Dinar is the currency of Iraq. It was introduced in the year 1932. It replaced the Indian rupee as the official currency at the rate of 13 ½ Rupees = 1 Dinar.
Till 1959 it was considered as good as the British Pound, which was later considered as good as the US Dollar. In the years 1971 and 1973 the Dinar rose in value at the depreciation of the Dollar. In 1991, during the Gulf war, because of UN consent, the Swiss machine used in the printing of Dinars became unavailable. The notes previously printed came to be known as Swiss Dinars and was used in the Kurdish district of the country. The currency is being traded by different companies at different rates to make huge profits. So it is best to check the authenticity of the currency before purchasing investing in it.
The notes available later, were of inferior quality. The depreciation of the Dinar continued and has now stopped at the rate of 1170 Dinars per US Dollar. The value is still unstable and may fall or rise anytime. The bank notes issued by the Central Bank of Iraq are of 50, 250, 500, 1,000, 5,000, 10,000 and 25,000 Dinars. A 10,000 Dinar note is green in colour.
10,000 Dinars is now worth $ 8.5 approximately. It has the picture of Abu Ali Hasan Ibn al- Haitham on the obverse side of the note and the picture of Al-manara al-hadba fi al-Mawsil (the hunchbacked tower of the Great Nurid mosque in Mosul) on the reverse side of the note.
New bank notes now generated have the following safety measures to stop forgery:-
- Watermarks
- Raised letters
- An optical variable ink
- A metal ink
- And other such features that will be difficult for counterfeiters to copy.
But 10,000 dinar notes have been forged in the city of Nassirya. Shop keepers have shown panic as the note can’t be differentiated easily. Before the 25,000 dinar note was forged but now fear has increased on the forgery of the 10,000 dinar notes .
This raises an alarm in all the Iraqi cities. 10,000 Dinar notes are now under scrutiny. The citizens have been asked to show vigilance against the currency. The Iraqi Government is now trying to discover the mastermind behind the forgery. Till they do they have asked everyone dealing in the currency to beware of counterfeits.
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