Swiss dinar
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After the 1990 Gulf War the Iraqi government issued a new currency. The old currency became known as the Swiss dinar because it had been printed using Swiss technology that was no longer available after the economic sanctions.
After a change-over period the Iraqi government disendorsed the old currency and it ceased to be legal tender. However, the old currency still circulated in the politically isolated Kurdish regions of Iraq until it was replaced more than a decade later following the 2003 invasion of Iraq. During this inter-war period the Swiss dinar retained its market value, while the new replacement Iraqi currency consistently lost value (sometimes at 30% per annum).
During this period the Swiss dinar was endorsed by no central authority or government (in fact it was a disendorsed currency) and was not redeemable by any issuing agent, or backed by any commodity. Its persistent and sustained market value derived purely from its utility as a culturally accepted medium of exchange. As such it is often cited in economic discussions about money and the origin of money's value.
Following the 2003 invasion, the US administration created a new currency for Iraq, and the Swiss dinar became redeemable for the new currency.
