Qatar’s currency, currently the riyal (QR), has seen several phases since its inception and even before that, at the time of the Indian rupee in 1950, and until the fourth issue of the Qatari riyal in 2006. Before the issuance of local currencies, Qatar and the Gulf states used to deal in Indian and Khaleeji rupees, the Saudi riyal and the Qatar-Dubai riyal.
The first issue of the Qatari riyal (1973-1981)
The first bank notes issued by The Qatar Monetary Agency (QMA) were released into circulation on 19 May 1973. Printed by a British security printers company, the issue contained five denominations: 1, 5, 10, 100 and 500 riyals, in addition to low-value coins. The second issue of the Qatari riyal (1981-1996)
The second issue of notes by QMA was introduced into circulation in two releases, the first of which consisted of the 100-riyal note only, and it was introduced on 15 May 1981. The remaining five denominations (1, 5, 10, 50 and 500 riyals) were released on 25 July 1981. On 25 October 1981 the notes of the first series were withdrawn from circulation. However, they remained redeemable at the Qatar Central Bank until 10 April 1996 (under the authority of Article 28 of Decree No.15 of 1993 which established the Qatar Central Bank).
 The third issue of the Qatari riyal (1996)
The Qatar Central Bank was established on 5 August 1993 by Decree No. 15 of the same year. The decree also abrogated the law establishing The Qatar Monetary Agency and any previously published provisions that were contrary to the new law.
However, it was deemed necessary that the regulations by which QMA had operated should remain in force until advised by the new Central Bank. On 10 October 1993, Decree No. 55 of 1993 was issued stipulating that Decree No. 15 of 1993 was to come into effect on 18 October 1993. At the same time, the Decree advised that any directives previously issued by the QMA would remain in effect as long as they did not contradict the law establishing the Qatar Central Bank.
It was decided to withdraw banknotes of the former issue of circulation starting from Sunday 15 June 2003 and until Wednesday 29 September 2003, redeemable at the Qatar Central Bank within a period of ten years following the date of the withdrawal decision.
The fourth issue of the Qatari riyal (2003)
The fourth issue was released on Sunday 15 June 2003 and is currently under circulation. It contains the same five denominations: 1, 5, 10, 100 and 500 riyals.
The new banknotes comprised new specifications to increase security precautions, and in the meantime third issue banknotes were withdrawn from circulation in the period between Sunday 15 June to Wednesday 24 September 2003, redeemable at the Qatar Central Bank within a period of ten years following the date of the withdrawal decision.
All denominations of the Qatari banknotes share general specifications and patterns. The front side specifications comprise nine common aspects:

•  The name of the Qatar Central Bank in Arabic appears across the top of the note.
•  The emblem of the State of Qatar in the right and left sides.
•  The signature of the Minister of Finance and the Governor of the Central Bank across the bottom of the note.
•  A visible intermittent silver foil thread at the right side, while a transparent security thread lies at the left and can be seen if exposed to direct light. 
•  The watermark of the falcon at the left side which can be easily seen from both sides by exposing the note to normal light, front of which there is the nominal value of the note in Arabic and Indian numerals.
• The nominal value of note in Arabic at the middle from the top, and in numerals at the right, left and bottom of the note.
• In the 100 and 500 riyal banknotes, a silver hologram depicting Qatar’s emblem and the nominal value of the note in Arabic and English. In the 50 riyal banknote, a silver layer at the left side displays the emblem of the country.
• The serial numbers in the 500, 100 and 50 riyal banknotes are printed horizontally in black and in Indian numerals at the bottom right side, and in red and vertically at the left side. In the 10 and 5 riyal banknotes, it is printed in black at the right side and in red at the left side, both horizontally.
• Islamic decoration and intertwisted patterns in the top, middle and bottom of the banknotes.
• As to the back side, there are two major specifications:
• The name of the Qatar Central Bank in English appears in the top left of the note.
• The nominal value of the banknote written in English at the bottom right and in Arabic numerals at the top right and bottom left.
  Colours and specifications of the banknotes of the fourth issue of the Qatari currency:
• QR 500
  Size: 164 x 74 mm
  Dominant colour: Purple/Blue
  Main motif: Royal Palace, Al-Wajbah Fort, Falcon’s Head
• QR 100
  Size: 158 x 72 mm
  Dominant colour: Green
  Main motif: Old Mosque, Al- Shaqab Institute
• QR 50
  Size: 152 x 75.50 mm
  Dominant colour: Purple/Pink
  Main motif: Qatar Central Bank Building, Oyster and Pearl Monument
• QR 10
  Size: 146 x 69 mm
  Dominant colour: Orange
  Main motif: Traditional Dhow, Sand Dunes – Khor Al-Udeid
• QR 5
  Size: 140 x 67.5 mm
  Dominant colour: Green
  Main motif: Qatar Museum, Qatar Fauna
• QR 1
  Size: 134 x 66mm
  Dominant colour: Brown/Blue
  Main motif: Qatar Birds
  The Qatari currency also includes coins with denominations as follows: 50 Dirhams; 25 Dirhams; 10 Dirhams; and 5 Dirhams (100 Dirhams = 1 QR).
   Qatar Central Bank also issues commemoration coins in silver and gold.
  Before the issuance of its local currency, the State of Qatar, along with the other Gulf states, used to deal with foreign currencies that were part of the Sterling Area. Those that were circulating in Qatar were:
  The Indian Rupee
  Issuer: Reserve Bank of India
  Currency denominations: One-Hundred Rupees, Fifty Rupees, Ten Rupees,  Five Rupees, and One Rupee.
  Coin denominations: One Rupee, Half Rupee, Quarter Rupee, Two Annas, and One Anna (16 Annas = One Rupee). The Gulf Rupee
  Similar to the Indian Rupee, but distinguished by a letter Z printed to the left of the numbering system of the banknotes.
  Issuer: Reserve Bank of India.
  Duration of circulation: 1959 to 1966.
  Currency denominations:  One-Hundred Rupees, Ten Rupees, Five Rupees, and One Rupee.
  Coin Denominations:  Fifty Paise, Twenty-Five Paise, Ten Paise, Five Paise, Two Paise, and One Paisa (100 Paise = One Rupee).
  The Saudi Riyal
  Issuer: Saudi Arabia Monetary Agency (SAMA)
  Duration of circulation: Three months (11 June 1966 - 18 Sep 1966).
  Currency denominations: One-Hundred Riyals, Fifty Riyals, Ten Riyals, Five Riyals, and One Riyal.
  Coin denominations: Fifty Halalah, Twenty-Five Halalah, Ten Halalah, and Five Halalah (100 Halalah = One Saudi Riyal).
  The governments of Qatar and Dubai decided to temporarily shift to the Saudi Riyal, after India decided to lower the value of its currency by 25 percent.
  Qatar-Dubai Riyal
  Issuer: Qatar and Dubai Currency Board
  Period of circulation: 18 September 1966 – 19 May 1973.
  Currency denominations: One-Hundred Riyals, Fifty Riyals, Twenty-Five Riyals, Ten Riyals, Five Riyals, and One Riyal.
  Coin denominations: Fifty Dirhams, Twenty-Five Dirhams, Ten Dirhams, Five Dirhams, and One Dirham (100 Dirhams = One Riyal).
  When Qatar became a sovereign state on 2 September 1971, the circulation of bank notes issued by the Qatar and Dubai Currency Board continued for some time. However, The Qatar Monetary Agency was subsequently established on 9 May 1973, and Qatar and Dubai signed an agreement terminating the Qatar-Dubai Currency Agreement of 1966. Under the new agreement, the recently established Qatar Monetary Agency took over the assets and liabilities of the Currency Board with effect from 19 May 1973.