12 Years Ago In Dinarland: Buying Iraq Dinar (dollar)?

GURU HUNTER Posts : 12081 Join date : 2015-02-19

10-06-2004, 02:38 PM	#1
broncobirdy Senior Member Join Date: Oct 2003 Location: Chesapeake, VA Posts: 3,616	Buying Iraq Dinar (dollar)? Anyone thought of buying any. The rate I heard today was 3 million Dinars for 2000 USD. Now before anyone flames me for promoting my own agenda I haven't bought any. I just find the idea curious. Any feedback? I am not interested in talking about why we should or should not have invaded Irag (non political discussion). Just want speculative thought on foreign currency. At the very worst is you lose out on 2000 USD. I was told that the rate 2 years ago for Dinars was 3.10 to 1 USD. Not sure if thats true. Thanks __________________ 1992 Grady White Overnighter 206G

10-06-2004, 02:48 PM	#2
Kamper Senior Member Join Date: Feb 2003 Location: Thornton's Ferry,NH,USA Posts: 10,338	RE: Buying Iraq Dinar (dollar)? Buy all you want. They'll print more. Good luck!

10-06-2004, 03:23 PM	#3
Garett Senior Member Join Date: Feb 2003 Posts: 23,759	RE: Buying Iraq Dinar (dollar)? It's a valid thought. There's probably little doubt that their dollar is weak because of all the turmoil. As I said, "it's a valid thought".

10-06-2004, 05:57 PM	#4
Bullshipper Senior Member Join Date: Sep 2003 Location: CA & San Carlos, Mx Posts: 17,917	RE: Buying Iraq Dinar (dollar)? You have this backwards. We are pumping dollars into their economy, which means the the dinar should be gaining, not losing ground. And I wouldn't be surprized if the new government came out with a new currency, making those dinars completely worthless. Lived in Mexico for 25 years, always held dollars, not pesos, real glad I did.

10-06-2004, 06:23 PM	#5
24 Albie Senior Member Join Date: Jun 2002 Location: Camden, NC Posts: 207	RE: Buying Iraq Dinar (dollar)? Having traveled to about 30 different countries in the past 23 years thanks to Uncle Sam, I have only seen the yen and the franc hold there own to the dollar. The other countries just waited until the exchange rate got extremely high then changed the denominations. Point in case. Turkish money was 1800 to 1 USD in 1990, then in 2001 it was 3,500,000 to 1 USD. It was always better to deal in greenbacks. Give the Iraqi's awhile and they will end up burning their monopoly money for something different. Just my two cents...

10-06-2004, 06:43 PM

#6

Kamper
Senior Member

Join Date: Feb 2003
Location: Thornton's Ferry,NH,USA
Posts: 10,338

RE: Buying Iraq Dinar (dollar)?

Quote:

Bullshipper - 10/6/2004 6:57 PM*... And I wouldn't be surprized if the new government came out with a new currency, making those dinars completely worthless. ...

The Western Allies did this in their occupation zones in Germany. If you had cash you could convert up to a certain amount at the official exchange rate. Then there was a second tier exchange rate for another amount. Everything in your pocket*after that was so much wall paper.*Bank accounts were temporarily frozen and received more generous treatment. I dont know what this did to foreign investors but by then I'm sure only long-shot speculators*carried the mark in their portfolio.

Another example of*monetary reform: Brazil has changed their currency four times since about 1980 to reduce the number of zeros caused by nasty inflation. It went something like this... Cruzados to *Crusados to Kruzados to Krusados. It's all still legal currency but*one million Cruzados is probably worth .0001 Krusados so you arent going to buy much with it. (Dont hold me to the names or sequence but I'm pretty sure it was only four times.)

The Mexican peso hasnt changed anything except the number of zeros. If you have any old coins from our southern neighbor the scrap metal value is greater than their face value. Probably the same with a lot of old paper currency too. It's amusing to have a coin that says*500 anything to show kids.

You should ask an investment counselor,*or at least your bank, before buying foreign currency as an investment. At*minimum they can help you be certain*that you arent getting counterfeit.

I dont claim to*know squat about investing. I've just been exposed to some odd historical information over the years.

10-07-2004, 08:06 AM	#7
Semi Senior Member Join Date: Apr 2004 Location: Fayetteville, NC Posts: 1,339	RE: Buying Iraq Dinar (dollar)? Get yer Dinars now before Saddam's face disappears from em! I got a bunch in 91 worth 25 dinars, which was worth I believe $.2 at the time. The current exchange rate on dinars is 1461.0000 - $1.00 but...funny enough, a Kuwaiti dinar is at 0.2950 - $1.00 http://www.fms.treas.gov/intn.html

10-07-2004, 03:22 PM	#8
A Few Dollars Senior Member Join Date: Oct 2003 Posts: 53,971	RE: Buying Iraq Dinar (dollar)? Semi is right, the exchange rate is now around 1400 Dinars to 1 US Dollar. Right before the first gulf war it was about 4 dinars to 1 US Dollar. __________________ Question for brewhead Realscreamer69 Which idiot told you that CO2 only makes up 0.039% of the atmosphere? Brockville AND .50 kwh IS A GOOD PRICE, BUT I'M SURE YOU ALREADY KNEW THAT mronzo Hey "Mr. Economist" These companies make BILLION$ and can certainly afford to pay workers more! RedBank Steve I'm anything but a racist. Why can't they hire a few AMERICANS here and there. Oh, that's right, they might have to pay them a living wage. Sorry about that. Don't ask me how I know. I just do. Colbachlaw 9 of the 10 hottest years for the entire planet have been in the last 10 years. Do the math, if you can.

10-08-2004, 04:22 AM	#9
marti Senior Member Join Date: Jun 2003 Location: purmerend holland europa Posts: 2,736	RE: Buying Iraq Dinar (dollar)? You guy's can better buy Iraq(LMAO) with all the money spent overthere. __________________ greetings from Holland marti

http://www.thehulltruth.com/dockside-chat/31906-buying-iraq-dinar-dollar.html

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Quote :: Quote:
Bullshipper - 10/6/2004 6:57 PM*... And I wouldn't be surprized if the new government came out with a new currency, making those dinars completely worthless. ...

That has been my thought all along

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VIP Member Posts : 5243 Join date : 2011-06-23

ponee they could but since theowe the world bank and other countries money they borrowed they cannot

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