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 11 Years Ago In Dinarland: Iraqi Dinars 25,000, 10,000, 1,000 and 50

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PostSubject: 11 Years Ago In Dinarland: Iraqi Dinars 25,000, 10,000, 1,000 and 50   Sun Mar 27, 2016 11:37 am

Iraqi Dinars 25,000, 10,000, 1,000 and 50


by bobbycoin on Wed May 04, 2005 3:12 pm

I upped some pictures for a future Pop Note season, thought I would share them with everyone.

Here are 4 of many Iraqi notes I have. the top is the 25,000, below that is 10,000, 50 and then 1,000.


Click for larger img

Click for larger img

I purchased these as some what of a long term investment. Didnt go nuts like lots of people did, this is far from a guaranteed investment. I purchased them on average for about 1/100th of a cent per dinar or $1 per 1000 dinar. If the dinar ever stabilizes and reaches a 1 to 1 relationship with the US dollar (PLEASE PLEASE PLEASE) then I will have enough to buy a REALLY nice house from a $100 investment.

'Til then I have some cool notes to share

-Bobby



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by Art on Wed May 04, 2005 3:38 pm

Nice notes and an interesting investment angle.

I guess one could buy Euros at the currency exchange window with the same idea in mind.



Art Mr. Procrastination Posts: 7332Joined: Sat Jun 14, 2003 12:05 pmLocation: Ocala, FL

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Re: Iraqi Dinars 25,000, 10,000, 1,000 and 50


by San_Miguel98 on Wed May 04, 2005 4:00 pm

Quote :
bobbycoin wrote:If the dinar ever stabilizes and reaches a 1 to 1 relationship with the US dollar (PLEASE PLEASE PLEASE) then I will have enough to buy a REALLY nice house from a $100 investment.


heheh...it would be nice if things went that way. unfortunately, the most likely scenario is that these notes will be devalued and there will be an exchange period to trade them in. if you happen to be in iraq to exchange them, it will be an even trade and no money will be made. on the bright side, you didn't fall for all the e-bay hype and plunk down thousands of dollars.

here are some other examples of old inflation notes in a stabilizing country:



i suspect that quite a few people will be shocked when they try to bring in their billions of dinars into a currency exchange and are told their money is worthless.



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by San_Miguel98 on Wed May 04, 2005 4:52 pm

investing in iraqi dinars is probably a good idea, considering iraq's past economy, their future oil revenue, and their somewhat-stabilizing government. to truly invest in dinars though, you'd have to go through something like http://www.forex.com

in my book, anybody selling off hard cash inflation notes as investment opportunities is a scammer. i'm a bit puzzled as to how iraqi dinars got so big in the first place, and nobody is saying anything to warn all the people buying into it. it seems to me that far many more people are believing this over the old nigerian scam.

it only seems to effect iraqi currency too. nobody is using the same logic to sell off romanian lei. pretty soon, 10,000 lei (leu) is gonna be a helluva lot in american dollars.



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by bobbycoin on Wed May 04, 2005 5:08 pm

As far as I know 1 Romanian Lei was never worth $3 US. The Iraqi Dinar was. So the "selling point" for the scam is "What if it does it again? If it does you make 30,000% profit"

Buying the dinars is popular with our boys (military) over there. They have money to spend and the opertunity arises. My budy came back from iraq with over 1 million dinar.

I beilive it is a wise investment for investment terms. Not to spend your life savings on. Its like buying a lotto ticket where the drawing is in 10 years.

Ive seen a lot of documents telling people to stay away from the scams. I agree, educate yourself and know why this could and could not happen. Then invest if you see fit.

Even if the dinar stablizes at $0.01 my money multiplies by 10.

-Bobby



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by San_Miguel98 on Wed May 04, 2005 5:26 pm

Quote :
bobbycoin wrote:As far as I know 1 Romanian Lei was never worth $3 US. The Iraqi Dinar was.

the idea is still the same. trying to cash an inflation note at stabilized-note rates. sorta like walking into a currency exchanger with this in hand and expecting to be rich:



according to the exchange rates 1000 pesos = $91.00, but i doubt the currency exchange will give anything but a weird look.

once iraqi dinars gain in value, they'll lop off a couple zeroes and issue new notes. when that happens, the only way to cash in the inflation notes would be to go to iraq and have them exchanged by the central bank...which might mean a loss since most of the e-bay investors bought them at more than twice face value. i guess as americans, its a pretty alien concept. our money has never been demonetized and we're not used to an entire banknote series becoming worthless.



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by ccg on Wed May 04, 2005 7:53 pm

The other thing would be the discount for rarely traded currencies. My bank, for example, buys Turkish lira at 70% and sells at 105% of the mid-rate since it's so rarely traded here, it's more of a burden to carry, so they have a large margin on it.



ccg Dazed and Confused Posts: 10741Joined: Mon Feb 16, 2004 6:07 pmLocation: Vancouver, Canada.





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by Aidan Work on Wed May 04, 2005 9:48 pm

Does any banks ever deal with such currencies such as Zimbabwean Dollars,Rand,
Pula,& Namibian Dollars? What about Kenyan,Ugandan,& Tanzanian Shillings?

Aidan.



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by bobbycoin on Thu May 05, 2005 12:14 am

San_Miguel9, Im not familiar with that note so I cant comment on that. Thank you for your comments on the topic though.

Quote :
Once iraqi dinars gain in value, they'll lop off a couple zeroes and issue new notes


If they issue new bills, the exchange would be even. I dont believe it would happen the way you explained. But that may be why I have 100,000 dinar and you dont

-Bobby



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by whohah on Thu May 05, 2005 12:25 am

San Miguel 98,

Your Mexican 1000 peso is in old pesos which were revalued 1000 to 1 in the early 1990's, so your note, if you can get the Banco de Mexico to exchange it, is worth about 9.1 cents US...

Sorry about that...

Jay



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by San_Miguel98 on Thu May 05, 2005 12:56 am

who says i don't have 100,000 dinar?

http://public.fotki.com/sanmiguel/world_banknotes/iraq

the difference being, i collect and study paper money...not invest in it.

i was offering my opinion on iraqi dinars based on seeing what happens in many of the other countries where economies stabilized. iraq isn't a new phenomenon. yugoslavia, russia, belarus, mexico, turkey, argentina, brazil, etc, all had the same things happen.

when the dinar strengthens, there is absolutely no chance these notes will keep their face value. inflation notes never do. to truly invest in dinars, you have to dabble in forex trading. spot prices, pip spreads, currency pairs, the works. hoarding inflation notes and investing through currency speculation are totally different things...although it seems like the two have been confused as being the same.



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by San_Miguel98 on Thu May 05, 2005 1:05 am

Quote :
whohah wrote:San Miguel 98,

Your Mexican 1000 peso is in old pesos which were revalued 1000 to 1 in the early 1990's, so your note, if you can get the Banco de Mexico to exchange it, is worth about 9.1 cents US...

Sorry about that...

Jay


exactly. i was making a point about what happens to banknote series when values change. to get any sort of money from that note, i would have to go to a special bank of mexico location. everywhere else, the note is worthless.



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by bobbycoin on Thu May 05, 2005 9:13 am

Thank you for explaining San'

Quote :
when the dinar strengthens, there is absolutely no chance these notes will keep their face value. inflation notes never do.


I dont believe so. That doesnt make you wrong, I just see it a diferent way. I see a chance (though it may be very small) that I could come out ahead on this. Again kinda like a lotto ticket. Not counting on it, but possitive energy never hurts

-Bobby



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by San_Miguel98 on Thu May 05, 2005 3:50 pm

i must apologize. i just get worked up and frustrated looking for new notes on e-bay, and it seems like every other listing is for a "buy iraq dinars now!" ad. thestujoecollection must be the only banknote forum that isn't plagued with some guy flooding threads with the same offer. i guess i get a little passionate trying to get people not to buy into the hype. at any rate, good luck to us all. it would definitely be nice to make an extra chunk of change off of all this.



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by gxseries on Thu May 05, 2005 10:54 pm

You know, I am not going to disagree that deflated notes can be profittable. In fact, I have know people making as much as 100,000USD on that alone! But again, those are the people who really spent too much time doing calculations (well businessmen and statsticians... you know, those maths nerds...) That happened around the Asian Crisis 97 when the Japanese yen, Thai baht, Taiwan dollars etc fell to some insane values. The most recent one in Asia was the Indonesian economy crisis and I know someone who made 20,000USD on that alone. But again, this is quite like a gambling thing except that you have to judge the situation very critially as these are very senseitive to news and politics Too bad I was too young around that time... hehehe.



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by San_Miguel98 on Fri May 06, 2005 5:24 am

those were good times! i was in korea then. didn't have the sense to buy into currency though. i was too busy enjoying buying twice as much beer with my dollars.

but...asian currencies are freely traded in many places. it might be a problem finding a bank that accepts dinars.



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by gxseries on Fri May 06, 2005 8:37 am

Hehehe nice one San_Miguel98, I like that answer But yes I guess that's fairly true, you can exchange "some" major asian currencies like japanese yen or thai baht, etc (but the banks will charge a lot). But dinar is another story that's nothing like that... ;;; I doubt if you can find any banks that are willing to trade those. But again, with the Iraqi dinar just being printed way too massively, it's starting to be a worry if there is some kind of out-of-inflation control.

I must repeat again though, it's hard to know when exactly this whole thing is profitable, again, in this context I presume that all will be good if the war in Iraq is over asap, or the worst case will be something that happened in Yugoslavia - I'm sure you know how bad the inflation was afterall. I have been through both the Asian Crisis and the post Russian economy crisis afterall and have seen how the currency values drop and rise...

It doesn't just depend on one's nation's politics but also the currency that you are planing to buy with, I mean if you remember how awful the exchange rate was for people living in the US buying products overseas like around Dec 2004, as the dollar slided quite significently compared to the beginning of Jan 2004.

One of the examples that I can think of right now is that, the exchange rate from the US dollars to the Japanese yen was around 125 yen to the dollar around the beginning of 2004 and by the end of 2004, it was 105 and it continued to stay along at that rate. If you had some 10,000 dollars to play with, and if you bought Japanese yen, let's say in the beginning, hoping that the Japanese yen will deflate, well, the bad news will be that you end up with 8400 at the end of the year, and if a Japanese where to buy 10,000USD, he would end up nearly 12,000USD, almost 20% richer. Almost some 3600 USD difference but you know, banks rarely give you such good interest rates A very difficult gamble but I guess it's much safer than a casino based type one



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by San_Miguel98 on Sun May 08, 2005 4:38 pm

here's a link to one of my favorite suppliers of middle eastern currency. with any order over $100, you get a 20% discount.

http://mebanknotes.com

so far, he is the only dealer i've seen offering a solution to the "exchange, devalue, and new note" scenario.

http://mebanknotes.com/iraqidinar/recall.html



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by ccg on Sun May 08, 2005 9:38 pm

Quote :
gxseries wrote:
One of the examples that I can think of right now is that, the exchange rate from the US dollars to the Japanese yen was around 125 yen to the dollar around the beginning of 2004 and by the end of 2004, it was 105 and it continued to stay along at that rate. If you had some 10,000 dollars to play with, and if you bought Japanese yen, let's say in the beginning, hoping that the Japanese yen will deflate, well, the bad news will be that you end up with 8400 at the end of the year, and if a Japanese where to buy 10,000USD, he would end up nearly 12,000USD, almost 20% richer. Almost some 3600 USD difference but you know, banks rarely give you such good interest rates A very difficult gamble but I guess it's much safer than a casino based type one


You're forgetting the bank spreads. Allow 2.5% each way (we'll assume that they're opening or have a USD account, and depositing Japanese Yen straight into it instead of converting into US paper), and the actual profit will end up at about 14%. Of course, there's considerable risk. Playing with major currencies is safer than the stock market, but still risky, and has the drawback that the fees are higher.



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by gxseries on Tue May 10, 2005 12:32 am

True, but banks don't give you something called >10% interest rates. That's more like what credit card companies do to poor people. Hehehe.



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by ryhk on Tue May 10, 2005 2:28 am

¡Hola!

Two other countries:
Myanmar and North Norea.
The official exchange rate for Kyats from Myanmar is $1 = 6.40 Kyats.
So how can it be to sell 1,000 Kyats at eBay for $10?
There's a difference between the official exchange rate and the black market rate!
At the black market you get for 1 Dollar 1,250 Kyats!
But it's a fairy tale to become rich if you buy those Kyats at eBay. You pay $10 for 1,000 Kyats. Fly to Rangoon and try to exchange. At first: it's prohibited by law to export or import myanmar currency. At second: Nobody in Rangoon will give you $10 back for the bill; in a lucky moment you get $1.
You go to the Central bank and try to exchange?
Aaah, forget it! Foreigners are allowed only tourist exchange certificates, not the common myanmar Kyats! And the people in Myanmar are not allowed to own US-Dollars so they can't exchange, too!
And the Central bank of Myanmar changes only Dollars into Kyats, not the other way! No chance!
And it's the same in the last communist paradise, North Korea.
Official rate: 1 Dollar = 2.20 Won
Black market rate: 1 Dollar = 250 Won

To the original posting:
Never you get $75,000 for the IQD 25,000!
Remember:
You had to pay $1.20 for one soviet ruble 15, 20 years ago.
In the Seventies you got for $1 4.20 Deutschmarks (today approx EUR 2.10).
The time will never come you'll getting more than 2 Euro for 1 Dollar!


Adíos
Ronny



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PostSubject: Re: 11 Years Ago In Dinarland: Iraqi Dinars 25,000, 10,000, 1,000 and 50   Mon Mar 20, 2017 6:31 pm

12 years ago in Dinarland...
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