901) Syrian Arab Republic (SAR) : A 50 Pound coin (or Syrian Lira coin) introduced to replace the 50 Pound presently circulating Banknote: Coin issue date: 26.12.2018:
Some other interesting links to posts on this blog on Currencies of the Middle-East:
Some other interesting links to posts on this blog on Currencies of the Middle-East:
The Syrian Pound or Syrian Lira (or "Al-lira" in Arabic or "Livre Syrienne" in French) is the currency of Syria, which is issued by the Central Bank of Syria. The Syrian Pound is subdivided into 100 Qirsh (or "Qurush" in Arabic or "Paistre" in French). The coins denominated in Qirsh are no longer issued.
Present denominations of coins in circulation in Syria:
In 1996, in view of a high rate of inflation, a new series of coins was introduced in the denominations of 1, 2, 5, 10 and 25 Pounds with the 25 Pound coin being a bi-metallic coin.
In 2003, 5, 10 and 25 Pound coins were issued with "latent images", raising the bar for counterfeiters. As of now, these denominations are almost never used in cash transactions, owing to inflationary pressures and Banknotes are the predominant means of exchange.
Banknotes in circulation:
The 2010 Series of Banknotes is presently in circulation and has 50, 100, 200, 500, 1,000 and 2,000 Pound denominations.
The Front of the Syrian 50 Pound Banknote, which is being replaced by the new coin of the same denomination shows a rectangular Ugarit tablet (Ugarit was an ancient port city in Northern Syria discovered in 1928) of the first Abjad (An Abjad is a type of writing system where each symbol or glyph stands for a consonant, leaving the reader to put in the appropriate consonant) and a circular Ebla tablet (These tablets are a collection of as many as 1,800 complete clay tablets, 4,700 fragments and thousands of chips found in the palace archives of the ancient city of Ebla in Syria).
The text is in Arabic.
The Back of the Syrian 50 Pound Banknote shows the Al-Assad National Library and a statue of Hafez Al-Assad, President of Syria from 1971-2000.
Replacement of the 50 Pound Banknote with a circulation 50 Pound Coin:
The Central Bank of the Syrian Arab Republic has now circulated on 26.12.2018, a 50 Pound Coin which will replace the 50 Pound Banknote presently in circulation in Syria.
The Central Bank has introduced this 50 Pound coin primarily as a result of continuing high inflation in the country and the purchasing power of 50 Syrian Pounds having eroded considerably. This denomination is now positioned as the smallest denomination of exchange in the country's economy.
As of now, users view this denomination more like a fractional rather than a standard value of the currency in circulation.
As very little can be purchased for less than 50 Pounds, users dislike the use of a Banknote for transactions of this value.
Moreover, 50 Pound Banknotes have a very short life-span currently as they last as little as only six months, while a coin may remain in circulation for more than 25 years.
The 50 Pound newly introduced coin:
The Obverse of the 50 Pound nickel-coloured coin includes the National insignia/emblem of the Syrian Arab Republic, placed in the centre. It features the Hawk of Quraish and the Syrian National Flag.
Below the National emblem on the lower periphery are the years "2018" and "1431" shown in Arabic numerals.
The Reverse of the 50 Pound coin depicts the Tomb of the Unknown Soldier in the centre. At left is the text "50 SYP" ("50 Syrian Pounds") arranged in two lines and shown in Arabic numerals, at right.
On the lower periphery is inscribed "FIFTY SYRIAN POUNDS" (in English), which is also mentioned in Arabic on the upper periphery.
The current Coat of Arms (COA) of the Syrian Arab Republic (SAR) was adopted in 1980, following the dissolution of the Federation of Arab Republics.
The COA of SAR consists of the Hawk of Quraish supporting a shield bearing the national flag of Syria (in vertical form) and a scroll on which the words are written "Syrian Arab Republic" in Arabic.
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