Iraqi Dinar Scam?

by **RamblerNash** Mon Sep 04, 2023 9:25 pm

Posted: 6/13/2023 10:48:15 PM EDT
Wanted to pick GD’s mind on this…my ex father-in-law came to me a couple of months ago saying he might be coming into a lot of money. He wanted to know if I knew of an investment person I trusted that he could talk to. He told me he cashed in some stocks he had but didn’t go into any details of how this money was going to be made. I am still close to them and consider them family and I’m worried they are caught up in something.

Fast forward to this evening, my ex-wife called asking some questions cause they called her over to their house about this “investment” saying they were going to give her half. She’s worried this is a scam. They brought out several stacks of Iraqi 25000 Dinar banknotes they said they’ve had for about 13 years and are “waiting for the right time”, their words to exchange them and become “millionaires”, again their words.

Everything I’ve seen points to a very speculative investment if not down right scam! Any here in GD have any more details on this.

Posted: 6/13/2023 10:49:31 PM EDT

[#1]

I don't give direct financial advice on this forum.

I'm making an exception.

Don't fucking do it. It's absolutely a scam.

Posted: 6/13/2023 10:49:41 PM EDT

[#2]

Oh boy.

Posted: 6/13/2023 10:49:51 PM EDT

[#3]

Iraq is a global economic powerhouse, so they’ll definitely be billionaires at the end of this.

Posted: 6/13/2023 10:50:02 PM EDT

[#4]

Quoted:
Wanted to pick GD’s mind on this…my ex father-in-law came to me a couple of months ago saying he might be coming into a lot of money. He wanted to know if I knew of an investment person I trusted that he could talk to. He told me he cashed in some stocks he had but didn’t go into any details of how this money was going to be made. I am still close to them and consider them family and I’m worried they are caught up in something.

Fast forward to this evening, my ex-wife called asking some questions cause they called her over to their house about this “investment” saying they were going to give her half. She’s worried this is a scam. They brought out several stacks of Iraqi 25000 Dinar banknotes they said they’ve had for about 13 years and are “waiting for the right time”, their words to exchange them and become “millionaires”, again their words.

Everything I’ve seen points to a very speculative investment if not down right scam! Any here in GD have any more details on this.

Yes. It’s an old ass scam. Like way old. Not common anymore.

Posted: 6/13/2023 10:50:50 PM EDT

[#5]

They are worth more as collectibles than they are as usable, exchangeable money.

Posted: 6/13/2023 10:50:53 PM EDT

[#6]

That’s not even $20

Posted: 6/13/2023 10:51:27 PM EDT

[#7]

Read this.

https://www.investopedia.com/articles/forex/081314/iraqi-dinar-investment-wise-investment.asp
Short version is. It’s a hopeful speculation that people buy bit at an overly inflated price to hope that the value of it goes up exponentially. They have been hopeful for 20 years….

Posted: 6/13/2023 10:52:00 PM EDT

[#8]

Wasn't this a FIRST gulf war thing? Dang Iraqi Dinar Scam? Smiley_abused

Posted: 6/13/2023 10:53:37 PM EDT

[#9]

This Iraqi dinar scam is over 20 years old at this point. He would have been better off buying $100 trillion dollars Zimbabwe bills. They are now $90 and we're $9

Posted: 6/13/2023 10:54:45 PM EDT

[#10]

Quote History
Quoted:
I don't give direct financial advice on this forum.

I'm making an exception.

Don't fucking do it. It's absolutely a scam.
I lol'ed at this post

Posted: 6/13/2023 10:55:22 PM EDT

[#11]

Quote History
Quoted:
I don't give direct financial advice on this forum.

I'm making an exception.

Don't fucking do it. It's absolutely a scam.

It feels like people have been waiting damn near 20 years for those Dinars to revaluate.

I remember guys I worked with on the BP oil spill on conference calls, every night hearing people talk about the imminent millions they were going to make.

Posted: 6/13/2023 10:57:24 PM EDT

[#12]

Total scam.

I have about half a mil dinar in my closet right now.

Had them since 2005.

Iraqi Dinar Scam? Smiley_thinking

Posted: 6/13/2023 10:59:22 PM EDT

[#13]

Quote History
Quoted:
Total scam.

I have about half a mil dinar in my closet right now.

Had them since 2005.

Iraqi Dinar Scam? Smiley_thinking

Oh please post a photo…

Posted: 6/13/2023 10:59:25 PM EDT

[#14]

I'd rather have a Jambo trade-in WASR than stacks of Iraqi dinar.

Posted: 6/13/2023 11:01:43 PM EDT

[#15]

Well if they bought them in 2010 they have only loss about 12%, plus the cost of any fees associated with exchanging the physical medium

But it’s still money, so cash it out and get it exchanged

Posted: 6/13/2023 11:01:58 PM EDT

[#16]

Quote History
Quoted:

Oh please post a photo…

View All Quotes

I let my membership lapse, so no pics for me. But I will tell you, my poor old dad bought that shit, hook, line, & sinker. When he passed, I inherited them.

Posted: 6/13/2023 11:04:56 PM EDT

[#17]

if you can't tip a stripper with it, what good is it really?

Posted: 6/13/2023 11:05:14 PM EDT

[#18]

Quote History
Quoted:
This Iraqi dinar scam is over 20 years old at this point. He would have been better off buying $100 trillion dollars Zimbabwe bills. They are now $90 and we're $9

Holy shit, if I could get half that for mine I'd be thrilled, and I'd include two Vietnamese 5000 dong notes.

Posted: 6/13/2023 11:08:05 PM EDT

[#19]

Quote History
Quoted:
I don't give direct financial advice on this forum.

I'm making an exception.

Don't fucking do it. It's absolutely a scam.

Iraqi Dinar Scam? Anim_boozer

Posted: 6/13/2023 11:08:41 PM EDT

[#20]

Around 2010 a couple we know dumped 10k into that scam. It was being push by a pastor of a prosperity gospel church.

Posted: 6/13/2023 11:10:55 PM EDT

[#21]

Quote History
Quoted:
Read this.

https://www.investopedia.com/articles/forex/081314/iraqi-dinar-investment-wise-investment.asp
Short version is. It’s a hopeful speculation that people buy bit at an overly inflated price to hope that the value of it goes up exponentially. They have been hopeful for 20 years….

Thanks I forwarded that link and a couple of others to my ex. From what she said they really bought into this bad, I think they basically leveraged their retirement money on this. Both of them are in their 70’s

More here:

https://www.ar15.com/forums/general/Iraqi-Dinar-Scam-/5-2652031/