PMG-certified Specimens from Qatar Showcased in Noonans Auction

Early Qatar Specimens are among nearly 200 world banknotes certified by PMG® that are being offered this month in a Noonans Mayfair sale. Online bidding is already underway for the World Banknotes Auction, which is set to end on May 27, 2026.

One of the top highlights in the sale is a Qatar, Monetary Agency ND (1973) 500 Riyals Specimen graded PMG 64 Choice Uncirculated (lot 455), with an estimate of £20,000 to £26,000 (about $27,000 to $35,000). This vibrant and colorful series is an attractive option for Middle East and Specimen collectors alike. The highest denomination issued by Qatar, the 500 Riyals note features a red Specimen overprint. Of the five examples of this particular catalog number in the PMG Population Report, this rarity is tied for the highest grade.

The auction also includes separate lots of Specimens from the same series. The next-highest denomination is a Qatar, Monetary Agency ND (1973) 100 Riyals Specimen graded PMG 64 Choice Uncirculated (lot 454), with an estimate of £15,000 to £20,000 (about $20,000 to $27,000), and is the joint finest-known example in the PMG Population Report.

In addition, a Qatar, Monetary Agency ND (1973) 10 Riyals Specimen graded PMG 64 Choice Uncirculated (lot 453), with an estimate of £12,000 to £16,000 (about $16,000 to $21,000), is one of only five graded examples in the PMG Population Report. And a Qatar, Monetary Agency ND (1973) 5 Riyals Specimen graded PMG 64 Choice Uncirculated (lot 452), with an estimate of £10,000 to £15,000 (about $13,000 to $20,000), is also one of only five graded examples in the PMG Population Report.

A Specimen banknote is a non-circulating sample of official currency, which is printed to replicate real banknotes that are planned for circulation. These special banknotes are marked to prevent their use as legal tender. Since Specimens are printed in limited quantities and have limited distribution for non-circulating purposes, they are inherently rare compared to circulated notes.

Other PMG-certified highlights in the auction include:

• a Lebanon 1945 100 Livres Specimen graded PMG 66 Gem Uncirculated EPQ (lot 333), with an estimate of £15,000 to £20,000 (about $20,000 to $27,000)
• a Qatar & Dubai, Currency Board ND (ca. 1960) 100 Riyals graded PMG 53 About Uncirculated EPQ (lot 448), with an estimate of £10,000 to £15,000 (about $13,000 to $20,000)
• a Straits Settlements 1930 10 Dollars Specimen graded PMG 50 About Uncirculated (lot 527), with an estimate of £10,000 to £12,000 (about $13,000 to $16,000)
• an East Africa Currency Board 1921 200/- Shillings graded PMG 66 Gem Uncirculated EPQ (lot 119), with an estimate of £5,000 to £7,000 (about $6,700 to $9,300)
• an Iraq, Central Bank ND (ca. 1990) 25 Dinars Specimen graded PMG 64 Choice Uncirculated EPQ (lot 281), with an estimate of £5,000 to £7,000 (about $6,700 to $9,300)
• a Yugoslavia, Ministry of Finance ND (1919) 4,000 Kronen on 1,000 Dinara graded PMG 30 Very Fine NET (lot 612), with an estimate of £4,600 to £5,500 (about $6,100 to $7,300)
• an Iraq, Central Bank 1990 10 Dinars Specimen graded PMG 65 Gem Uncirculated EPQ (lot 282), with an estimate of £4,000 to £5,000 (about $5,000 to $6,700)
• an Iraq, Central Bank 1990 5 Dinars Specimen graded PMG 66 Gem Uncirculated EPQ (lot 283), with an estimate of £4,000 to £5,000 (about $5,000 to $6,700)
• a Straits Settlements / British Administration 1935 10 Dollars graded PMG 45 Choice Extremely Fine EPQ (lot 528), with an estimate of £3,600 to £4,600 (about $4,800 to $6,100)
• an India, Reserve Bank ND (1959-70) 100 Rupees - Persian Gulf Note graded PMG 30 Very Fine (lot 246), with an estimate of £3,600 to £4,200 (about $4,800 to $5,600)

Estimates are provided by the auction house. The $ symbol represents US Dollars.