In the 1992 currency reform, 1 new dinar was exchanged for 10 old dinars.

Today one dollar equals about 13 new dinars, or 130,000 old dinars.

For an interim period, the old currency will also be used, at the rate of 13 million old dinars to one new dinar.

The last redenomination of the currency occurred in 1965, when 100 old dinars were replaced by one new dinar.

Starting in October, officials said, a new currency will replace the old dinar with Saddam Hussein's image on it.

With effect from Jan. 2, Yugoslavia introduced a new dinar, worth 10,000 old dinars and fully convertible.

But there was no government in place powerful enough to mandate a currency change, so they kept using the old Swiss dinars by default.

The second stage of the plan was to print a new Iraqi currency for which Iraqis could exchange their old dinars.

The old dinars are now ragged, sometimes held together with tape, and there is no central bank that controls their supply.

In the next three months, Iraqis will be allowed to trade their old dinars for the new notes on a one-for-one basis.