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500 Fils Oil Nationalization
| Issuer | Central Bank of Iraq |
|---|---|
| Year | 1973 |
| Type | Log in to see details |
| Value | 500 Fils (فلوس) (0.500 IQD) |
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| Obverse description | At centre, a raised circular cartouche contains the denomination '٥٠٠ فلساً' (500 Fils) in Arabic numerals and script. Surrounding the central cartouche, a continuous Arabic legend fills the field, reading the country name 'الجمهورية العراقية' (Republic of Iraq) in the upper portion, and the commemorative inscription '١ حزيران ١٩٧٢ ذكرى تحرير النفط من الاحتكارات الأجنبية' (1 June 1972, Anniversary of the Liberation of Oil from Foreign Monopolies) in the lower portion. The entire design is framed by a decorative beaded border running along the coin's rim. |
|---|---|
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| Reverse description | A detailed depiction of an oil refinery or processing facility occupies the central field, rendered in a schematic, industrial style showing storage tanks, pipelines, and structural framework. To the left of the design, the Hijri year '١٣٩٣' (1393 AH) appears in Arabic numerals, and to the right, the Gregorian year '١٩٧٣' (1973) is inscribed, both flanking the central motif vertically. The design is enclosed by a beaded border along the rim, consistent with the obverse. |
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| Additional information |
Iraq nationalized the Iraq Petroleum Company in June 1972, ending over five decades of foreign-controlled extraction that had begun under the Ottoman-era concessions granted to what eventually became a British-dominated consortium. This coin commemorates that act, struck the following year as the Ba'athist government under Ahmed Hassan al-Bakr moved to redirect oil revenues toward state development programs — revenues that would swell dramatically after the 1973 OPEC price shock hit just months after these were minted.