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Saddam Hussein Trial Banknotes: Rare Iraq Proofs Sell at Noonans
Quick Facts
- Country: Iraq
- Denomination: 5, 10 and 25 dinars
- Year: 1990 designs / 2026 auction
- Issuer: Central Bank of Iraq trial designs by De La Rue
- Material: Paper proofs / specimens
- Status: Unadopted trial banknotes, auction material
A group of unadopted Iraqi trial banknotes bearing Saddam Hussein’s portrait has moved from rumour and printer archive territory into the auction spotlight.
Numismatic News and Noonans reported a set of Central Bank of Iraq trial notes dating from around 1990, prepared by De La Rue but never issued because the First Gulf War ended the project before it reached circulation. The 25-dinar proof was described as previously unknown and potentially unique; Noonans later recorded that it sold for £10,000.
This is the kind of discovery that makes catalogue editors sharpen pencils and collectors start whispering into spreadsheets.
| Specification | Details |
|---|---|
| Country | Iraq |
| Denominations | 5, 10 and 25 dinars |
| Date | ND ca. 1990 |
| Printer | De La Rue / TDLR context |
| Status | Unadopted proofs/specimens |
| Auction House | Noonans Mayfair |
| Auction Date | 27 May 2026 |
| Key Result | 25 dinars proof hammered at £10,000 |
| Strategic Tags | Iraq, Saddam Hussein, trial banknotes, auction, 2026 |
Collect banknotes related to this article
Explore authentic world banknotes connected to this country, region or collecting theme.
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The Banknotes That History Stopped
The notes were reportedly prepared for issue around 1990 or 1991. Then Iraq invaded Kuwait, the First Gulf War followed, and a long-standing British-Iraqi banknote printing relationship became politically impossible.
The De La Rue Connection
Noonans attributes the preparation to De La Rue, the famous British security printer.
Known and Unknown
The 5 and 10 dinar specimens had been known in tiny numbers, while the 25 dinar was the major new discovery.
Auction Drama
The pre-sale total estimate was up to £17,000, but the 25 dinar alone reached £10,000 at hammer.
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Obverse Design Elements
The designs are late-stage trial pieces, not adopted circulation notes. That makes every visible design choice unusually important.
Primary Design Elements
- Saddam Hussein Portrait: The portrait places the political leader directly on the note, in the manner of authoritarian currency iconography.
- 25 Dinars Composition: The 25 dinars proof shows Saddam Hussein at right, with a tractor and female Kurdish wheat farmer at centre.
- Specimen Status: PMG holders and specimen/proof annotations help establish the pieces as archival trial material.
- Printer’s Annotation: The 25 dinars lot includes an ink annotation described by Noonans as Proof No. 351/5.
- Choice Uncirculated Grade: The 25 dinars was in a PMG 64 EPQ holder, according to the Noonans lot description.
This is not merely a Saddam portrait note. It is a note from a cancelled political future.
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Reverse Design Elements
The reverse of the 25 dinars proof, visible in the Noonans lot imagery, completes the agricultural and institutional narrative.
Primary Design Elements
- Twenty Five Dinars Text: The English denomination clarifies the value for international catalogue users.
- Pastoral Machinery Motifs: The tractor imagery connects state economics, agriculture and propaganda design.
- PMG Back Label: The holder provides traceability and certification data.
- Unadopted Status: Because the series was not printed for circulation, reverse details carry special proof-study value.
- Archive Character: The reverse is not just a design; it is evidence of how far the issue had progressed before cancellation.
The reverse is quieter than the portrait, but sometimes the quiet side of a proof tells the better production story.
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Security Features & Anti-Counterfeiting Technology
These pieces are proofs and specimens, so security analysis is less about circulation defence and more about how close the designs came to real production.
Specimen / Proof Nature
The notes were trial materials rather than issued circulation notes.
PMG Certification
Third-party holders provide grade and authenticity context for auction buyers.
Horse’s Head Watermark
Noonans lot descriptions reference a horse’s head watermark on the PMG label.
No Signature on 25 Dinars
The 25 dinars proof is described as without signature, consistent with its unadopted status.
Printer Context
The De La Rue/TDLR connection adds security-printing pedigree.
For collectors, provenance and certification matter as much as watermark and paper.
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Auction Context & Result
The notes were offered by Noonans in its World Banknotes auction on 27 May 2026.
Pre-Sale Estimate
The Numismatic News article reported an expected total of up to £17,000.
Lot 281 Result
Noonans records the 25 dinars proof as hammered at £10,000.
Historical Cut-Off
The First Gulf War transformed these designs from pending currency into frozen archival evidence.
The cancelled issue is a rare case where geopolitics can be read directly from an unissued banknote design.
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Noonans World Banknotes Catalogue PDF
View the official Noonans World Banknotes auction catalogue. If the embedded viewer is blocked, use the open-link option.
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Collector Market Analysis & Numismatic Significance
Unadopted proofs are among the most exciting corners of banknote collecting because they show what almost happened.
Why It Matters
The 25 dinars is described as previously unknown and potentially unique.
Market Signal
A £10,000 hammer result gives the discovery a clear benchmark.
Album Placement
Best classified under Iraq, unadopted issues, printer proofs, Saddam Hussein portrait currency and auction discoveries.
It is rare for modern world banknotes to produce a genuine discovery story. This one arrives with history, politics and a hammer price.
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Sources & Further Research
This article was built from verified sources, official issuer material where available, and specialist banknote reporting. Broken, blocked or unconfirmed links were excluded from the public sources box and recorded separately in the audit sheet.
- Numismatic News: Primary article on the Saddam Hussein trial banknotes
- Noonans News: Noonans announcement with images and estimates
- Noonans Lot 281: Official lot page for the 25 dinars proof
- Noonans Review: Post-sale review confirming the 25 dinars hammer price
Explore Collectible World Banknotes
Browse authentic notes, modern issues and collector favourites in the GlobeNote shop: Shop GlobeNote
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Frequently Asked Questions
What were the Saddam Hussein trial banknotes?
They were unadopted Central Bank of Iraq proofs/specimens prepared around 1990 but never issued because of the First Gulf War.
Which denominations were involved?
The group included 5, 10 and 25 dinars.
Why is the 25 dinars important?
Noonans described it as previously unknown, potentially unique and the first full printed note of that design to reach the market.
How much did the 25 dinars sell for?
Noonans recorded a hammer price of £10,000.
Who printed or prepared the notes?
The articles connect the designs to De La Rue / TDLR security printing context.
This article is part of our New Banknotes 2026 guide.
