Description: After the Gulf War in 1990, due to UN sanctions, Iraq was no longer able to place orders with De La Rue for further issues of the previously high quality notes, so new notes were produced. The pre-1990 notes became known as the “Swiss dinars” while the new dinar notes were called “Saddam dinars”. Due to United States and the international sanctions on Iraq along with excessive government printing, the Saddam dinar currency devalued quickly. By late 1995, US$1 was valued at ID 3,000 on the black market. Swiss dinars notes continued to circulate in the politically isolated Kurdish regions of Iraq. The Kurdish government refused to accept the low quality Saddam dinar notes (which were issued in huge amounts). Since the supply of Saddam dinar notes increased while the supply of Swiss dinar notes remained stable (even decreased because of notes taken out of circulation), the Swiss dinar notes appreciated against the Saddam dinar note. By having its own stable currency, the northern part of Iraq effectively evaded inflation, which ran rampant throughout the rest of the country.
Price: 19.95 USD
Location: Atlanta, Georgia
End Time: 2023-11-18T22:40:28.000Z
Shipping Cost: 0 USD
Product Images
Item Specifics
All returns accepted: ReturnsNotAccepted
Circulated/Uncirculated: Circulated
Type: Banknotes
Year: 1980's and 90's
Country: Iraq
Grade: Ungraded
Country/Region of Manufacture: Iraq
Certification: Uncertified
