DescriptionUncut sheets of banknotes from the 1970s and later were made to sell to collectors to obtain some foreign exchange.After the Gulf War, when Americans, etc. expelled the Iraqi army from Kuwait, the government created inflation to try to keep ahead of expenses. It never works, but the wheels can be kept turning for a while.Iraq in it’s present borders was created by the French and British when they divided up the Ottoman Empire between them. The British gave Iraq to the Hashemi family after they gave Arabia to the Sauds. The Republic that overthrew the monarchy eventually produced Saddam Hussein, who was smashed by the Americans.Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.
