Saddam Hussein and his family took about $1bn (620m) in cash from the Iraqi central bank shortly before the start of the coalition invasion, the US . During that time he was based in Geneva, Switzerland. One recent exchange listing, for example, showed one dinar as equivalent to $3. You purchase a certain amount of Iraqi dinar (IQD) by paying the equivalent amount of U.S. dollars (USD). 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. KWD (Kuwaiti Dinar) Defined and History, History of the Iraqi Dinar Pre and Post Saddam Hussein, International Compact with Iraq, Statement by Mr. Takatoshi Kato, Deputy Managing Director of the International Monetary Fund, Sharm el-Sheikh, Egypt, May 3, 2007, Iraqs Central Bank Devalues Dinar by 22% Amid Public Anger, OPEC Share of World Crude Oil Reserves, 2021, Where to Exchange Currency without Paying Huge Fees, Trump Fans Sink Savings Into Iraqi Dinar Scam, Current Iraqi Dinars US Dollar Peg Will Be Fixed in 2022 Budget Bill: Spokesperson. Foreign Currency - 25 World Banknotes from 25 Different Countries - Collectible Paper Currency - Old Currency Bills - Money Collection for Collectors (COA Included), 20 Different World Banknotes, Real Valuable Paper Money, Old Foreign Currency Collection, Scarce Nikola Tesla 10,000,000,000 Dinara Ten Billion Dinar Obsolete Note. 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. He joined the Baath Party in 1957. Iraqi dinar banknotes have some of the following features: The Iraqi dinar has several security features to distinguish it from counterfeit paper money. In contrast, a more traditional investment vehiclelike Iraqi stockscould offer returns even if the value of the dinar remains unchanged. Forbes magazine estimated Saddam's worth at $2 billion a month ago down from $7 billion in 2000. King Charles III's net worth and where his wealth comes from Ad Choices, The back side of the Iraqi 100 dinar (top) and five dinar bills. Help others learn more about this product by uploading a video! How Iraq, its economy, and hence the forex rate, develop over the long term is a continuing, uncertain bet. Britain still holds $605 million in Iraqi assets most of it linked to Saddam that it froze after Iraq invaded Kuwait in 1990. "They demanded kickbacks, they bought brokers, they created false front companies and they banked the money abroad in cash, or in accounts for product credit," said David D. Aufhauser, general counsel of the U.S. Treasury Department. Saddam launched an invasion of Irans oil fields in September 1980, but the campaign bogged down in a war of attrition. Hussein was alleged to have used nerve agents and mustard gas on Iranian soldiers during the conflict, as well as chemical weapons on Iraqs own Kurdish population in northern Iraq in 1988. As the Iraqi economy began to recover, many speculators began to buy large amounts of Iraqi dinars, expecting the currency to continue to rise. Both countries announced that they would support efforts of the Iraqi opposition to unseat Saddam, whose regime had grown increasingly brutal under UN sanctions, but the Iraqi leader barred UN weapons inspectors from entering his country. There are some reasons to be optimistic about the future of the Iraqi economy. The act resulted in public protests in a country that was already struggling due to the worldwide coronavirus pandemic. Some estimates claimed that Hussein's fortune was as much as $40 billion at one point, CBS News reported. Collector's Currency. According to al-Azzawi, those banks disguised their requests for U.S. cash by using the London headquarters of a British-based bank as a go-between. The elusive 33 boxes of newly printed U.S. $100 bills $4 million in each box still pose a huge problem for U.S. forces because they believe the money is now connected to recent attacks on U.S. forces. Untold thousands more were tortured and murdered, many simply disappearing into the regimes prisons, such as the notorious Abu Ghraib. After Hussein's birth, Subha sent him to live with his uncle, Khairallah Talfah, in Baghdad. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Money, Iraq 25 Dinar 1986 Circulated Banknote Currency Money Note Bill Saddam Hussein, Iraq 10000 Dinar 2002 Uncirculated Banknote Currency Money Bill Saddam Hussein, Iraq 25 Dinar 1986 Uncirculated Banknote Currency Money Note Bill Saddam Hussein. "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. 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. In the wake of the September 11 attacks in the United States in 2001, the U.S. government, asserting that Saddam might provide terrorist groups with chemical or biological weapons, sought to renew the disarmament process. His goals as president were to supplant Egypt as leader of the Arab world and to achieve hegemony over the Persian Gulf. In 1990, Hussein ordered Iraqi forces to invade Kuwait, and a UN coalition drove them out of the country in early 1991 after Iraq ignored the deadline set by the UN Security Council. Iraqi Dinar Scams., The Daily Beast. Were working to restore it. 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. Add to watchlist. #inline-recirc-item--id-ad8a3044-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { Since then, most of the cash has been recovered by U.S. forces in Iraq. The value of the Iraqi dinar is set by the Iraqi government. Dinar Scam Takes on New Twist., The Associated Press. The value of the Iraqi dinar is unlikely. Most experts agree that Iraq's foreign debt--the money it, as a state, owes other governments--ranges from $120 billion to $130 billion. 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. They are selling on ebay right now for $3.50 shipped. In the interim it became clear that Saddam was grooming one of his sonsUday or Qusayto succeed him. In the early 1980s, Hussein involved his country in an eight-year war with Iran, which is estimated to have taken over a million lives on both sides. At a young age, he moved to Baghdad to live with his uncle. Trending News Though Iraq was defeated in the conflict, Hussein claimed that the country was victorious. But its ultralow prices are hiding unacceptable costs. "All Iraqi money with his face on it will be worth a fortune in a very short time," he claimed. Whereas some venerated Saddam for his opposition to Israelwhich included the use of military force he was widely condemned in the west for the brutality of his dictatorship. It would later be revealed that Saddam's son Qusay ordered the removal of the cash which consisted of $900 million in USD and $100 million in Euros. In a display of what might be called Saddam . The Iraq 25 Dinar Banknote from 1986 features a portrait of Saddam Hussein. We track celebrity net worths so you don't have to. They have $6.3 million more in cash that was seized when American forces stopped a bank robbery in Baghdad. Today there were 5,400 items related to Iraq up for auction - including a flood of dinars from vendors in places such as Jordan, New Zealand, and the mid-western United States. He was caught when he bought a BMW and a hummer basically right when he got home. In one case, Lindgren said he received $71.48 for a 100 dinar note containing a picture of Saddam. The breakthroughs and innovations that we uncover lead to new ways of thinking, new connections, and new industries. Saddam's regime also skimmed off the U.N.-oil-for-food program. It's not so black and white, he says. The value of the Iraqi Dinar had been strong, the economy was growing, and the treasury was overflowing with foreign exchange before Mr. Hussein took office. #inline-recirc-item--id-ad8a3044-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-ad8a3044-8c88-11e2-b06b-024c619f5c3d { After Hussein was deposed, the US Army occupied some of the palaces, and others were seized by the Iraqi government. His holdings include American magazines, such as Elle, Car and Driver and Woman's Day, through stock owned in a parent company. The military succeeded in their mission to end Hussein's dictatorship and life. This means that the government decrees the price for sale and purchase of the currency. The IQD has very little legitimate trading volume. The back side of the Iraqi 100 dinar (top) and five dinar bills. SADDAM HUSSEIN IRAQ IRAQI NOTE 250 DINAR P88 - 2002 x 100 UNC NOTE 1 BUNDLE. The tribunal finally adjourned in July 2006 and handed down its verdicts in November. These palaces were home to Saddam, his family, mistresses, friends, and party officials. The leading member of the revolutionary Arab Socialist Ba'ath Party and later the Baghdad-based Ba'ath Party, he was the key person . Some of the money was spent on legitimate war needs, but some was stolen by US soldiers. The Iraqi dinar does not trade on the global forex market. However, it failed to remove Hussein from power. When the U.S.-led coalition overthrew the Iraqi government in 2003, the old dinars continued to circulate until the interim government launched a new currency the following year. The dinar was first issued in the 1930s in denominations starting at dinars. They had two sons, Uday (born in 1964) and Qusay (born in 1966), and three daughters, Raghad (born in 1968), Rana (born in 1969), and Hala (born in 1972). King Charles' coronation: The schedule, and how to watch the ceremony Dictator and President of Iraq who came to power in 1979. He later fled to Egypt and resumed his law studies. George W. Bush ordered Saddam to step down from office and leave Iraq within 48 hours or face war; he also indicated that, even if Saddam left the country, U.S. forces might be needed to stabilize the new government and search for weapons of mass destruction. Full content visible, double tap to read brief content. A U.S. attack on Iraq might destroy Saddam Hussein's presidential palaces, but don't worry about him becoming homeless. Saddam returned to Iraq in 1963, and he spent two years in prison after being arrested for plotting against the Iraq government in 1964. Reverse. But a recent report commissioned by Indict suggests Switzerland may have been central to Saddam's financial network. On the Iraq section of his website, Tomonis has nine samples of currency with Saddam pictures, and only four without them. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands. Travelers looking to buy foreign currency can do so at a currency exchange. Saddam Hussein may be long gone from Iraq, but speculation in his currency persists like a poltergeist. On 7 February 2023, the exchange rate with the US Dollar was US$1 = 1300 dinars. Iraq has large oil reserves that could support economic growth. Estimates of his wealth have since declined. Washington urged other countries to follow suit. One U.S. dollar (USD) was worth 1,458 Iraqi dinars (IQD), as of Aug. 2, 2022. Approximately 35 US soldiers were charged with stealing Saddam's cash. To fetch top dollar, Tomonis says bank notes should be both rare and in good condition. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Depends on the year and condition. There was an error retrieving your Wish Lists. Hussein possessed between 80-100 palaces most built after the 1991 Gulf War. The British monarch was said to have had a net worth of $525 million in 2003, according to Forbes. Over 70 million downloads worldwide. A destroyed hotel in Kyiv after a . Tomonis says it's common to see increased speculation in a nation's currency during times of upheaval. Info Category: Richest. Both were elevated to senior positions, and both mirrored the brutality of their father. He used an extensive secret-police establishment to suppress any internal opposition to his rule, and he made himself the object of an extensive personality cult among the Iraqi public. He was a marine in charge of counting money in Fallujah. 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). Investopedia requires writers to use primary sources to support their work. Saddam Hussein became the president of Iraq on July 16th, 1979. The Iraqi dinar has been the recent object of desire of foreign currency operators. In 1999, Hussein ranked seventh on Forbes' list of the richest heads of state in the. How did Saddam Hussein influence the world? Several U.S. state regulators, as far back as 2011, have warned about currency brokers promising high returns, while charging hefty fees for hard-to-sell dinars. He suppressed several movements, particularly Shi'a and Kurdish movements seeking to overthrow the government or gain independence, and maintained power during the IranIraq War and the Gulf War. Numerous sanctions were leveled on the country pending compliance, and those caused severe disruption of the economy. Copyright 2023 IBTimes LLC. "Certain individuals are still active in Switzerland," said the 20-page confidential report prepared in December 2001 by Kroll Associates UK Ltd. Saddam's half brother, Barzan Ibrahim al-Tikriti, was allegedly the chief organizer of a clandestine group of companies and funds handling the Iraqi dictator's wealth. American forces concluded it was within their rights to hoard the looted money and use it as they saw fit. The once dapper leader was pulled, disheveled and dirty, from a small underground hiding place near a farmhouse in the vicinity of Tikrt. Lettering: Central Bank of Iraq Twenty-Five Dinars . Others Call It a Mirage, The Worlds Longest Suspension Bridge Is History in the Making. The Iraqi Central Bank is the national central bank responsible primarily for managing monetary policy and supervision of the financial system in Iraq. I just thought it would be a cool collective item. Source of Wealth: Criminal: Net Worth 2022: under review: Earnings in 2022: Pending: Yearly Salary: Under Review: 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. Saddam's tomb was reportedly destroyed in March 2015, but his body had been secretly removed eight months earlier by a Sunni tribal group. Saddam Hussein was born Saddam Hussein Abd al-Majid al-Tikriti on April 28, 1937, in Al-Awja, Saladin Governorate, Kingdom of Iraq. Watermark. On the black market, he estimated that 100 dinars would be worth around 7 cents. 5.04%: 3.09%: Currency Information. On the 20th anniversary of the US-led invasion of Iraq, Peter Bergen reflects on whether -- knowing what we now know -- toppling Saddam Hussein was worth it. On the black market, he estimated that 100 dinars would be worth around 7 cents. "These bills will no longer be printed and are sure to become a true collectors item," according to another vendor, who added: "Good luck and may God Bless Our Troops. At the same time, several U.S. regulators warned of scammers selling dinar investments for inflated rates and fees. Some of that was sent by regular wealthy people of Iraq, but it is estimated that perhaps as much as $5 $10 billion was transferred by Saddam's family members to accounts they would control.
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