What is the dinar? The Dinar is the current currency of Iraq. It was first introduced as official currency in 1932, replacing the former Indian Rupee. For many years, Iraqi dinars were worth as much as the British pound, probably owing to the affects of British occupation that followed the first World War. It even rose in value, at one point being worth as much as three US dollars.
The Iraqi dinar produced from the 1970s until the Gulf War are known as swiss dinars because they were printed in Switzerland. After the Gulf War, the UN placed sanctions against Iraq, leading to the production of a cheaper and lower quality dinar. Initially, Iraqi dinars was so cheapily produced that there was a still plausible rumor that some of it had been printed using a newspaper print.
The swiss Dinar is still in circulation and is worth many times the value of newer printed dinars. Both overprinting, sanctions, and probably some counterfeitings led to a devaluation of the currency, and it sank to a value of 3000 dinars per US dollar in 1995. Today, all notes are printed using modern anti forgery techniques. Coins have not been used or produced for many years since they hold no real value.
Much of the internet has been buzzing about Iraqi dinars recently. Why? There is rumor that there will be an Iraqi dinar revalue. Many interested buyers have been snapping up Iraqi dinars so that they can make a profit when the price for them goes up. Be wary, however, of investing in foreign currency. Currency markets are notoriously difficult to predict, and the current news of the Iraqi dinar is not exactly supportive of this rumor, since it is actually encountering regional issues with devaluation, rather than an increase in value. See this link for more: www.gidassociates.com