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    MSCS U2 - L1 Realizing The Value of Money Notes

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    Dharshith GD

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    MSCS U2 - L1 Realizing The Value of Money Notes

    Uploaded by

    Dharshith GD
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    MSCS U2 - L1 Realizing the Value of Money Notes (1)

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    6 views3 pages

    MSCS U2 - L1 Realizing The Value of Money Notes

    Uploaded by

    Dharshith GD

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    DEPARTMENT OF SOCIAL SCIENCE

    Prepared by: Ms.Natasha Date: 1st week June 2024


    UNIT II
    L1: Realizing the Value of Money
    Notes
    OVERVIEW OF THE UAE CURRENCY (Web Link)
    The currency of the UAE is the dirham and is denoted by coins and bank notes, many of which feature
    the national symbols of the UAE. The currency is abbreviated as AED, Dh or Dhs. The dirham sign in Arabic
    is represented as ‫د‬.‫إ‬

    The Dubai currency name ‘dirham’ traces its roots to the ancient Greek word ‘drachmae,’ which translates to
    ‘handful’ in English. This historical link tells about the region’s longstanding trade and currency exchange
    tradition, possibly going back to when economic transactions were done through the bartering system.

    Coins in the UAE come in various denominations—1 fils, 5 fils, 10 fils, 25 fils, 50 fils and 1 dirham. The
    smaller denominations are available in bronze, while the larger ones are made of cupro-nickel. Due to their
    minimal value and infrequency in everyday transactions, the 1, 5, and 10 fils coins are rarely encountered,
    leading to the rounding of amounts to the nearest 25 fils.

    The obverse (front) of these coins each has a unique symbol, with the Hijri and Gregorian years of mint
    embossed below. The reverse (back) of the UAE coins usually features the lettering ‘United Arab Emirates’
    in English and Arabic, along with the coin’s denomination. All numbers on the UAE coins are represented in
    Arabic characters.

    AED 1 COIN – DALLAH OR A LOCAL TEAPOT


    Representing the core of Emirati culture and hospitality for guests, the Dallah coffee pot appears on the most
    commonly-used denomination of the UAE currency – AED 1 coins.

    AED 5 – SALEM AL MUTAWA AND BLUE OUQ OR AJMAN FORT AND RAS AL KHAIMAH’S
    DHAYAH FORT
    The UAE currency sign on the original five dirham banknote portrays Salem Al Mutawa, a prominent figure
    whose life and legacy are deeply woven into the nation’s history. His inclusion in the currency is a powerful
    symbol of his significant contribution to the UAE’s historical narrative.

    The UAE introduced a new 5 dirham polymer note in 2022 with the same colour scheme as the older one. The
    note’s design depicts the Ajman Fort (which has now turned into the Ajman Museum) on the front side.

    AED 10 – OMANI DRAGGER AND DATE TREES OR SHEIKH ZAYED MOSQUE AND
    KHORFAKKAN THEATRE
    The old 10 dirham note, still in use, features the Omani dagger, also known as the Omani Khanjar.
    Historically used for hunting by men, it has become an enduring symbol of the UAE’s rich heritage and
    represents power and tradition.
    Launched in 2022, the new 10 dirham banknote features the Sheikh Zayed Grand Mosque on the Arabic side,
    an iconic landmark in Abu Dhabi. The awe-inspiring symbol of Sharjah’s Khorfakkan Amphitheatre graces
    the back of the denomination or the English side.

    AED 20 – DHOW SAILING BOAT AND DUBAI CREEK GOLF AND YACHT CLUB
    The iconic dhow boat appears on the English side of the AED 20 currency note. Early-day Emiratis relied
    almost solely on fishing and pearl diving for their income. These traditional sailing vessels would take divers
    and fishermen to sea for months.
    Sailing and free diving were dominant occupations among most local men. Like other national symbols, this
    serves as a reminder of the pre-oil era in the UAE, when men needed to rely on dhow boats to survive.

    AED 50 – AL FAHIDI FORT AND ARABIAN ORYX OR FOUNDING FATHERS OF THE UAE
    The old 50 dirham note still in use features the Arabian Oryx – the UAE’s national animal and a significant
    UAE currency symbol. Native to the UAE, the Oryx roams the land with pride.
    Furthermore, on its 50th anniversary, the UAE introduced a new 50 dirham note. The front of the banknote
    features a memorial portrait of the UAE’s Founding Fathers after they signed the union document.
    The reverse side of the note has a picture of the late H.H. Sheikh Zayed bin Sultan Al Nahyan (first president
    of the UAE) signing the Union Agreement on 2nd December 1971 and an image of the Etihad Museum.

    AED 100 – AL FAHIDI FORT AND WORLD TRADE CENTRE


    The next UAE currency symbol on our list is the Al Fahidi Fort. This place acted as the residence of the
    rulers and a fort of defence for the country over 200 years ago. Built in 1787, this is one of the most important
    landmarks representing the UAE heritage.
    The fort still stands in Al Fahidi Historical Neighbourhood as the Dubai Museum. Visitors to the museum can
    catch a glimpse of the historical artefacts and get insight into the life of people in the UAE back in the day.
    The reverse side of the banknote shows the World Trade Centre. Once the tallest building in the UAE, the
    tower was completed in 1979 and officially integrated by Queen Elizabeth II that same year. As of now, the
    tower is used for commercial and cultural events

    AED 200 – THE CENTRAL BANK OF THE UAE AND THE NATIONAL STADIUM AT ZAYED
    SPORTS CITY
    The Central Bank of the UAE is the entity responsible for managing the country’s currency, which makes it a
    fitting symbol on the 200 dirham note.
    Along with the building image, the note features a picture of a falcon, the national bird of the UAE. Hued in
    light shades of orange and yellow, the 200 dirham note looks alluring.

    AED 500 – THE FALCON AND THE JUMEIRAH MOSQUE OR TERRA SUSTAINABILITY
    PAVILION AND MUSEUM OF THE FUTURE
    You may already know the importance of these majestic birds and their central role in Emirati culture. It
    resulted in the much-loved tradition of falconry today. Bedouins first used these birds for hunting small prey
    native to the desert.
    The UAE currency name and symbol on the other side of the old 500 dirham note is the Jumeirah Mosque.
    This iconic landmark and one of the largest mosques in Dubai represents the country’s religious heritage and
    cultural diversity. Notably, the Jumeirah Mosque was one of the first in the UAE to open its doors to non-
    Muslims, signifying the nation’s openness and tolerance.

    The new polymer AED 500 banknote features a prominent image of the Terra Sustainability Pavilion on the
    obverse side. This remarkable structure portrays the UAE’s commitment to environmental responsibility,
    boasting a design that achieves net zero energy and water usage. Additionally, subtle details reveal images of
    Sheikh Zayed bin Sultan Al Nahyan, the UAE’s Founding Father, embedded within the pavilion’s windows.
    On the reverse side, this UAE currency symbol reveals the Museum of the Future, characterised by its unique
    oval shape. The iconic Emirates Towers are flanking the museums, a pair of skyscrapers symbolising the
    city’s economic prowess and the famous Burj Khalifa.
    AED 1,000 – QASR AL HOSN AND SKYSCRAPERS OR THE SPACE SHUTTLE/ HOPE PROBE
    AND BARAKAH NUCLEAR ENERGY PLANT
    The Dubai currency sign on the old 1,000 dirham note shows Qasr Al Hosn, an ancient watchtower in Abu
    Dhabi where the first president of the UAE was born. Previously, the tower was a residence for the royal
    families, but now, it is a beautiful museum with many historical figures to behold.
    The flip side of the AED 1,000 banknote shows a picture of the UAE skyscraper in 1998. Considering how
    far UAE has come today, the word skyscraper might not be appropriate to describe the buildings shown in the
    picture. However, it portrays the country’s commitment to overcome all hindrances and make progress.
    The largest denomination of bank notes in the UAE is the 1,000 dirham note. The UAE Central Bank
    (CBUAE), for the 51st National Day, released a new 1,000 dirham banknote, which features different hues of
    brown, classic ‘blue marks of the UAE nation brand’, drawings and inscriptions. space-themed layout.
    The new design has a space-themed layout, featuring a portrait of UAE’s founding father and a space shuttle,
    with the words, ‘Emirates Mission to Explore Mars – the Hope Probe’, referring to the UAE’s 2021 mission
    to Mars – on the front.
    A picture of the Barakah Nuclear Energy Plant graces the back side of the note, representing the UAE’s
    commitment to sustainability. The recyclable polymer note also features an image of an astronaut on both
    sides. To combat counterfeiting, the CBUAE has added advanced security features like ‘KINEGRAM foil
    stripe’ to the new note.

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