With an estimated $2 billion fortune, he will still have plenty of pocket. Its obverse side features a charging horseman with swords, spears, and banners on the center and former President Saddam Hussein on the right. Uday and Qusay were killed during a raid by U.S. forces on July 22, 2003. Astronomers detect "Scary Barbie" black hole ripping apart huge star All net worths are calculated using data drawn from public sources. The Coalition for International Justice put the figure at $10 billion. World Paper Money: The 12 Most Beautiful Banknotes in The World - Elevate Your Foreign Currency Collection with Old Banknotes and Complete Your Album. "Security guards employed by the Central National Bank of Iraq loaded the money in stainless steel briefcases," said Jeff Sandy, a supervisory special agent with the Internal Revenue Service's criminal investigation unit. Four years later, the magazine estimated that Hussein was worth around $2 billion, which, while lower than Forbes' previous estimate of his wealth, was still nearly four times that of Queen Elizabeth's. In 2002, President George W. Bush spoke of an "Axis of Evil" that included Iraq, Iran, and North Korea in his State of the Union address, saying, "The Iraqi regime has plotted to develop anthrax, and nerve gas, and nuclear weapons for over a decade Iraq continues to flaunt its hostility toward America and to support terror." Moreover, legitimate trading volume is extremely low; the IQD is not traded on the global forex market, and only a handful of Middle Eastern banks are willing to trade in it. SADDAM HUSSEIN IRAQ IRAQI CURRENCY 250 DINARS MONEY NOTE UNC BANKNOTE BILL, Iraq 250 Dinars 2002 Saddam Hussein World Paper Money Uncirculated Banknote, Iraq 10,000 Dinars 2002 Saddam Hussein World Paper Money Uncirculated Banknote, IRAQ SADDAM HUSSEIN 25 DINAR 1986 MILITARY ISSUE MONEY NOTE BANKNOTE BILL USED, IRAQ 25 DINARS 1986 SADDAM HUSSEIN SWISS PRINT MONEY CERTIFIED & SEALED UNC P 73, SADDAM HUSSEIN IRAQ IRAQI CURRENCY 5 DINARS MONEY NOTE UNC BANKNOTE BILL, Iraq 50 Dinars 1994 Saddam Hussein World Paper Money Uncirculated Banknote, 7 Saddam Iraq Dinar Notes Money - Saddam Hussein Currency UNC set, IRAQ SADDAM HUSSEIN 25 DINAR 1991 EMERGENCY GULF WAR ISSUE IRAQ BILL NOTE CASH, IRAQ 250 DINAR SADDAM HUSSEIN FOREIGN PAPER MONEY WORLD BANKNOTE CURRENCY. Also known as: addm usayn, Saddam Hussein Al-Tikriti. Current Iraqi Dinars US Dollar Peg Will Be Fixed in 2022 Budget Bill: Spokesperson.. While every effort has been made to follow citation style rules, there may be some discrepancies. The currency has been grounds for multiple scams over the years. How much is the Iraqi dinar worth? Genuine Saddam Hussein Money 250 Dinar Note IRAQI Bill World Currency Brand: Northwestern Coins 15 ratings $1999 Genuine Saddam Hussein 250 Dinar Note Comes in a New Deluxe Plastic Sleeve to protect and display this unique collectable. Please try again. Standard Catalog of World Paper Money. Collectors.com - Currency - World Currency - Iraq } The U.S. General Accounting Office estimated Iraq earned $6.6 billion in oil smuggling and surcharges from 1997 to 2001. #inline-recirc-item--id-ad8a3044-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { IRAQ: The Regime's Debt | Council on Foreign Relations Though increasingly feared at home, Saddam was viewed by many in the Arab world as the only regional leader willing to stand up to what they saw as American aggression. At some point immediately prior to the American invasion of Iraq, over $1 billion in cash was removed from the Central Bank of Iraq in a single evening by a half dozen military trucks. But officials conceded the true figure, which includes payments from Iraq's oil business, may be higher. How Are International Exchange Rates Set? . How much is a 5 dinar Iraq bill with Saddam on it worth? This article was most recently revised and updated by, https://www.britannica.com/biography/Saddam-Hussein, Spartacus Educational - Biography of Saddam Hussein, Jewish Virtual Library - Biography of Saddam Hussein, Wilson Center Digital Archive - Biography of Saddam Hussein, Saddam Hussein - Children's Encyclopedia (Ages 8-11), Saddam Hussein - Student Encyclopedia (Ages 11 and up). IBT Fast Start - Let the best of International News come to you. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. 24/7 coverage of breaking news and live events. Although it is possible that the dinar could rise in the distant future, there are many other investments with lower risks and higher rewards. "To pay for pleasure palaces, to pay for arms, to pay for weapons.". It turned out to be a totally separate stash! The leading member of the revolutionary Arab Socialist Ba'ath Party and later the Baghdad-based Ba'ath Party, he was the key person . The reverse side features the city gate, lion, palm fronds, and the al-Shaheed Monument also known as the Martyrs Memorial in Baghdad. Husseins wealth was attributed by the magazine to oil and to an alleged smuggling operation controlled by his son Odai. The money, just over $1 billion, was removed on March 19 on three flatbed trucks. Doris Hamburg, Director of Preservation Programs at the U.S. National Archives at College Park, Maryland, and Mary Lynn Ritzenthaler, Chief of the Document C. On the black market, he estimated that 100 dinars would be worth around 7 cents. Info Category: Richest. On November 5, 2006, Saddam was convicted of charges related to the 1982 killing of 148 Iraqi Shi'ites and was sentenced to death by hanging. The tribunal finally adjourned in July 2006 and handed down its verdicts in November. Although he was armed, Saddam surrendered to U.S. soldiers without firing a shot. This is fake, play, toy money! Brief content visible, double tap to read full content. He was subsequently tried and executed for crimes against the Shi'ite people in 2006. What could possibly go wrong? The starting bid for a crisp 10 dinar bill is between $US10 and $US15 ($16.60 and $A24.90). One recent exchange listing, for example, showed one dinar as equivalent to $3. He ignored appeals to withdraw his forces from Kuwait, despite the buildup of a large U.S.-led military force in Saudi Arabia and the passage of United Nations (UN) resolutions condemning the occupation and authorizing the use of force to end it. At a young age, he moved to Baghdad to live with his uncle. Within three weeks of the invasion, Iraq's military and government had collapsed, and Baghdad fell on April 9, 2003. Most of the money was eventually discovered in one of Saddam's palaces. For Iraq, the departure of Saddam will almost certainly result in the issuance of new currency that doesn't contain his mustachioed mug. Numerous sanctions were leveled on the country pending compliance, and those caused severe disruption of the economy. 4.5/5, 2.2k ratings. The Iraqi dinar is the currency of Iraq and can be exchanged for U.S. dollars. The value of the Iraqi dinar is fixed by the Iraqi government and does not change, unless the central bank changes the exchange rate. Or a Nasdaq index? On several other recent auctions, bidders agreed to pay more than $20 for Iraqi bills that, by estimated black market rates, would be worth less than a dime. Saddam evaded capture for months, but during Operation Red Dawn on December 13, 2003, American forces caught Hussein after finding him in a hole in the ground near an ad-Dawr farmhouse, and his trial took place under the Iraqi interim government. You have reached the maximum of 15 gift tags. He declined to be specific. Treasury Vault. On websites of currency dealers and on eBay, merchants say prices, particularly for higher-denomination bank notes, have increased appreciably even as the actual buying power of the dinar continues to decline. Moreover, Saddam continued to solidify his control at home, while he struck a profoundly defiant and anti-American stance in his rhetoric. View Slideshow The Iraqi dinar -- a currency so hyper-inflated as to be virtually worthless in the real world -- is gaining fresh value among collectors. All Rights Reserved. In late 2020, the Iraqi government announced a devaluation of more than 20% of the Iraqi dinar, to make up for a shortfall in liquidity. He later fled to Egypt and resumed his law studies. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered. Trump Fans Sink Savings Into Iraqi Dinar Scam., XE. Translated, the note said: In the name of God the most merciful the most compassionate, We are giving, with this written note, permission to Mr. Qusay Saddam Hussein and. About Saddam Hussein Abd al-Majid al-Tikriti. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. However, it failed to remove Hussein from power. Iraqi dinar banknotes have some of the following features: The Iraqi dinar has several security features to distinguish it from counterfeit paper money. Saddam Hussein was born Saddam Hussein Abd al-Majid al-Tikriti on April 28, 1937, in Al-Awja, Saladin Governorate, Kingdom of Iraq. There was an error in retrieving your gitf tags. Forbes magazine estimated Saddam's worth at $2 billion a month ago down from $7 billion in 2000. The value of the Iraqi dinar is unlikely. The Iraqi dinar does not trade on the global forex market. That will require a peaceful, promising business atmosphere to establish investor confidence and revive its economy. Your recently viewed items and featured recommendations. WIRED is where tomorrow is realized. Hussein possessed between 80-100 palaces most built after the 1991 Gulf War. The dinar was first issued in the 1930s in denominations starting at dinars. Car & Truck Safety & Security Accessories, Iraqi Dinar 5000 10 X 500 Dinar Notes Crisp Uncirculated Free Shipping! In the interim it became clear that Saddam was grooming one of his sonsUday or Qusayto succeed him. Where Are Saddam's Billions? - CBS News But that does not necessarily mean that buying dinars is the best way to bet on the Iraqi economy. Investopedia does not include all offers available in the marketplace. Estimates of his wealth have since declined. For one thing, the Iraqi dinar does not float freely: The exchange rate is fixed by the central bank, meaning that the currency is unlikely to experience any rapid changes in value. U.S. Treasury and Homeland Security agents are now tracking how so many newly printed $100 bills made their way from the Federal Reserve Banks in Washington and New York, all the way to Baghdad, despite U.S. sanctions. Certain types of Iraqi banknotes are considered collectible currency. To calculate the overall star rating and percentage breakdown by star, we dont use a simple average. View cart for details. I just thought it would be a cool collective item. Advantages and Disadvantages of Investing in the Iraqi Dinar, USD Definition: The Currency Abbreviation for the U.S. Dollar, Currency Exchange: Definition, How It Works, and Where to Find It, What Is Kuwaiti Currency? But its ultralow prices are hiding unacceptable costs. Saddam beating dollar in currency war - May. 22, 2003 - CNN Business Some estimates claimed that Hussein's fortune was as much as $40 billion at one point, CBS News reported. Dinar Scam Takes on New Twist., The Associated Press. The removal of sanctions on 24 May 2003 and rising oil prices in the mid-to-late 2000s led to a doubling in oil production from a low of 1.3 mbpd during the turbulence of 2003 to a high of 2.6 mbpd in 2011. Modern issues 1961-present (25 th edition). Copyright 2023 CBS Interactive Inc. All rights reserved. Untold thousands more were tortured and murdered, many simply disappearing into the regimes prisons, such as the notorious Abu Ghraib. In contrast, a more traditional investment vehiclelike Iraqi stockscould offer returns even if the value of the dinar remains unchanged. Just hours before the first U.S. bombs fell on Baghdad, the Iraqi dictator withdrew more than a $1 billion from the Iraqi bank, which he and his followers are believed to be using today, U.S. officials told ABCNEWS. Saddam launched an invasion of Irans oil fields in September 1980, but the campaign bogged down in a war of attrition. The 10,000 dinar bill had a starting bid of $US60 ($A99.50). In a display of what might be called Saddam . But his maligned currency, the so-called Saddam dinar, has abruptly skyrocketed in value. SADDAM IRAQI 5 DINAR NOTE UNC IRAQ MONEY - BRAILLE VERSION - P 80 b. display: none; Iraq Inflation Rate 19602022., CNN. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. An Iraqi walks past a dismantled bronze statue of Iraqi dictator Saddam Hussein in Baghdad on April 13, 2003, Stay up to date with our daily newsletter, Ramsey Clark, Ex-US Justice Official And Saddam Hussein's Lawyer, Dies At 93, Iraq, 10 Years After Saddam Hussein's Execution, Sudan Conflict Shows No Sign Of Easing, Sudanese Brace For More Violence, Brazil's Lula Recognizes Indigenous Territories Halted By Bolsonaro, Clouds Carry Drug-resistant Bacteria Across Distances: Study, Russia Punishes Drunk Soldiers By Detaining Them In 'Holes In The Ground', Socially Conservative Rivals Vie For Catholic Paraguay's Top Job, Saddam Hussein's fortune wassaid to have beennearly four times that of Queen Elizabeth's before his death, He reportedly built 100 palaces and "VIP luxury residences" while hewas in power, He was sentenced todeathbyhanging in 2006 after being convicted of crimes against humanity.