What is IQD currency
The Iraqi dinar (Arabic pronunciation: [diːˈnɑːr]) (Arabic: دينار; sign: ID in Latin, د.ع in Arabic; code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete since 1990. On 19 June 2022, the exchange rate between the US Dollar was US$1 = 1462.5 dinars.
IQD Coins
Coins were introduced in 1931 and 1932 in denominations of round 1, and 2 fils in bronze, and scalloped 4, and 10, fils in nickel. 20, 50, and 200 fils were 50% silver. The 200 fils coin is also known as a rial. Bronze substituted nickel in the 5 and 10 fils from 1938 to 1943 during the World War II period and reverted to nickel in 1953. Silver 100 fils coins were also introduced in 1953. These coins first depicted King Faisal I from 1931 to 1933, King Ghazi from 1938, and King Faisal II from 1943 until the end of the kingdom.
Following the establishment of the Iraqi Republic, a new series of coins was introduced in denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, and 100 fils in silver until 1969. In this series an allegorical sun replaced the image of the king, shapes and sizes remained the same with the exception of the 1 fil which was decagon shaped. This image was then replaced by three palms in 1968. In 1970, 250 fils pieces were introduced, followed by 500 fils and ID 1 coins in 1982. A number of the coins for 1982 were a commemorative series celebrating Babylonian achievements. During this period, many of the coins were identified by their shape due to being made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and ID 1 decagon shaped. Coin production ceased after 1990 due to the emergency conditions generated by the Gulf War and international sanctions.
In 2004, a new series of coins were issued in denominations of ID 25, ID 50 and ID 100 and were struck in bronze, brass, and nickel-plated steel respectively. They are sparse in design and depict an abstract map of Iraq and the main rivers.
IQD Banknotes
On 16 March 1932, banknotes were issued by the government in denominations of 1⁄4, 1⁄2, 1, 5, 10 and 100 dinars. The notes were printed in the United Kingdom by Bradbury, Wilkinson & Co. From 1932 to 1947, the banknotes were issued by the Iraqi currency board for the government of Iraq and banknotes were convertible into pound sterling. From 1947, the banknotes were issued by the National Bank of Iraq, then after 1954 by the Central Bank of Iraq.
100 dinars notes ceased production in the 1940s, however, the same denominations were used until 1978, when ID 25 notes were introduced. In 1991, ID 50 were introduced and ID 100 reintroduced, followed in 1995 by ID 250 notes and ID 10,000 notes in 2002.
Banknotes that were issued between 1990 and October 2003, along with a ID 25 note issued in 1986, bear an idealized engraving of former Iraqi President Saddam Hussein. Following the 1991 Gulf War, Iraq’s currency was printed both locally and in China, using poor grade wood pulp paper (rather than cotton or linen) and inferior quality lithography (some notes were reputedly printed on presses designed for printing newspapers).
The primitive printing techniques resulted in a limitless variety in coloration and detail, one layer of the printing would be too faint while another would be too dark. Counterfeit banknotes often appeared to be of better quality than real notes[citation needed]. Some notes were very poorly cut, and some notes even lacked serial numbers. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was ID 250. In 2002, the Central Bank of Iraq issued a ID 10,000 banknote to be used for “larger, and inter-bank transactions”. This note was rarely accepted in practice due to fears of looting and counterfeiting. This forced people to carry around stacks of ID 250 note for everyday use. The other, smaller notes were so worthless that they largely fell into disuse. This situation meant that Iraq, for the most part, had only one denomination of currency in wide circulation.
Currency printed before the Gulf War was often called the Swiss dinar, a term of obscure and uncertain origins. These notes were manufactured in England by De La Rue and were of significantly higher quality than those later produced under the economic sanctions that were imposed after the first Gulf War. After a change-over period, this currency was unendorsed by the Iraqi government. 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. During this time the Swiss dinar retained its value, whilst the new currency consistently lost value at sometimes 30% per annum.
In 2003, new banknotes were issued consisting of six denominations: ID 50, ID 250, ID 1,000, ID 5,000, ID 10,000, and ID 25,000. The notes were similar in design to notes issued by the Central Bank of Iraq (CBI) in the 1970s and 1980s. A ID 500 note was issued a year later, in October 2004. In the Kurdish regions of Iraq, the ID 50 note is not in circulation.
In March 2014, the CBI began replacing banknotes with anti-counterfeiting enhanced versions that include SPARK optical security features, scanner readable guarantee threads in addition to braille embossing to assist vision-impaired persons.
In February 2015, the CBI announced the removal from circulation on 30 April 2015 of the ID 50 notes. Persons holding these banknotes were advised to immediately redeem them at their nearest bank for the ID 250 and higher denomination dinar notes at a one-to-one rate at no charge.
In November 2015, the CBI announced the introduction of a new ID 50,000 banknote. This is the first new denomination banknote since the new series was first issued in 2003, and also the largest ever printed by the CBI. The current notes no longer depict Saddam Hussein and now feature inscriptions in both Arabic and Kurdish. The banknotes are printed using new security features from Giesecke & Devrient & De La Rue and measure 156 × 65 mm. They feature an outline map of Iraq showing the Euphrates & Tigris rivers as well as the Great Mosque of Samarra.