banks. For a wider history surrounding currency in the region, see British currency in the Middle East. Banknotes On 16 October 1965 the Bahrain Currency Board introduced notes in denominations of , , 1, 5 and 10 dinars; a 100-fils note was introduced on September 2, 1967. In 1973, the Bahrain Monetary Agency took over the issuance of paper money, and starting in July 1978 with a 20 dinar note, it introduced a new family of notes dated 1973 in Arabic. Denominations of , 1, 5 and 10 dinars were released on 16 December 1979. The 100-fils note of the Bahrain Currency Board was withdrawn in November 1980 and the remainder of the notes were withdrawn on 31 March 1996, remaining exchangeable until one year afterwards. The third issue of notes (the second by the Bahrain Monetary Agency) with the same denominations of to 20 dinars was released in March 1993. This series was upgraded during 1998 with various modifications to colour and security features. However, a fake order for banknotes had recently been placed with the Argentinian printer Ciccone Calcografica who did not verify it with the legitimate authorities in Bahrain and obtained genuine banknote paper from Arjo Wiggins to print over 7 million unauthorised replicas of the 20-dinar note (of the 1993 design), equivalent to US$365 million. These differed from genuine notes in two respects: different background shading to the Arabic name of the Bahrain Monetary Agency, and a large gap between the two Arabic letters in the horizontal serial number. These unauthorised notes were smuggled through various African and European countries by air and presented for exchange in Belgium, Switzerland and the Gulf around June 1998, just as the upgraded 20-dinar note was being released in Bahrain. The large amounts raised suspicions and were soon detected as notes that had not been printed by the authorised printer, De La Rue. The Bahrain Monetary Agency allowed individuals who had mistakenly accepted the unauthorised notes to exchange them for face value at banks between 8–14 June 1998, then quickly recalled all 20-dinar notes on 30 July 1998. The unauthorised notes, being replicas of the 1993 design, were in purple and without a hologram. Despite this the upgraded June 1998 notes, also in purple but with a hologram were also withdrawn. On 1 August 1998 a new 20-dinar note, of the same design as the upgraded note (with a hologram)