RARE ISSUED NOTES, PROOFS, AND UNREALIZED DESIGNS TRACE THE CHANGING NATIONS, MONETARY SYSTEMS, AND VISUAL HISTORY OF THE MIDDLE EAST
By Steve Lansdale | October 6, 2026
Paper money can reveal far more than what a nation once used to buy and sell. Its portraits, landmarks, symbols, maps, and even unrealized designs can document political change, national identity, and the evolution of the institutions that produced it.
Those stories run throughout the Fady Nassif Collection, an extensive group of historic Middle Eastern banknotes with particular depth in Egyptian currency. Spanning rare issued notes as well as Proofs and Printer’s Models that offer a glimpse into how currency was conceived and produced, the collection traces changing nations and monetary systems across the region.
Ahead of the collection’s appearance in Heritage’s October 14–15 World Paper Money Signature® Auction, Craig Eustace, Heritage’s Director of World Currency Auctions, selected six pieces that illuminate its remarkable range.
Palestine Currency Board 50 Pounds 30.9.1929 Pick 10b
PMG Very Fine 30
The British Mandate of Palestine’s two highest-denomination paper notes, the £50 and £100, made them among the rarest and most desirable of all world banknotes. Their enormous spending power and small print totals mean that few went unredeemed and exist to be collected today. This denomination was issued sparingly from 1927 until the mandate ended in 1948, with just three dates known: 1927, 1929, and 1939. This handsome mid-grade example represents the second date. Based on known serial numbers, perhaps somewhere between 16,000 and 20,000 notes were printed for that date, which circulated for at least 10 years before the 1939 notes were released. PMG has graded only eight examples of this date, including the one offered in this auction.
Qatar & Dubai Currency Board 25 Riyals ND (ca. 1960) Pick 4a PMG Gem Uncirculated 65 EPQ
Qatar & Dubai’s Currency Board notes were issued from 1966–73, with country-specific notes for Qatar and United Arab Emirates following thereafter. The 25 Rials is the key denomination of the series and is particularly rare in the best of collector grades. PMG has graded only 44 examples of this type, with just one grading higher than the specimen offered in this auction. This example is just the third — and by far the finest — offered at Heritage. This banknote is iconic, extremely rare, and virtually impossible to find in higher grade.
National Bank of Egypt 1 Pound 5.1.1899 Pick 2b PMG Very Fine 30
This note is a beautiful example of the prized “Camel £1” that is among the world’s most famous banknotes. Notes from the National Bank of Egypt’s first series of banknotes are rare, with the higher denominations being either exceedingly rare or not known in issued form today. Print totals from this initial series were small, and not many exist today. In fact, this auction marks just the third time Heritage Auctions, the world’s leading auctioneer of World Paper Money, has offered this type to the collecting community. The note offered in this auction is one of just 23 examples graded by PMG and carries the second-highest grade.
Zanzibar Government 5 Rupees 1.1.1908 Pick 2 PMG Very Fine 25
As rare as it is exotic, this note is one of the most famous and desirable of all world banknotes. PMG has graded just 13 examples of this denomination across the three known dates: 1908, 1916, and 1928. A small, four-digit serial number is visible, indicating this was an earlier emission of the type.
Egypt / United Arab Republic Central Bank 1 Arab Dinar ND (1958) Pick UNL Front and Back Printer’s Model PMG Gem Uncirculated 66 EPQ; Gem Uncirculated 65 EPQ
This prototype was not used as currency, as the United Arab Republic dissolved within three years and UAR banknotes were never issued. The design is unlike anything seen for any banknote of the region. The front shows a beautiful assortment of images and design elements, while the back features a map of the union, which includes Egypt, Egypt-controlled Gaza, and Syria. Each Printer’s Model, like the two offered in this lot, is backed to cardstock.
Government of Iraq 100 Dinars 1.7.1931 Pick 6p1; 6p2 Front and Back Proof PMG Uncirculated 62; Choice Uncirculated 63
One of the most desirable notes in the field of World Paper Money, this 100 Dinars is from Iraq’s first series of notes and is eagerly pursued in any format. At the time of this writing, PMG has graded just one Front Proof and two Back Proofs.
