What is the currency of Iraq?

The currency of Iraq is the Iraqi dinar, which is pronounced as “dee-nahr.”

The currency code is IQD, and the dinar is subdivided into smaller units, the most common being the fils. However, these are not common in everyday transactions.

The symbol for the Iraqi currency is ع.د. This symbol represents the Arabic letters for “عراقي دينار” (Iraqi dinar). 

When visiting Iraq, it’s best to use the local currency. Most transactions and businesses in Iraq will accept dinars, and it’s the official currency for all financial transactions in the country. 

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A brief history of Iraq currency

Iraq has a rich history, and its currency has undergone various changes and challenges over the years.

In the early 20th century, the Turkish lira was the go-to currency. Things changed when Iraq gained independence in 1932. They introduced their own dinar, pegged to the British pound.

As years passed, the Iraqi dinar went through its fair share of ups and downs. Saddam Hussein’s era brought about a lot of instability, which took a toll on the dinar’s value. At one point, you needed a wheelbarrow full of dinars just to buy a loaf of bread!

There was a lot of instability after the Iraq War and the fall of Saddam Hussein’s regime. All these factors combined led to a decrease in the value of the Iraqi dinar.

The early 2000s brought a new beginning for Iraq’s currency. A new set of banknotes were introduced to bring stability. These days, the Iraqi dinar is still the main currency.

So there you have it, a whirlwind tour of Iraq’s currency history. It’s been through a lot, but like Iraq, the dinar is a survivor!

Iraqi banknotes 

The Iraqi dinar, like a well-traveled storyteller, has its tales to tell. It comes in various denominations, each with its unique design and historical significance.

The most common notes issued by the Central Bank of Iraq are the 250, 500, 1000, 5000, 10,000, 25,000 and 50,000 dinar bills. 

The banknotes beautifully combine elements from ancient artefacts, iconic landmarks, and even portraits of distinguished figures from Iraq’s rich history. 

250 dinars: The flip side of this charming banknote showcases the mesmerising spiral minaret, known as “Al-Minārat Al-Malwiyyah,” a prominent feature of the Great Mosque of Samarra.

500 dinars: You’ll discover a Lamassu, an ancient Sumerian protective deity, on the back of this note. This deity is depicted as a  blend of a human, a bird, and either a bull or lion – isn’t that intriguing?

1,000 dinars: You’ll be treated to a glimpse of Iraq’s stunning architecture on the back of this banknote, showcasing the al-Mustansiriya School in Baghdad.

5,000 dinars: If you take a peek at the front of this banknote, you’ll see a stunning image of Gali Ali Beg Waterfall. This happens to be Iraq’s highest waterfall, located in the Kurdistan Region. 

10,000 dinars: Flip over this note, and you’ll see the hunchbacked tower of the Great Nurid mosque in Mosul. This mosque, with its iconic tower, stands as a testament to the rich history of Mosul.

25,000 dinars: The back of this bill features a stone bas-relief featuring Hammurabi, the sixth king of the First Babylonian dynasty and a proud member of the Amorite tribe.

50,000 dinars: Turn over this note, and you’ll find a vibrant scene featuring the majestic rivers Tigris and Euphrates. But that’s not all! There’s a picturesque waterfall, a map of Iraq, and farmers and their animals flourish thanks to the fertile land around these two rivers.

The next time you come across an Iraqi banknote, take a moment to appreciate the history, culture, and stories it carries. It’s like holding a piece of Iraq’s vibrant past and present right in your hand!

Iraqi coins 

Iraqi coins are known as fils. You’ll come across different fils, like the 25 fils, 50 fils, and 100 fils, to name a few. 

Now, you’ll find that while coins have their place, they’re not as popular as the trusty banknotes. That’s mainly because they’re lower in value, but they’re still incredibly handy!

25 fils: This coin is made of copper-plated steel and has a design shared with the current coins in the Iraqi dinar family. It features the outline of Iraq, with its two main rivers, the Tigris and the Euphrates. It’s like a mini-map right on your coin!

50 fils: The gold-coloured piece is brass-plated steel. It proudly displays a map outline of the country, showcasing the famous rivers Tigris and Euphrates. You’ll find all the text in Arabic and translates to “Iraq Central Bank” and “50 dinars”.

100 fils: This silver-coloured coin features the two main rivers of Iraq. If you take a closer peek, you’ll find some graceful Arabic writing. It translates to “Iraq Central Bank” and “one hundred dinars”. Isn’t it amazing how much history and culture can fit into a single coin?

If you’ve got some Iraqi coins to spare, our friends at Leftover Currency can give you a hand. They’re experts and able to turn your Iraqi currency to pounds. 

Currency of Iraq – fascinating facts

Historical significance:

Let’s dive into the fascinating story behind the name “dinar.” It’s not exclusive to Iraq. Many countries in the Middle East have their versions of the dinar. 

You might think the dinar has deep Arabic, Persian, or Turkish roots because of its popularity in these regions. But guess what? The name actually has its roots in Latin! “Dinar” comes from the Latin word for money, “denarius.”

Fun fact: Once upon a time, the currency of Iraq used to be one of the mightiest currencies on the planet! That’s because Iraq was sitting on a treasure trove of wealth. 

People buy Iraqi currency for a peculiar reason:

It’s important to know the stories about the value of the dinar matching up with the US dollar are false. Be cautious of folks who say otherwise, as they might have less-than-honest intentions.

To be crystal clear, buying Iraqi dinars might not be the best move if you’re not planning a trip to Iraq. The only time it might make sense is if you’re collecting them for their collectable value.

Hidden security features:

Hold a banknote to the light, and you might spot a hidden surprise.  The new Iraqi banknotes feature a watermark of the head of a purebred Arabian horse. 

To tackle counterfeiting concerns, the Central Bank of Iraq took a proactive step. They added advanced security features in their banknotes to ensure they’re the real deal. These include watermarks, security threads, and special inks.

Multilingual Notes:

The Iraqi banknotes are made to embrace the diverse languages of the nation, featuring both Arabic and Kurdish text. It’s a way of celebrating the diverse cultural identities of the country.

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