Iraq Banknotes: History, Notable Notes and Collecting Guide
The Iraqi dinar has been printed under a monarchy, a republic, thirteen years of sanctions, and a foreign-run currency swap. Few modern currencies carry more regime-change history on their paper, which is exactly what makes Iraqi notes such a rewarding country to collect.
Last updated: July 2026
The Iraqi dinar is the national currency of Iraq, issued today by the Central Bank of Iraq and divided into 1,000 fils. What makes its banknotes collectible is history rather than face value: a single country's paper spans a British-era introduction, the high-quality "Swiss dinar," the lower-grade "print dinar" issued under sanctions, and the post-2003 series that unified the currency after the regime fell. This guide explains those eras, the well-known 25,000 dinar note, and how to start an Iraq collection.
What is the history of the Iraqi dinar?
The dinar was introduced in 1932, replacing the Indian rupee that had circulated in Iraq under British administration after the First World War. It was subdivided into 1,000 fils, a subunit now obsolete and absent from today's notes, and for decades it was a comparatively strong currency, pegged first to the British pound and later to the US dollar. Note issuance passed to the Central Bank of Iraq, and through the 1970s and 1980s the dinar's banknotes were among the better-produced in the region.
That changed with the 1990 invasion of Kuwait and the international sanctions and 1991 Gulf War that followed. Cut off from foreign printers and imported materials, Iraq began producing notes domestically on a large scale, and the dinar lost most of its value against the US dollar through the sanctions decade. Iraq's decline was severe but is generally not counted among the record hyperinflations of the modern era. For a sense of how far a currency can fall, see every hyperinflation ranked.
What is the "Swiss dinar," and how does it differ from the Saddam dinar?
These two nicknames are the heart of Iraqi note collecting, so it is worth being precise. The Swiss dinar is the collector's name for the older, pre-1991 notes. They earned the nickname because they were produced abroad to a high standard, using engraving plates reportedly made in Switzerland, which gave them fine detail and strong anti-counterfeiting features.
After 1991, sanctions forced Iraq to print at home. The resulting Saddam dinar, also called the print dinar, was produced with simpler methods and cheaper materials, which made it far easier to counterfeit. The real dividing line between the two is quality and provenance, not the design, since both belong to the Saddam era. Crucially, the old Swiss dinar did not disappear. It kept circulating in the Kurdish-controlled north, which fell outside Baghdad's authority after 1991, and there it held its value far better than the Saddam dinar did in the rest of the country. For a time, one nation was effectively running two different dinars at once.
What are the most collectible Iraqi banknotes?
The most sought-after Iraqi notes are the ones tied to a turning point: the pre-war Swiss dinar, the Saddam-era print notes of a regime that was later toppled, and the post-2003 reconstruction series topped by the 25,000 dinar. The table below groups the main eras a collector will encounter.
| Era or note | Period | Hallmark | Why collectors want it |
|---|---|---|---|
| Swiss dinar | pre-1991 | Produced abroad with engraving plates reportedly made in Switzerland; high print quality | The respected "good old dinar" that kept its value in the Kurdish north. |
| Saddam (print) dinar | 1991 to 2003 | Printed domestically under sanctions; lower quality and easy to counterfeit | The everyday cash of a regime that was later toppled, and the most affordable Saddam-era notes. |
| Post-2003 series | 2003 to present | New unified notes by De La Rue; Saddam portrait removed; denominations up to 25,000 (later 50,000) dinars | The reconstruction currency that replaced both earlier dinars at once. |
| 25,000 dinar note | 2003 to present | Top denomination issued in the 2003 currency exchange | The best-known modern Iraqi note and a natural centerpiece. |
The 25,000 dinar note is the one most people ask about. It was the largest denomination issued in the nationwide currency exchange that the Coalition Provisional Authority and the Central Bank of Iraq ran from October 2003 to January 2004. The new notes were printed by the British firm De La Rue, dropped Saddam Hussein's portrait, and replaced both the Saddam dinar and the Swiss dinar with a single unified currency. In that exchange the Swiss dinar was redeemed at a far higher rate than the Saddam dinar, a formal acknowledgment of the value it had held in the north. The Central Bank of Iraq later added a higher 50,000 dinar note in 2015, but the 25,000 remains the modern Iraqi note collectors recognize most.
How do you start collecting Iraqi banknotes?
Start by deciding which chapter of the story you want to hold. A single well-chosen note from each era, the Swiss dinar, a Saddam-era print note, and a modern denomination such as the 25,000 dinar, tells the whole arc for very little money. Because so many post-2003 and late Saddam-era notes survive in bundles, most reach the market in crisp Uncirculated condition, the top of the grade ladder that runs UNC, AU, XF, VF, F, VG, G. If you want independent confirmation of condition, look for notes graded by PMG or PCGS on the 1 to 70 scale. Our banknote grading guide explains what those numbers mean.
One honest caution. The Iraqi dinar has been heavily promoted by currency-speculation schemes that promise a sudden "revaluation" windfall. Planet Banknote sells Iraqi notes as historical collectibles, not as investments, and this guide makes no prediction about future exchange rates. Collect these notes for the history on them, which is genuinely remarkable, and let any change in value be a bonus. For the fundamentals of building a world-notes collection the right way, see how to start collecting world banknotes.
Where can you buy Iraqi banknotes?
Buy from a source-first dealer that documents where its notes come from and stands behind authenticity. Planet Banknote stocks Iraqi dinar notes across the Swiss, Saddam-era, and modern series rather than fixing a single market price, since inventory and grades change. You can browse the current selection here:
Every note passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Whichever era you start with, an Iraqi note is a small, holdable piece of one of the most eventful monetary histories of the modern Middle East.
Frequently asked questions
What is the Iraqi dinar?
The Iraqi dinar is the national currency of Iraq, issued by the Central Bank of Iraq and divided into 1,000 fils. It was introduced in 1932, replacing the Indian rupee that had circulated under British administration. For collectors, its appeal is historical: a single currency spans the pre-1991 Swiss dinar, the lower-grade print dinar issued under sanctions, and the unified series introduced after 2003.
What is the difference between the Swiss dinar and the Saddam dinar?
The Swiss dinar is the collector's name for Iraq's pre-1991 notes, so called because they were produced abroad to a high standard using engraving plates reportedly made in Switzerland. The Saddam dinar, or print dinar, is the lower-quality currency Iraq printed at home after 1991 sanctions, using simpler methods that made it far easier to counterfeit. Both belong to the Saddam era, so the real difference is production quality and where the notes held their value: the Swiss dinar kept circulating in the Kurdish north and held up far better than the Saddam dinar did elsewhere.
Why is the 25,000 dinar note so well known?
The 25,000 dinar note was the largest denomination issued in the currency exchange Iraq carried out after 2003, when the Coalition Provisional Authority and the Central Bank of Iraq replaced the old money. Printed by the British firm De La Rue, the new notes removed Saddam Hussein's portrait and unified the Saddam dinar and the Swiss dinar into one currency. A 50,000 dinar note was added in 2015, but the 25,000 remains the modern Iraqi note most collectors recognize.
Are old Iraqi dinar notes with Saddam Hussein legal to own?
Yes. In the United States, demonetized foreign banknotes such as Saddam-era Iraqi dinars are legal to own and collect. They are no longer legal tender and cannot be spent, so their value today comes entirely from collector demand. This is general information rather than legal advice, and rules differ by country, so check your local law if you are unsure.
Are Iraqi banknotes a good investment?
Collectors buy Iraqi banknotes for their history, not as an investment. The Iraqi dinar has been promoted by currency-speculation schemes that promise a sudden revaluation, and Planet Banknote makes no prediction about future exchange rates. Buy these notes for the remarkable regime-change story they carry, and treat any change in value as a bonus rather than a plan.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.