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Sale 31 15,18 Sep 2022
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Iraq 1931 (ND 1936) P-12b PMG Choice Fine 15 100 Dinars
Extremely Difficult Second Signature Variety
In sale 29 we offered the first signature variety of this challenging type, which was the highest denomination in circulation in Iraq at the time of issue. Any Iraqi 100 Dinar of the Monarchy is a rarity typically only found in the most advanced collections, as the total number of pieces issued was very small and thanks to its large face value very few were put aside. Most circulated extensively and whenever this denomination is seen it is typically in lower grades with extensive repairs.
This 100 Dinar features the portrait of King Ghazi, who was the only son of Faisal I, the first King of Iraq. A member of the Hashemite Dynasty of Iraq, he came to the throne in September 1933 after the death of his father. He ruled the Kingdom of Iraq until his death in a car accident in April of 1939, and he was succeeded by his three-year old son, Faisal II. Notes with his portrait continued to be issued until notes with the portrait of Faisal II were ready, which were first issued for circulation in July of 1942. It is noteworthy to mention that the Iraqi Dinar was pegged to the Pound Sterling when this was issued, and as we said in the description for that lot, this note had a contemporary face value of nearly $500, which in today's money is equivalent to about $10,000.
Two signature varieties exist for this denomination with the portrait of King Ghazi. This is the second signature combination, Lord Kennet and Ata Amin. All 100 Dinars have the A prefix, and according to the Dr. Omer Ali reference on Iraqi Banknote 1932-1959 just 4,000 pieces with this signature combination were printed. It's also noteworthy to mention that this note is the plate note for the variety in that book.
PMG has graded just three examples of this Pick number. A Fine 15 (the present example), a Very Fine 30 and an amazing About Uncirculated 55 from the Peter Boyer collection that brought $90,000 in August of last year. A few additional pieces may exist, but a cursory look in our library revealed precious few auction appearances of this type over the past three decades. The note itself is entirely original, with no signs of restorations or other enhancements, and it is free of writing on either side. The staining mentioned by PMG is limited to the back and is not distracting. Overall, even though it has clearly been circulated, this is a great representative for this very rare variety. An amazing offering and one we do not expect to repeat anytime soon. PMG mentions "Stained".
Extremely Difficult Second Signature Variety
In sale 29 we offered the first signature variety of this challenging type, which was the highest denomination in circulation in Iraq at the time of issue. Any Iraqi 100 Dinar of the Monarchy is a rarity typically only found in the most advanced collections, as the total number of pieces issued was very small and thanks to its large face value very few were put aside. Most circulated extensively and whenever this denomination is seen it is typically in lower grades with extensive repairs.
This 100 Dinar features the portrait of King Ghazi, who was the only son of Faisal I, the first King of Iraq. A member of the Hashemite Dynasty of Iraq, he came to the throne in September 1933 after the death of his father. He ruled the Kingdom of Iraq until his death in a car accident in April of 1939, and he was succeeded by his three-year old son, Faisal II. Notes with his portrait continued to be issued until notes with the portrait of Faisal II were ready, which were first issued for circulation in July of 1942. It is noteworthy to mention that the Iraqi Dinar was pegged to the Pound Sterling when this was issued, and as we said in the description for that lot, this note had a contemporary face value of nearly $500, which in today's money is equivalent to about $10,000.
Two signature varieties exist for this denomination with the portrait of King Ghazi. This is the second signature combination, Lord Kennet and Ata Amin. All 100 Dinars have the A prefix, and according to the Dr. Omer Ali reference on Iraqi Banknote 1932-1959 just 4,000 pieces with this signature combination were printed. It's also noteworthy to mention that this note is the plate note for the variety in that book.
PMG has graded just three examples of this Pick number. A Fine 15 (the present example), a Very Fine 30 and an amazing About Uncirculated 55 from the Peter Boyer collection that brought $90,000 in August of last year. A few additional pieces may exist, but a cursory look in our library revealed precious few auction appearances of this type over the past three decades. The note itself is entirely original, with no signs of restorations or other enhancements, and it is free of writing on either side. The staining mentioned by PMG is limited to the back and is not distracting. Overall, even though it has clearly been circulated, this is a great representative for this very rare variety. An amazing offering and one we do not expect to repeat anytime soon. PMG mentions "Stained".