem, the Hawk of Quraish, a golden falcon with a disk surrounded by seven stars in its center and seven feathers to representing each of the Emirates to protect the UAE Dirham notes from counterfeiting.
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