Aggiedad77 ponder HOW they will replace the 50 notes

by **Ponee** Fri Feb 27, 2015 8:24 am

Aggiedad77 ...they give no details to HOW they intend to replace the 50 dinar notes...or what they will replace them with...2 20 dinar notes and a 10 dinar note? OR...maybe this is the METHOD they will use to introduce the LOWER DENOMS! ...if it is the LD's that are coming...they would not telegraph this intent to us I don't think...because it would have to mean a rate change too...IMO.

[IS IT POSSIBLE THAT THEY WOULD ONLY REPLACE WITH ELECTRONIC VALUE IN THE BANK ACCOUNT?] yes that is also a possibility...and a means for them to push out more smart cards since so many Iraqis do not trust banks at this time and may not have bank accounts...perhaps movement towards more e-banking...we continue to look for more concrete information as to what is really going on.

by **Ponee** Fri Feb 27, 2015 8:25 am

Do you realize that the Smart Cards go through BANKS also?

by **Kevind53** Fri Feb 27, 2015 12:59 pm

Hey I have a novel idea, maybe replace just means replace. Turn in an old worn out 50, get a fresh new fifty.

by **FS4Enthusiast** Fri Feb 27, 2015 5:21 pm

Kevind53 wrote:Hey I have a novel idea, maybe replace just means replace. Turn in an old worn out 50, get a fresh new fifty.

It doesn't. The articles have made it pretty clear that they're being removed because the value is low enough that they're not particularly useful. Plus it probably costs more to print them than they're worth.

by **Kevind53** Fri Feb 27, 2015 8:08 pm

Some articles quoted by the gurus seem to point to an elimination of 50 dinar note due to lack of value, but others clearly indicate that this is a simple replacement, for example: https://www.dinardaily.net/t41291-50-dinar-no-more-central-bank-announced-on-thursday-the-withdrawal-of-50-dinars-currency-from-circulation-category

The bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

There is no way to be sure, the translations being what they are, in fact, the above referenced article seems to contradict itself:

The bank said in a statement received by "direction Press", a copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote trading based authorized to article 36 of the powers of the Bank Act No. 56 of 2004".

So which is it? Time will tell.

by **Ssmith** Fri Feb 27, 2015 10:17 pm

Either way, it doesn't sound promising for those who hold them.

by **FS4Enthusiast** Sat Feb 28, 2015 11:02 am

They're both withdrawing and replacing them. Go to a bank and they'll replace your 5 50s with a 250, or a bank deposit balance.

by livingintheloop69 Mon Mar 09, 2015 12:48 pm

FS4Enthusiast wrote:They're both withdrawing and replacing them. Go to a bank and they'll replace your 5 50s with a 250, or a bank deposit balance.

I know this post is a few weeks old but hadn't been able to find any updated posts about the 50 notes. I don't think it's possible for most of us to swap out. I doubt anyone is going to book a flight to Iraq to swap out a couple 50 Dinar notes which are probably worht a matter of cents at current value.

I also doubt Chase bank or any banks in the US will be doing this note change for customers.

There are a couple trade programs being offered by dealers free of charge and I believe available to you whether you bought your Dinar from them or not. There's a couple posts going on another forum from people who've sent in notes and will be reporting back on whether they actually got their replacement notes, I don't think anyone has posted as of yet so you may want to hold on and wait on some positive expereiences before sending yours in but I'll link to the two programs I've found thus far and I've heard there's more comming out as well.

https://www.dinarinc.com/recall

http://ymlp.com/zc3Pfm

by **Ponee** Mon Mar 09, 2015 2:07 pm

Thanks for the info LivingintheLoop69 !

by **Terbo56** Tue Mar 10, 2015 10:08 am

It is not right that they will not accept Illinois, Washington, or Arkansas- If they have the notes, they should be able to trade them in as well- I haven't heard much positive feed back from people who bought dinar from this company- Aggiedad77 ponder HOW they will replace the 50 notes 1656125192

Aggiedad77 ponder HOW they will replace the 50 notes 1656125192

by **Ssmith** Tue Mar 10, 2015 10:23 am

Several months ago Tony & DC kept going on and on about lower denomination notes being printed. No pics were ever provided because, according to them, it would get the picture taker in heap big trouble. Of course, in the event of a RV in the $3 range, 1, 5 and 10's would be needed. But people at TNT aren't too good at match and started buying 50 IQD notes. They were taken to the cleaners. Sterling still has the price up for 50's -- $1,000 for 100 THOUSAND. 25K Notes are selling for $1,100 per MILLION. Now they are finding out they will be worthless. Nobody seems to be upset; just happy to find dealers who will exchange them. You know the dealers who are offering this service are only trying to pick up new suckers.....I mean new customers.

by **Terbo56** Tue Mar 10, 2015 10:30 am

You have hit the proverbial nail on the head!! You crack me up! But it IS the truth- It's a sad shame, ain't it? They just can't seem to want to really help anyone, as, there again, it is all about themselves, and screw the people, Just like the lying gurus- I hope, in the end, they get what's coming to them- crap