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The riyal has been the currency of Saudi Arabia since the country came into being and was the currency of Hejaz before Saudi Arabia was created, one of the primary currencies in the Mediterranean region during the Ottoman era. The Hejaz riyal was based on but not equivalent to the Ottoman 20 kuruş coin and was consequently divided into 20 qirsh. However, although the Hejaz riyal was the same weight as the Ottoman 20 kuruş, it was minted in.917 fineness, compared to.830 fineness for the ...

In 1925, transitional copper coins for ¼ and ½ qirsh were minted in Makkah by Ibn Saud. They were followed, in 1926, by ¼, ½ and 1 qirsh cupro-nickel pieces carrying the title "King of Hejaz and Sultan of Nejd". In 1927, the royal title was changed to "King of Hejaz and Nejd and Dependencies" and coins were issued in denominations of ¼, ½ and 1 qirsh in cupro-nickel and ¼, ½ and 1 riyal in silver. In 1935, the first coins were issued in the name of Saudi Arabia. These were silver ¼ ...

In 1953, the Saudi Arabian Monetary Agency began issuing Haj Pilgrim Receipts for 10 riyals, with 1 and 5 riyals following in 1954 and 1956, respectively. These resembled banknotes and were initially intended for use by pilgrims who exchanged foreign currency for them. However, they became widely accepted in Saudi Arabia and largely replaced silver riyal coins in major financial transactions. Consequently, the Monetary Agency began issuing regular banknotes for 1, 5, 10, 50 and 100 riyals on 15

Saudi Arabia is a member of the Cooperation Council for the Arab States of the Gulf, which planned a monetary union with a single currency by 2010. However, all GCC countries operate with their own currency so far.