There is a huge market for the collection and trading of rare and exotic currency. However, this pastime is dwarfed by the currency exchange industry. Since the Iraqi dinar looks as though it may in the future move from the exotic to tradable stage, more research must be done before one decides to buy iraqi dinar. If you are interested in buying Iraqi dinar, then here are a few things that you should know.
1. Though there has been a little buzz about the dinar in the past year or so, most financial advisors would not suggest investing at this time. Because of the fact that Iraq has few exports other than oil, which is sold in dollars anyway, there is little demand for Dinars. As a result, they remain in exotic status for the time being.
2. Starting in 1947, the banknotes of the dinar were issued by the National Bank of Iraq. Less than a decade later in 1954, Central Bank of Iraq took over the duties of issuing the currency.
3. One of the things that attracts collectors of Iraqi dinar is the variety of denominations that the currency has been printed in in the past decade. In 1991, 50 and 100 dinars were introduced and the 250 dinars notes followed closely after in 1995. Then in 2002 10,000 dinars notes were introduced.
4. Some of the older banknotes, which were issued between 1990 and October 2003, bear an idealized engraving of former Iraqi President Saddam Hussein.
5. If you are looking into buying Iraqi dinar, then you will be excited to know that an entirely new set of currency was introduced in 2003. The new banknotes which were issued consisted of six denominations which included all new 50, 250, 1,000, 5,000, 10,000, and 25,000 dinar.