Omani Coins:
Sub Section: States General BudgetBanking SectorCapital MarketOCIPED & WTCOmani Coins
Thanks to its Geographical location and civilizational communication with various nations since ancient times, Oman had a significant commercial role. Omani sailors knew the extending trade roads along the coasts of ArabPeninsula, East Africa, India and Far East. Since they were trading in many countries, they acknowledged information about the currencies of many countries.
The most obvious evidence on the type of money that was circulating in Oman in the past is what was discovered in Sinaw in 1979. People found a treasure containing a number of old Sassanid, Amawy and Abbasid coins, in addition to two silver coins without date but researchers claimed that they were minted per the orders of Imam Ghassan bin Abdullah (807-824).
Among the coin minting centers in Oman is Dhofar. The American Association for minting coins has Dirham dated in 689 Hijri, where rulers of Bani Rasool in Dhofar were the only authority that issued coins in Oman at that time.
History sources indicates that Imam Sultan bin Saif Al Ya'arubi spent 12 years in building the great Nizwa Fort, a project historians said it cost billions of Indian rupees. This proves that the Indian rupee was the main currency at that time, and there is no doubt about that because the gainful trade of export horses, dates, frankincense and pearls to India brought to Oman cooper, silver and golden coins that were minted by the Sultans of Delhi.
One of the famous European currencies used in Oman and the ArabPeninsula was Maria Theresa Thaler, known locally as French Rial, and it was highly demanded to the extent that the Austrian Mint was minting this coin even after the death of Maria Theresa in 1780 keeping the same date engraved on the coin for a long time.
Because Maria Theresa Thaler was a big coin and it did not have smaller coins of its kind to ease local transactions, Indian cooper and silver coins were used for that purpose in the absence of national currency.
Therefore, during the era of Sayyid Said bin Sultan, Maria Theresa Thaler and Indian coins were the used currencies in Muscat and Zanzibar, and the cooper coins were called (A'anah and Ghazi).
When Sayyid Barghash bin Said took the rule in Zanzibar, a special currency was issued and was minted in Brussels and the year (1299 H) was engraved on it. The currency was called Rial (silver) and it was derived from the European System, and Baisa (cooper) was derived from the Indian system.
During the era of Sultan Faisal bin Turki, the first coin carrying the name of Muscat appeared in (1311 Hijri). It had the picture of Al Jalali Fort, and it was used along with Maria Theresa Thaler.
In 1939, Sultan Said bin Taimour gave his orders to mint the cooper coin (baisa). The national logo was engraved on it, and it had the name of Dhofar and the picture of the God Trustee Said bin Taimour, Sultan of Muscat and Oman. Then, the Dhofari half-rial appeared in 1948 in a silver coin shape, and it had the national logo. After that, in 1958, the Saidi Rials appeared and it was a silver coin.
The first united national currency in forms of papers and coins was the Saidi rial, and it started to be circulated in May 1970, and it was widely accepted around the country.
When His Majesty Sultan Qaboos bin Said took the rule, the new coins played a major role to move Oman to a modern country. With his wisdom, His Majesty could direct the Country's resources to create the social and economic change as well as the comprehensive growth in all life aspects.
The first significant contribution of money in Oman's march concretes the first steps taken by His Majesty. He ordered that the coins, he ordered to mint in 1971, carry the name of Sultanate of Oman, embodying the national unity. After that, the name of the currency was changed from the Saidi Rial to the Omani Rial. On 22/4/1971, the Sultanate became a member of both the International Monetary Fund and the International Bank.
In 1972 and the 2nd anniversary of the National Day, the second issuance of Omani currency started to be circulated, and the Omani Monetary Council replaced Monetary of Sultanate Muscat. In 1974, the Omani Central Bank replaced the Omani Monetary Council. In 1976 and at the 6th National Day Anniversary, the 3rd issuance of notes started to be circulated.
On 23 July 1982, Oman Renaissance Day, the Central Bank issued the 50-Rial note. In 1/1/1985, the Central Bank issued the 200-Baisa note, and it was accepted more than the 250-Baisa note. The classes of the Omani Rial notes include: 100 Baisa, 200 Baisa, 500 Baisa, 1 Rial (1000 Baisa), 5 Rilas, 10 Rials, 20 Rials and 50 Rials. The most important current coins are: 5 Baisas, 10 Baisas, 25 Baisas and 50 Baisas. In 1985, the Omani Central Bank started to replace the 3rd issuance of the notes with a new group carrying the photo of His Majesty Sultan Qaboos bin Saeed, which is considered the 4th issuance of the Omani coins, in addition to the memorial coins that the Central Bank issues to mark the important events and the national occasions.