Category: Iraq currency
A Brief History of the Dinar
The monetary system of Iraq has experienced a storied history steeped in political intrigue and imperialist molding. For some time during the first World War, British forces occupied the country and forced the Indian Rupee onto Iraq. Since being left to its own devices following that war, the country has used the Iraqi dinar.
The dinar trade, regulated by the National Bank of Iraq from 1947 until 1954 when the Central Bank of Iraq took over, has grown and changed since it took over from the rupee in the middle of the twentieth century. For example twenty five dinar notes bearing former Iraqi president Saddam Hussein were printed in 1986, and in the years between 1991 to 2003.
In 1991, the dinar currency value plummeted along with the quality of the material used to make the notes. The Iraqi govern
Buying New Iraqi Dinars
With all of the turmoil in Iraq, we forget that it once used the Indian rupee as its official currency. British occupation after World War I, led it to use the Indian rupee for its money. Even after the dinar came into use, the British pound and the dinar were tied at par value.
Today, many collectors look at the dinar and Iraqi dinar conversion as a viable collectors currency. It is legal tender and available for purchase by collectors and investors. While the Iraqi currency has been volatile, it has some allure to many people.
You can buy Iraqi dinar based on the Iraqi dinar conversion rate from registered brokers. In fact, there are billions of Iraqi dinars being purchased on a monthly basis. As part of your dollar to Iraqi dinar conversion, you can purchase new, uncirculated 10,000 and 25,000 dinar notes. The Central Bank of Iraq issues notes in 50, 250, 1,000, 5,000, 10,000, and 25,000 dinar denominations.
While the value is constantly changing, the Iraqi dinar conversion is now around 1,260 dinars to the dollar. The dinar may be more of a novelty than an investment, but you should do your research.
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