In 1953, the Saudi Arabian Monetary Agency (SAMA) began issuing Haj Pilgrim Receipts for 10 riyals [1], 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 riyal in 1961, with the Pilgrim Receipts being demonetized in 1964.

500 Riyal notes were introduced in 1983. 20 and 200 riyal banknotes were issued in 2000 to commemorate the centenary of the founding of what became the Kingdom of Saudi Arabia.

SAMA has announced that a new series of banknotes bearing the face of King Abdullah will be issued starting in April, 2007.

Fifth issue

On May 20, 2007, "the Saudi Arabian Monetary Agency, pursuant to article (4) of the Saudi Currency Law, issued under the Royal Decree No. (6) and dated 1/7/1379H." announced the fifth domination of the Saudi Riyal that features King Abdullah Bin Abdulaziz's picture on all notes except the 500 riyal, which features the late King Abdulaziz Al Saud. The 100 and 50 riyal notes were released on May 21, 2007. The 10 and 5 riyal notes followed on June 2007, then the 500 riyal followed on September 2007, and finally the 1 riyal note completed the series on December 2007. It is expected by the SAMA that the fourth (current) series will take approximately two years to phase out, although a complete removal of the current series require more than two years since the fourth series has been in circulation for well over 20 years. The fourth series which feature late King Fahad's picture will remain legal tender under the Saudi Arabian monetary law. The new series will have the latest and most advanced security system to prevent from counterfeiting and other similar activities.