The history of Iraq banknotes begins in 1931. There have been several different eras of Iraq paper money issues and each of them have their fans in the collectibles marketplace today. Many of the older issues are extremely rare.
Whatever your collecting style, there is a lot to be seen in the Iraqi currency note category. Different denominations, issuing bank authorities, and of course styles and designs (not to mention scripts and languages) make Iraq rare banknote collecting great fun, just like nearby lands such as Iran and Saudi Arabia.
The Earliest Iraq Banknotes: 1931
When Iraq became independent from Great Britain in 1931, it soon issued an extensive set of new banknotes as a Kingdom. These bills used this currency:
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1 dinar (plural dinars) = 1,000 fils (singular also fils)
As they would for decades, Iraqi notes of this issue featured Arabic on the front and English on the back. (This makes identifying them from a Western perspective a snap; look for the large phrase GOVERNMENT OF IRAQ on these early examples.) The face values of these notes included:
- 1/4 dinar (as the note was printed, not 250 fils as you might expect)
- 1/2 dinar
- 1 dinar
- 5 dinars
- 10 dinars
- 100 dinars
Banknotes Under Law #44 of 1931
Following this set, each of which is impossible to find and very expensive, Iraq passed what is known as Law #44 in 1931. This Law governed all banknotes for many years, and is the reason you’ll see banknotes dated 1931 even though they were actually part of later issues.
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Various new designs were issued through 1945, most featuring a portrait of King Faisal II as a small boy. All followed the face values listed above, except for one curiosity: a 50 fils note printed in 1944 but never issued. If you get one of these in your collection, congratulations. You’re in rare company, because very, very few collectors are lucky enough to find one.
Law #42 and National Bank of Iraq Banknotes: 1947
The banking authority was changed in 1947 to the National Bank of Iraq, and from that point banknotes were issued under Law #42 of 1947. Complete sets followed in 1950, 1953, and 1955. They each included five notes (everything as above except the 100-dinar note, which was discontinued until the 1990s). Most Iraq banknotes from this era are affordable, especially in lower conditions. The phrase National Bank of Iraq appears in English on the reverse.
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Central Bank of Iraq Banknotes: 1959
The banking authority of Iraq had its name changed and new banknotes were subsequently issued in 1959. These continued to follow Law #42, however, and 1947 is still the date that will be found on the notes. Central Bank of Iraq appears, as usual, in English on the reverse side.
Republic of Iraq Banknotes
Also in 1959, Iraq officially changed its status from a Kingdom to a Republic. New, undated banknote issues followed that year. These were used for quite some time until several new notes were issued throughout the 1970s. Or particular note to many is the 25 dinars note from 1978, the first new face value on an Iraqi banknote in several decades.
New notes were issued in the 1980s as well, each issue retaining the old values plus the new 25-dinar note. (The 1986 version of this note was the first to feature an image of Saddam Hussein.)
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Gulf War Iraqi Emergency Banknotes: 1990
Adding to the new face value list, Iraq added a 50 dinars and a 100 dinars note during the Gulf War of 1990. Printed poorly, and thus with several color variations, these emergency notes are very easy to find for sale and can be very, very affordable.
Higher Denominations on Iraq Banknotes: 1992
In the years since the Gulf War of 1990, Iraq continued to issue banknotes as low as 1/4 dinar but reaching higher and higher at the other end of the scale. First, a 250 dinars note was printed, and suddenly in 2002 there was a 20,000 dinars note. By this time, the lowest-value note was 50 dinars and recent years have seen the introduction of notes as high as 50,000 dinars.
Modern Iraq banknotes continue to feature English on the reverse side. There have been dozens of Iraqi banknotes over the years, and collectors can choose whatever method they like of adding special ones to their hoards. How you collect Iraq’s rare and/or common banknotes is up to you. Different vendors offer Iraqi paper money from different eras to suit all buyers.
