 The Arabian American Oil Company is the predecessor company to Saudi Aramco, the largest oil company in the world. It assumed its current title in 1988.
The 10 Points are labelled as Series Six, although no other series have been seen. All are considered "Chits" as they were issued for use by "designated ARAMCO senior staff" members.
They rarely come on the market and when they do they sell for $100 to $400 in any condition.
These notes were issued prior to the introduction of paper money in Saudi Arabia for use in ARAMCO facilities by the Senior Staff. My understanding is the Senior Staff consisted of the employees mostly from western countries.
One point was equal to one dollar in expatriate stores. According to Vol. 9, No. 20, the May 26, 1954 issue of Arabian Sun and Flare, the publication of the Arabian American Oil Co., in Dhahran, Saudi Arabia, the ten point notes were replaced by Pilgrim Receipts in denominations of ten-riyal beginning on May 29, 1954. The ten point coupons were not issued after May 27, 1954 and could be presented for use until the end of June at which time they were convertible into Pilgrim Receipts or silver riyals only at company cash offices.
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