25 Dinars

This note belongs to a series issued at a moment when Iraq was deep into the Iran-Iraq War, fighting a conflict that had already stretched the economy far beyond its oil revenues. The Central Bank was printing currency against an increasingly strained budget, and the 1980s series — including this denomination — circulated heavily through a wartime economy running on rationing and state subsidy.

P#73 carries a watermark as its sole security provision, a relatively thin specification for the period, though not unusual for Iraqi issues of this decade. Thomas De La Rue handled printing for much of this series.