10 Piastres Flag with two stars

The watermark shift from "UAR" to "ARE" mid-run captures Egypt's quiet but deliberate break from the United Arab Republic name following Nasser's death in 1970 — Sadat's government formally retired the UAR designation, and the change appears in the paper stock before it was fully reflected in official signage elsewhere. Hegazy's signature therefore bridges both identities, appearing across series that carry each watermark, which is why collectors typically distinguish his notes by watermark rather than series number alone.

Eight finance ministers signed across roughly a decade. The rapid turnover between April and November 1974 — two ministers in seven months — reflects the economic turbulence of the post-October War adjustment period.