16/03/2021: New 5 Rial Polymer Banknote Introduced
A new polymer banknote with a denomination of 5 rials was introduced, enhancing durability and security features of the currency.
23/06/2016: Brexit Referendum
The United Kingdom voted to leave the European Union, causing significant uncertainty and volatility in the pound sterling's value.
15/01/2003: New Omani Rial Banknotes Issued
New series of Omani rial banknotes were introduced, featuring enhanced security features and updated designs.
31/12/1999: Establishment of the Euro
The euro was introduced as an electronic currency, paving the way for the eventual replacement of some national currencies, including the pound.
12/06/1994: Smaller Denomination Coins Issued
Small denomination coins, including 5, 10, 25, and 50 baisa coins, were issued in order to facilitate everyday transactions.
16/09/1992: Black Wednesday
The pound sterling experienced a severe drop in value and the UK was forced to withdraw from the European Exchange Rate Mechanism (ERM).
17/03/1986: 200 Baisa Coin Introduced
A new 200 baisa coin was introduced, becoming the highest denomination coin in circulation at that time.
11/11/1975: 1/8 Rial Copper-Nickel Coin Introduced
A new 1/8 rial coin made of copper-nickel was introduced, representing a fractional value of the rial currency.
02/03/1973: Rial Oman Pegged to US Dollar
The Omani rial was officially pegged to the United States dollar, with an exchange rate of 1 OMR = 2.895 USD.
14/02/1971: Decimalization of the Pound
The pound sterling was decimalized, with the old system of pounds, shillings and pence replaced by a decimal currency.
27/07/1970: Rial Oman is Introduced
The Omani rial was introduced, replacing the Gulf rupee at a rate of 1 rial = 2.6008 rupees.
06/12/1921: Currency Separation with Ireland
Following the Anglo-Irish Treaty, Ireland left the United Kingdom and established its own currency, leading to separate pound sterling notes.
21/12/1816: Gold Standard Introduced
The pound sterling was officially placed on the gold standard, meaning it was backed by a fixed amount of gold.
27/07/1694: Bank of England Established
The Bank of England was founded and granted a royal charter, becoming the central bank of England.