25 000 Dinars

Iraq's 2003 currency reform was one of the more logistically ambitious monetary overhauls of the post-invasion period. The Central Bank of Iraq replaced both the Swiss dinar — still circulating in the Kurdish north — and the Saddam dinar within a tight 90-day window between October and January 2004, exchanging an estimated 4.6 trillion dinars at a flat rate. The 25,000 dinar note represented the highest denomination issued during that conversion, a practical necessity given the severe devaluation the previous currency had undergone.

De La Rue printed the series in the UK. The long date range on P#96 reflects continuous reissue of the same design rather than substantive revision.