FinTech

A Currency Specific for Hajj?

Did you know the State Bank of Pakistan used to issue special money called Hajj Notes in the 1950s? They did. But before we tell you what it is, be sure and subscribe to The New Spaces YouTube Channel and ring the bell, so you get updates of all our videos!

The State Bank of Pakistan issued special money called “Hajj Notes” to facilitate pilgrims traveling for Hajj  in the 1950s. The State Bank allowed the issuance of these “Hajj notes” in May 1950 and Hajj notes were used until 1978. The reason for Hajj Notes was influenced by two factors: First, the low level of literacy amongst the pilgrims and second, the cost of purchasing local currency was too high.

Until 1978, notes that were already in stock were used. Once Hajj Notes were discontinued, most of the remaining stock was destroyed, however, a large quantity of notes did find their way into the collector market following their sale to a banknote dealer by the State Bank of Pakistan. Watch more in the video below!

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