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250 Fils Oil Nationalization
| Issuer | Central Bank of Iraq |
|---|---|
| Year | 1973 |
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| Shape | Round |
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| Obverse description | At centre, a raised inner circle encloses the denomination '٢٥٠ فلساً' (250 Fils) in large Arabic numerals. Surrounding the central circle, a continuous Arabic legend in the field reads 'الجمهورية العراقية' (Republic of Iraq) across the upper arc, flanked by the commemorative inscription referencing the 1st of Haziran 1972 and the liberation of oil from foreign monopolies along the lower arc. The entire design is framed by a beaded border. |
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| Reverse script | Arabic |
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| Additional information |
Struck to commemorate the June 1972 nationalization of the Iraq Petroleum Company, a consortium that had controlled Iraqi oil exports since 1925 under terms widely regarded in Baghdad as colonial in character. The Ba'athist government under Ahmad Hasan al-Bakr completed the takeover after years of disputes over production levels and revenue shares, with the nationalization decree signed on June 1st.
The timing of the 1973 issue placed it squarely within the OPEC oil embargo year, lending the piece an unintended double resonance that was almost certainly not lost on those who authorized it.