50 Rials

Yemen's unification in 1990 left the merged central bank managing two incompatible currency systems — the Yemeni Rial of the north and the Yemeni Dinar of the south. This note belongs to the transitional series issued while that consolidation was still being worked through administratively, and the 1994 date is pointed: the civil war between northern and southern factions erupted that same year, with the south briefly declaring secession before being defeated by August.

Thomas De La Rue handled production throughout the series. The watermark is the sole security concession on this issue — modest by any measure, and easily replicated by the time regional instability made counterfeiting a practical concern.