Prior to the discovery of oil in the Middle East and the wealth from it, what today is the United Arab Emirates and Qatar were a collection of independent Emirate States under an informal British protectorate, including a foreign monetary system. Due to changes made by other countries that controlled their currency, for a short seven years Dubai and Qatar issued their own joint coinage and currency system. In 1966, Qatar and Dubai came together to form their own single currency, and on March 21, the Qatar-Dubai Currency Agreement was signed by both countries. Under the Qatar Dubai currency, coins were issued in the denominations of One, Five, 10, 25, and 50 dirhams. The coins circulated along with the currency until 1973.