PMG-certified Iraq Note Sells for an Incredible $210,000 in August Auction

An elusive Iraqi banknote certified by Paper Money Guaranty® (PMG®) and printed at the Nasik Security Printing Press in India during World War II realized $210,000 at an August auction of the Peter Boyer Collection of Iraqi Banknotes. The collection featured 70 PMG-certified Iraqi notes from 1931 through 1959. The top note — an Iraq, Government of Iraq 1931 (ND 1941) 1/2 Dinar graded PMG 25 Very Fine (lot 93222) — went for more than 10 times its pre-auction estimate in the sale by Kansas-based Lyn Knight Auctions.

Iraq, Government of Iraq 1931 (ND 1941) 1/2 Dinar graded PMG 25 Very Fine. Realized: $210,000. Click images to enlarge.

The Iraq Half Dinar, one of only four graded by PMG, was part of an emergency issue of Iraqi banknotes printed during WWII in Nasik, India to avoid fulfillment delays from Britain because of the war. The note is known as a “baby issue” because it features on its front a portrait of King Faisal II as a little boy of about 6 years old. Faisel II took the Iraq throne at age 3 and ruled for 23 years until he was killed in the July 14 Revolution in 1958. Only about six examples of this note are presently known.

“All of us at Lyn Knight Auctions were delighted by the opportunity to offer this exciting collection of Iraqi notes,” said Joel Shafer, Managing Director, World Bank Note Division of Lyn Knight Auctions. “The incredible results show that collectors were eager to acquire one of these rarities, and I'm sure the PMG Guarantee of authenticity and grade helped to inspire confident bidding.”

“Seeing the 1931 Half Dinar offered at auction was exciting for those of us who authenticate and grade paper money collectibles,” PMG Grading Finalizer Chad Hawk said. “Information is still difficult to gather about many types and varieties of Iraq banknotes, and I am certain that PMG certification is very reassuring for the new owner of this amazing rarity.”

Other PMG-certified highlights in the auction included:

• an Iraq, Government of Iraq 1931 (ND 1936) 100 Dinars graded PMG 55 About Uncirculated (lot 93220) that realized $90,000
• an Iraq, Government of Iraq 1931 1/2 Dinar graded PMG 55 About Uncirculated (lot 93237) that realized $66,000
• an Iraq, Government of Iraq 1931 (ND 1942) 100 Dinars graded PMG 45 Choice Extremely Fine (lot 93236) that realized $60,000
• an Iraq, Government of Iraq 1931 (ND 1940) 5 Dinars graded PMG 15 Choice Fine (lot 93216) that realized $57,600
• an Iraq, Government of Iraq 1931 (ND 1944) 50 Fils graded PMG 63 Choice Uncirculated with a notation of “Proof” (lot 93238) that realized $45,600
• an Iraq, Government of Iraq 1931 1/2 Dinar graded PMG 55 About Uncirculated (lot 93207) that realized $45,600
• an Iraq, Government of Iraq 1931 (ND 1936) 100 Dinars graded PMG 25 Very Fine (lot 93219) that realized $43,200
• an Iraq, Government of Iraq 1931 (ND 1942) 10 Dinars graded PMG 64 Choice Uncirculated (lot 93234) that realized $40,800
• an Iraq, Government of Iraq 1931 5 Dinars graded PMG 25 Very Fine (lot 93209) that realized $40,800

Prices realized include buyer's premium. Estimates provided by the auction house.