The Iraqi Dinar In A Nutshell
The Iraqi dinar (pronounced: di-’när) is the legal currency of Iraq.
Old Iraqi dinar
The Iraqi dinar was introduced into circulation in 1931 and was at par with the Pound sterling. The Iraqi dinar replaced the Indian rupee that was the official currency at the time of the British occupation in World War I. After the 1958 coup d’etat, the Iraqi dinar was dissociated from the Pound sterling, but continued to have a very high value.
After the Gulf War in 1991 and due to the economic blockade and unrestricted printing of banknotes by the government, the dinar devalued fast, and in late 1995, $1 equaled 3000 dinars.
Banknotes issued between 1990 and October 2003, along with a 25-Dinar Note issued in 1986, bear an idealized engraving of former Iraqi President Saddam Hussein. Following the 1991 Gulf War, Iraq’s currency was printed using poor grade wood pulp paper (rather than cotton or linen) and inferior quality lithography.
Counterfeited banknotes often appeared to be of better quality than real notes. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was 250 dinars.
Currency printed before the Gulf War was often called the Swiss dinar. It got its name from the Swiss printing technology that produced banknotes of a considerably higher quality than those later produced under the economic sanctions that were imposed after the first Gulf War. After a changeover period, the Iraqi government disendorsed this currency. However, this Old Currency still circulated in the Kurdish regions of Iraq until it was replaced with the new dinar after the second Gulf War.
New Iraqi dinar
Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued the new Iraqi dinar to “create a single unified currency that is used throughout all of Iraq.
The Hampshire-based Company “De La Rue” printed the New Iraqi dinars, also known as the “Post – Saddam” dinars, in England, in six denominations: 50, 250, 1000, 5000, 10,000 and 25,000 Dinars.
In November of 2004 the new 500-dinar note was issued by the Central Bank of Iraq to facilitate market transactions. The banknotes are beautiful and of “Swiss” quality with many security features rendering them very hard to counterfeit, features include, watermarks, metallic inks, security thread, ultraviolet images and raised lettering.
Value of the new dinar
Iraq has the second largest oil reserves in the Middle East and the largest reserves of natural gas. The new Iraq will be able to take full advantage of exporting these resources with sanctions no longer in place.
As Iraq is welcomed back into the International Community the value of the New Iraqi Dinar should rise. How high? That is what you speculate on when buying Iraqi Dinars! (And nobody dares to predict!)
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IRAQ SADDAM BANKNOTES 25 Dinar UNC $3.45 |
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JORDAN 2008 1 DINAR BANKNOTE UNC $5.41 |
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YEMEN / ADEN – 1984- 5 DINARS BANKNOTE,RARE !!! $49.22 |
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LIBYA 1/2 HALF DINAR BANKNOTE – UNC $4.91 |
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IRAQ:New Iraqi 500 Dinar Banknote. UNC $1.53 |
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TUNISIA ½ Dinar Banknote World Paper Currency UNC Money BILL pick 69 1973 note $15.06 |
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Kuwait P-13d 1 Dinar Year 1980-1991 Unc. Banknotes Asia $1.96 |
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25 DINARS Banknote of IRAQ 1978 – ARABIAN Horses – UNC $32.18 |
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KUWAIT BANKNOTE 1/4 DINARS X1 UNC 1994 $3.50 |
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Kuwait Polymer Banknote 1 Dinar Commemorative 1993 UNC $18.22 |
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5 DINARS Banknote KUWAIT 1980-1991 – SEIF Palace – UNC $19.57 |
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Algeria 100 Dinars 1981 “VG+” Banknote P-131 $8.85 |
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IRAQ:(2002) 250 Saddam Dinar Banknote UNC $0.97 |
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IRAQ:(1991) 50 Saddam Rare Dinar Banknote aUNC $0.97 |
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IRAQ 1000 Dinar Banknote World Money Currency BILL p93 $5.31 |
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IRAQ 50 Dinar Banknote World Money Currency BILL p90 $1.76 |
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Iraq 25 dinars Saddam Hussein banknote bill $2.71 |
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Iraq 5 dinars Saddam Hussein banknote bill $2.71 |
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Iraq 10,000 dinars Saddam Hussein banknote bill $5.42 |
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Iraq 25 dinars Saddam Hussein banknote bill $3.69 |
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1 DINAR Banknote CROATIA 1991 – ZAGREB Cathedral – UNC $3.43 |
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Kuwait Polymer Banknote 1 Dinar Commemorative 2001 UNC $18.22 |
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10 Pieces IRAQ 50 Dinar Banknotes UNC $5.42 |
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Iraq New 1,000 Dinar Banknote money Currency P93 $5.42 |
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Kuwait P-23 1/4 Dinar Year 1994 Unc. Banknotes Asia $1.96 |
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Jordan 2009 Banknote of One Dinar P.34 – 3pc. Consecutive UNC. $12.79 |
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Jordan 2006Banknote of One Dinar P.34 – 3pc. Consecutive UNC. $12.79 |
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YUGOSLAVIA 100 Dinars Banknote World Money UNC Currency Europe BILL pick 90 Note $3.53 |
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Libya Banknote of 1 Dinar New Issue See scan, $4.43 |
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Libya 2004 Banknote of 1 Dinar P.68b See scan,you will receive Other Serial numb $4.43 |
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500 Billion Dinar Yugoslav Banknote with COA $14.77 |
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Jordan 2005 Banknote of 1 Dinar P.34 UNC. Error Shifted See Scan. The winner wil $226.46 |
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Jordan 1975-92 Banknote of 5 Dinars P.19a UNC. See Scan. $34.45 |
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Jordan 1992 Banknote Five Dinars P.25a UNC. See Scan $34.45 |
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Jordan 1975-92 Banknote One Dinar with Text above doorway on back P.18a Fin see $14.76 |
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IRAQ Banknote 250 Dinars 2003 UNC $2.46 |
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IRAQ Banknote 1000 Dinars 2003 UNC $5.42 |
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IRAQ Banknote 5 Dinars 1982 UNC $7.38 |
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IRAQ Banknote Half Dinar 1985 UNC $2.95 |
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Jordan 1992 Banknote of Half Dinar P.23a XXF.See Scan $6.40 |
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ALGERIA 1970 100 DINARS BANKNOTE – 7149 $24.61 |
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ALGERIA 1970 100 DINARS BANKNOTE – 7443 $24.61 |
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Algeria 1970 10 Dinar VF Banknote P-127a $14.76 |
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LIBYA 4 BANKNOTES 1/4 1/2 1 5 DINAR $18.51 |
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1 DINAR Banknote of IRAQ 1992 – EMERGENCY Issue – UNC $3.23 |
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Saddam Hussein 250 Dinar Banknote-Lot of One (1) Unc Old Iraqi Note- FREE S&H $3.20 |
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Jordan 1997 Banknote of Half Dinar P.28b UNC. $5.90 |
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Macedonia 2008 10 Dinar Banknote,UNC $1.72 |
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Bahrain New 1/2 Dinar Banknote,UNC $4.87 |
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Bahrain 1/2 Dinar L. 1973 “F” Crispy Banknote P-7 $7.87 |