An establishment I frequent had a large pile of these offered on the cheap, all in crisp uncirculated condition.
The "running horses" design is actually rather attractive, but by the time this version was being printed, the ability of the Iraqi government to produce a secure instrument was apparently severely degraded. The faux "watermark" and "embedded strip" are in particular laughable. I did like the serial number of this specimen (0600006).

There's an interesting article on these that can be viewed at:
http://www.pjsymes.com.au/articles/Iraq25.htmI think the one I've posted here roughly corresponds to the second variation pictured there.