Stack's Bowers & Ponterio
January 2022 NYINC Auction 14-16 Jan 2022
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IRAQ. Government of Iraq. 1/2 Dinar, 1931 (1941). P-14. WBG Very Good 8 Qualified. Extensive Restoration.
Printed by Nasik Security Printing Press, India. This is the key 1/2 Dinar "India Print" Iraq note, which is one of the most sought after Iraqi notes in existence. This marks the second appearance of this type at a major auction house in recent years, and we are pleased to finally offer this treasure to our bidders. The Portrait at right is of a young King Faisal II. Faisal II was born on May 2nd, 1935 and began ruling as King of Iraq on April 4th, 1939, at the young age of 3. He would have been six years old when he was portrayed on the 1931 (1941 issue) series of notes. Faisal II was the last King of Iraq, and on May 2nd, 1958 he was outed as ruler when the military launched a coup d'état to seize power from the monarchy. He was later executed with most of the royal family on July 14th, 1958.
Printed by Nasik Security Printing Press, India. This is the key 1/2 Dinar "India Print" Iraq note, which is one of the most sought after Iraqi notes in existence. This marks the second appearance of this type at a major auction house in recent years, and we are pleased to finally offer this treasure to our bidders. The Portrait at right is of a young King Faisal II. Faisal II was born on May 2nd, 1935 and began ruling as King of Iraq on April 4th, 1939, at the young age of 3. He would have been six years old when he was portrayed on the 1931 (1941 issue) series of notes. Faisal II was the last King of Iraq, and on May 2nd, 1958 he was outed as ruler when the military launched a coup d'état to seize power from the monarchy. He was later executed with most of the royal family on July 14th, 1958.
This series was printed as an emergency issue during WWII in India, instead of being printed by BWC in the United Kingdom. This was because the air/land route from India to Iraq was safer to traverse instead of the sea route from the United Kingdom to Iraq, due to the threat of the German Kriegsmarine and Luftwaffe. 1941 saw continued bombing of the United Kingdom by the Luftwaffe until the "Blitz" ended in May, and the Kriegsmarine (specifically U-Boats and pocket battleships) were still threats to allied shipping. Due to the uncertainty/danger in shipping the notes, Iraq instead had the notes printed in India for the Law #44 1931 (1941) issues. A relatively few number of the 1/2 Dinar denominations have surfaced today, with just around six confirmed to be in existence. While this note is in a WBG holder, for reference PMG has graded four examples at the time of cataloging.
This note has been extensively repaired, as noted by the grading service, with two notes being combined to form one, as evidenced by the mismatched serial numbers. WBG comments "Extensive Restoration, 2 Different Halves Joined Together."
Estimate: $40000 - $60000