III. Sheikh Abdullah, later Emir, ruled from 1950 to 1965. During this period, Kuwait's minting showed significant development. In 1950, Sheikh Abdullah issued the first Kuwaiti coins. These coins were minted in denominations of 1, 5, 10, 20, 50 pennies, and 1 dinar, and contained gold, silver, and copper. In 1951, Kuwait joined the International Monetary Fund (IMF) and began issuing its own currency, the Kuwaiti dinar. The dinar was based on the gold standard, and 1 dinar was worth 7.3223 grams of pure gold. In 1956, Kuwait introduced the Arabic numerals for coins. In 1959, the first paper money appeared. Paper money was produced in denominations of 1, 5, 10, 20, 50 and 100 dinars. In 1961, Kuwait became independent from Great Britain. In this year, Sheikh Abdullah issued the first independent Kuwaiti coins. These coins were made in denominations of 1, 5, 10, 20, 50 filers and 1 dinar and contained copper and nickel. In 1965 Sheikh Abdullah abdicated power. III. Abdullah's coinage brought significant development to Kuwait's financial system.