In response to the growing concerns with fraud and scams related to investment in the Iraqi dinar, State agencies such as Washington state, These alerts warn potential investors that there is no place outside Iraq to exchange their dinar, that they are typically sold by dealers at inflated prices and that there is little to substantiate the claims of significant appreciation of their investment due to revaluation of the currency. 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.
Coins were introduced in 19 in denominations of round 1, and 2 fils in bronze, and scalloped 4, and 10, fils in nickel. Silver 100 fils coins were also introduced in 1953.
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.
) (Arabic: دينار, [(sign: د.ع; code: IQD) is the currency of Iraq.
Multiple trillions of Dinar were then shipped to Iraq and secured in the CBI for distribution to the masses in exchange for the 'Saddam dinar'.In 1970, 250 fils pieces were introduced, followed by 500 fils and 1 dinar coins in 1982.A number of the coins for 1982 were a commemorative series celebrating Babylonian achievements.By not following the devaluations of the US currency in 19, the dinar rose to a value of US.3778, before a 5 percent devaluation reduced the value of the dinar to US.2169, a rate which remained until the Gulf War, although in late 1989, the black market rate was reported at five to six times higher than the official rate.After the Gulf War in 1991, due to UN sanctions, the previously used Swiss printing method was no longer available so new, inferior quality, notes were produced.The denomination and date are on the reverse of both coins.In 1962 the Hwan was replaced with the Won and the coins were withdrawn from circulation.As of January 2016 The current exchange rate is published by the Central Bank of Iraq on its English-language home page. There is considerable confusion (perhaps intentional on the part of dinar sellers) around the role of the International Monetary Fund in Iraq.The exchange rate reportedly available on the streets of Iraq is around 1,300 dinars per U. The IMF as part of the rebuilding of Iraq is monitoring their finances and for this purpose uses a single rate (not a sell/buy) of 1170 dinars per dollar.However the new currency has sparked a multimillion-dollar industry in selling dinars to speculators.These so-called "money service" companies will sell dinar to speculators at an inflated price and push the idea that the dinar will "RV" or be revalued to greatly increase the exchange rate against the dollar.