The dirham is the official currency of the United Arab Emirates. The official abbreviation is AED, and this currency can be further divided into 100 fils.
This currency was first introduced in December of 1971, and it replaced the Qatar and Dubai riyal. On January 28, 1978, this currency was officially pegged to the International Monetary Fund’s Special Drawing Rights (SDRs). Since November of 1997, the dirham has been pegged to the United States’ dollar where one dollar is equivalent to 3.6725 dirhams or 1 dirham is equal to 0.272294 dollars (a little over 27 cents).
In 1973, coins were also introduced for this currency in denominations of 1, 5, 10, 25, 50 fils and 1 dirham. The 1, 5, and 10 fils coins are in bronze, and the higher denomination coins are made from cupro nickel. The value and number of the coins are written in Eastern Arabic numerals and the text is in Arabic. In 1973, banknotes were also issued in this currency. They were issued in denominations of 1, 5, 10, 50, 100, and 1000 dirhams. A second series of banknotes were issued in 1982 in the same denominations, except that they ceased to issue the 1 and 1000 dirham banknotes.