250 Dinars

Iraq's 250 Dinar note of 1994–95 arrived during the period of severe UN sanctions imposed after the Gulf War, when the Iraqi dinar had collapsed catastrophically against hard currencies — from roughly 3 dinars to the dollar in 1990 to several hundred by the mid-1990s. The Central Bank was printing larger denominations simply to keep pace with hyperinflationary pressure, not to reflect any genuine monetary stability.

The watermark remains the sole mechanical security feature, a thin line of defence against counterfeiting at a moment when the government itself had every incentive to produce unsanctioned printings to fund expenditure the official banking system could not cover.