United Arab Emirates dirham

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United Arab Emirates dirham درهم إماراتي (Arabic)
20 dirhams obverse 1 dirham
ISO 4217 Code	AED
User(s)	United Arab Emirates
Inflation	10%
Source	The World Factbook, 2006 est.
Pegged with	U.S. dollar = 3.6725 dirhams
Subunit
1/100	fils
Symbol	د.إ
Coins	1, 5, 10, 25, 50 fils, 1 dirham
Banknotes	5, 10, 20, 50, 100, 200, 500, 1000 dirhams
Central bank	Central Bank of the United Arab Emirates
Website	www.centralbank.ae

For other currencies called dirham see dirham

The dirham (Arabic: درهم) is the currency of the United Arab Emirates. The ISO 4217 code (currency abbreviation) for the United Arab Emirates dirham is AED. Unofficial abbreviations include DH or Dhs. The dirham is subdivided into 100 fils (فلس).

Contents 1 History 2 Coins 2.1 Fraud problem with 1 dirham coin 2.2 Commemorative Coins 3 Banknotes 4 See also 5 References 6 External links

[edit] History

The United Arab Emirates dirham was introduced in 1973. It replaced the Qatar and Dubai riyal at par. The Qatar and Dubai riyal had circulated since 1966 in all of the emirates except Abu Dhabi, where the dirham replaced the Bahraini dinar at 1 dirham = 0.1 dinar. Before 1966, all the emirates that were to form the UAE used the Gulf rupee. As in Qatar, the emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal.

On 28 January 1978, the dirham was officially pegged to the IMF's Special Drawing Rights (SDRs)^[1]. In practice, it is pegged to the U.S. dollar for most of the time^[2]. Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams^[3], which translates to approximately 1 dirham = 0.272294 dollar.

The name Dirham derives from the Greek word Drachmae, being one of the most widely used currencies of all time. Due to centuries old trade and usage of the currency, dirham survived through the Ottoman regime.

[edit] Coins

In 1973, coins were introduced in denominations of 1, 5, 10, 25, 50 fils, and 1 dirham. The 1, 5 and 10 fils are struck in bronze, with the higher denominations in cupro-nickel. The fils coins were same size and composition as the corresponding Qatar and Dubai dirham coins. In 1995, the 50 fils and 1 dirham coins were reduced in size, with the new 50 fils being curve-equilateral-heptagonal shaped hi.

The value and numbers on the coins are written in Eastern Arabic numerals and the text is in Arabic. The 1, 5 and 10 fils coins are rarely used in everyday life, so all amounts will be rounded up or down to the nearest multiples of 25 fils. The 1 fils coin is a rarity and does not circulate significantly. In making change there is a risk of confusing the old 50 fils coin for the modern 1 dirham coin because the coins are almost the same size.

[edit] Fraud problem with 1 dirham coin

By August 2006 it became publicly known that the Philippine 1 piso coin has the same size as 1 dirham ^[4]. As 1 piso is only worth 8 fils, this has led to vending machine fraud in the U.A.E.

[edit] Commemorative Coins

Since 1976 the Central Bank of the United Arab Emirates has minted several commemorative coins. These coins celebrate different events and rulers of the United Arab Emirates.

United Arab Emirates Commemorative Coins
Year	Description	Denomination	Alloy	Diameter (mm)	Weight (g)	Finess
1976	United Arab Emirates 5th National Day	1000	gold	40	40	916.6
1981	The 15th Hijra Century	5	cupronickel	32	14.25	N/A
1986	The 27th Chess Olympiad in Dubai	1	cupronickel	28.5	11.31	N/A
1987	The 25th anniversary of the first offshore oil shipment from Abu Dhabi	1	cupronickel	28.5	11.31	N/A
1987	The 10th anniversary of United Arab Emirates University	1	cupronickel	28.5	11.31	N/A
1990	Qualification of the UAE national football team to 1990 FIFA World Cup	1	cupronickel	28.5	11.31	N/A
1992	Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum	1000	gold	40	40	916.6
1992	Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum	500	gold	25	20	916.6
1992	Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum	50	silver	40	40	0.925
1992	The 10th anniversary of the Central Bank of the UAE	1000	gold	40	40	916.6
1992	The 10th anniversary of the Central Bank of the UAE	500	gold	25	20	916.6
1992	The 10th anniversary of the Central Bank of the UAE	50	silver	40	40	0.925
1995	The 20th anniversary of the General Woman's Union	1000	gold	40	40	916.6
1995	The 20th anniversary of the General Woman's Union	500	gold	25	20	916.6
1995	The 50th anniversary of the Arab League	50	silver	40	40	0.925
1996	The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan	N/A	gold	65	200	916.6
1996	The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan	N/A	gold	40	40	916.6
1996	The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan	50	silver	40	40	0.925
1996	United Arab Emirates 25th National Day	N/A	gold	65	200	916.6
1996	United Arab Emirates 25th National Day	N/A	gold	40	40	916.6
1996	United Arab Emirates 25th National Day	50	silver	40	40	0.925
1998	The 10th anniversary of the Higher Colleges of Technology	50	silver	40	40	0.925
1998	The 10th anniversary of the Higher Colleges of Technology	1	cupronickel	24	6.4	N/A
1998	The 35th anniversary of National Bank of Dubai	50	silver	40	40	0.925
1998	The 35th anniversary of National Bank of Dubai	25	silver	28	20	0.925
1998	The 35th anniversary of National Bank of Dubai	1	cupronickel	24	6.4	N/A
1998	The 50th anniversary of UNICEF	50	silver	40	27.22	0.925
1998	Sharjah the cultural capital of the Arab world	50	silver	40	40	0.925
1998	Sharjah the cultural capital of the Arab world	1	cupronickel	24	6.4	N/A
1998	Sheikha Fatima Bint Mubarak the humanitarian personality of 1998	N/A	gold	40	40	916.6
1998	Sheikha Fatima Bint Mubarak the humanitarian personality of 1998	N/A	gold	28	20	916.6
1999	The 25th anniversary of the first oil shipment from Abu Al Bukush oil field in Abu Dhabi	25	silver	28	20	0.925
1999	The 30th anniversary of Abu Dhabi Chamber of Commerce & Industry	50	silver	40	40	0.925
1999	The 100th anniversary of Dubai Ports & Customs Department	100	silver	40	40	0.925
1999	Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year	N/A	gold	40	40	916.6
1999	Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year	50	silver	40	40	0.925
1999	Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year	1	cupronickel	24	6.4	N/A
1999	Ministry of Finance and Industry ISO-9001 certification	50	silver	40	40	0.925
2000	The 25th anniversary of Dubai Islamic Bank	50	silver	40	40	0.925
2000	The 25th anniversary of Dubai Islamic Bank	25	silver	28	20	0.925
2000	The 25th anniversary of Dubai Islamic Bank	1	cupronickel	24	6.4	N/A
2000	The 25th anniversary of the General Woman's Union	50	silver	40	40	0.925
2000	The 25th anniversary of the General Woman's Union	1	cupronickel	24	6.4	N/A
2000	The 25th anniversary of the Arab Bank for Investment and Foreign Trade	50	silver	40	40	0.925
2000	Inauguration of Sheikh Rashid's Terminal at Dubai International Airport	50	silver	40	40	0.925
2001	The 25th anniversary of the unification of the UAE Armed Forces	50	silver	40	40	0.925
2001	The 25th anniversary of the unification of the UAE Armed Forces	1	cupronickel	24	6.4	N/A
2001	The 30th anniversary of Al Ain National Museum	50	silver	40	40	0.925
2001	The 20th anniversary of the Administrative Development Institute	50	silver	40	40	0.925
2002	The 25th anniversary of United Arab Emirates University	50	silver	40	40	0.925
2002	Commemoration of Sheikh Hamdan Bin Rashid Al Maktoum Award for Medical Sciences	50	silver	40	40	0.925
2002	Commemoration of the Ahmadia School in Dubai	50	silver	40	40	0.925
2003	The 30th anniversary of Central Bank of the UAE	N/A	gold	40	40	916.6
2003	The 30th anniversary of Central Bank of the UAE	50	silver	40	40	0.925
2003	World Bank-IMF Annual Meetings in Dubai	N/A	gold	40	40	916.6
2003	World Bank-IMF Annual Meetings in Dubai	50	silver	40	40	0.925
2003	World Bank-IMF Annual Meetings in Dubai	1	cupronickel	24	6.4	N/A

[edit] Banknotes

In 1973, the U.A.E. Currency Board introduced notes in denominations of 1, 5, 10, 50, 100 and 1000 dirham. A second series of note was introduced in 1982 which omitted the 1 and 1000 dirham notes. 500 dirham notes were introduced in 1983, followed by 200 dirham in 1989. 1000 dirham notes were reintroduced in 2000. Banknotes are currently available in denominations of 5 (brown), 10 (green), 20 (light blue), 50 (purple), 100 (pink), 200 (green/brown), 500 (navy blue) and 1000 (greenish blue) dirham.

The obverse texts are written in Arabic with numbers in Eastern Arabic numerals; the reverse texts are in English with numbers in Hindu Arabic numerals. The 200 dirham denomination is scarce as it was only produced in 1989; any circulating today come from bank stocks.

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[edit] See also

• Gulf rupee
• Cooperation Council for the Arab States of the Gulf
• Economy of the United Arab Emirates

[edit] References

[edit] External links

• Don's World Coin Gallery - United Arab Emirates
• Ron Wise's World Paper Money - United Arab Emirates ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - United Arab Emirates
• Global Financial Data currency histories table ( Microsoft Excel format)
• United Arab Emirates Commemorative Coins

Preceded by: Qatari and Dubai riyal Location: Trucial States except for Abu Dhabi Reason: formed United Arab Emirates (in 1971) Ratio: at par	Currency of United Arab Emirates 1973 –	Succeeded by: Current
Preceded by: Bahraini dinar Location: Abu Dhabi Reason: formed United Arab Emirates (in 1971) Ratio: 1 dirham = 0.1 dinar

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