Overview
In 1372H, corresponding to 1953, the Saudi Arabian Monetary Agency, now the Saudi Central Bank (SAMA), issued “Pilgrims’ Receipts” as a lighter, more convenient alternative to silver riyals. These receipts addressed the difficulties pilgrims faced carrying heavy coins. Their value was backed by an equivalent amount of Saudi silver riyals, and they featured multilingual inscriptions in Arabic, Turkish, Urdu, Persian, Malay, and English to ensure broad usability and credibility. This initiative marked a significant milestone in Saudi currency history and was an early step toward adopting paper money.
The issuance began with the ten riyals denomination, which was widely accepted by pilgrims and local market participants due to its ease of use and the speed with which its value could be redeemed. This success encouraged SAMA to expand the initiative by introducing the five riyals denomination, followed by the one riyal denomination. These steps marked a new phase in the development of the national currency and played a crucial role in instilling confidence in paper money, thereby preparing society for its broader adoption.