The Saudi National Currency’s Evolution from King Abdulaziz Guinea to Aramco Coupon

The Aramco coupon. (Asharq Al-Awst)
The Aramco coupon. (Asharq Al-Awst)
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The Saudi National Currency’s Evolution from King Abdulaziz Guinea to Aramco Coupon

The Aramco coupon. (Asharq Al-Awst)
The Aramco coupon. (Asharq Al-Awst)

Saudi Arabia’s founder King Abdulaziz bin Abdulrahman ordered in 1950 the minting of the Saudi guinea, kickstarting the development of the Kingdom’s national currency.

The minting of the guinea was linked to the formation of the Aramco oil company and the aftermath of World War II.

Aramco employees were initially paid their wages in the form of ten pounds of silver, or 4.5 kgs. In 1932, the company issued paper currency known at the time as Aramco coupons.

Saudi currency expert Mohammed Amer al-Harbi told Asharq Al-Awsat that when wages were paid in pounds of silver, Aramco had to transport, store, count and protect around 60 tons of silver a month for its employees. The silver was transported in convoys of trucks, it took a massive amount of manpower to load and then unload the trucks and to count the silver.

In 1933, a Concession Agreement was signed between Saudi Arabia and the Standard Oil Company of California (SOCAL). The Kingdom demanded that its shares of the oil profits be paid strictly in gold coins.

In the 1940s, and due to WWII, the world witnessed a shortage in the English pound, forcing Aramco between 1946 and 1947 to mint currencies in Philadelphia in the United States to pay Saudi Arabia the cost of the oil. The currencies, known as Aramco dollars, matched the pound in quality.

Al-Harbi told Asharq Al-Awsat that the Aramco dollars ranged from one to four dollar notes. Years later, King Abdulaziz would develop the currency into the Saudi guinea.

The Aramco coupons would eventually transform into the Kingdom’s currency. Pilgrims' Receipts were printed in 1952 to facilitate the procedures of Hajj pilgrims. They eventually spread throughout the Kingdom and were used as local currency as well.



Saudi Arabia: Regional Security Demands Swift Implementation of Fair Solution to Palestinian Cause

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Jeddah. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Jeddah. (SPA)
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Saudi Arabia: Regional Security Demands Swift Implementation of Fair Solution to Palestinian Cause

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Jeddah. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Jeddah. (SPA)

The Saudi government stressed on Tuesday that the security of the Middle East demands the swift implementation of a just and comprehensive resolution to the Palestinian cause, in line with international resolutions and the 2002 Arab peace initiative. The solution must ensure the establishment of an independent Palestinian state according to the 1967 border and east Jerusalem as its capital.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the Cabinet meeting in Jeddah.

He briefed the Cabinet on his recent meeting with Jordan’s King Abdullah II and meeting with Indian Prime Minister Narendra Modi.

The Cabinet commended the outcomes of the second meeting of the Saudi-Indian Strategic Partnership Council, highlighting the expanding economic, trade, and investment relations between the two nations, as well as efforts to strengthen bilateral cooperation in other sectors.

The Cabinet reviewed the Kingdom’s extensive participation in regional and international forums, underlining its commitment to supporting collaborative efforts aimed at addressing current challenges and promoting global stability and prosperity

The Cabinet underlined the Kingdom's ongoing commitment to expediting Syria’s economic recovery. It reiterated its call for regional and international financial institutions to resume and expand their operations in Syria, supporting the aspirations of its people for a brighter future and decent living standards.

Domestically, the Cabinet praised the diligent efforts of government agencies that have contributed to the significant achievements of Saudi Vision 2030 as it approaches its ninth year. It noted the remarkable progress outlined in the Vision 2030 Annual Report 2024, which revealed that 93% of the targets across national programs and strategies have been met or exceeded.

The Cabinet discussed the third phase of Saudi Vision 2030, slated for 2026 that will concentrate on sustaining the impact of the transformations, capitalizing on emerging growth opportunities, diligently monitoring and strengthening existing initiatives, and further aligning plans and programs with the overarching Vision 2030 to foster greater economic diversification and growth.

Moreover, the Cabinet commended the outcomes of the recent Saudi Statistics Forum held in Riyadh, which marked the 65th anniversary of the establishment of statistical work in the Kingdom. It acknowledged the sector’s significant advancements in international indicators and its vital role in sustainable development, improving service quality, and driving economic and social growth.

The Cabinet highlighted the generous SAR1 billion donation by Crown Prince Mohammed to the National Development Housing Foundation, reflecting his unwavering dedication to improving the lives of citizens and his sustained focus on housing initiatives that provide suitable homes for deserving families throughout the Kingdom.