SONBP2
SONBP2
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May 26th, 2011 at 11:59:23 AM permalink
I have a friend that took as and for payment of services $3,000,000 dinar. He received this currency in 2009. Is there any one out there that has any advice on what he should do with the money?

I believe the current exchange rate is 1170 dinar equals $1.00 (US), which amounts to a little over $2,500.

There is currently a lot of discrepancy on what the new Iraq government may do with revaluing or reissuing currency. I believe the recent killing of Bin Laden may have some affect, but not sure to what extent when it comes to the Iraqi government making more progressive steps towards a more established government and controlling their own economic future.

Any advice?
pacomartin
pacomartin
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May 26th, 2011 at 12:19:56 PM permalink
I think the one currency that consistently goes up against the US dollar is the Swiss Franc. This 1000 franc note has gone up 70% in value in the 13 years it has been circulating. That much higher than any other currency.





I don't know about 3 million Iraqi Dinars. I'm surprised he's kept them for two years.
SONBP2
SONBP2
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May 26th, 2011 at 1:32:24 PM permalink
He has kept b/c there has been rumors since 2006 or so that once the Iraqi government was established they would revalue the currency when they are in full control. There are crazy estimates out there that range from $0.25 to $0.75 (US) to 1 dinari.
DJTeddyBear
DJTeddyBear
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May 26th, 2011 at 1:47:15 PM permalink
Well, THAT'S quite an important piece of info you left out of your first post!

Me? Yeah, I'd gamble and continue to hold on to it.
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? Note that the same could be said for Religion. I.E. Religion is nothing more than organized superstition.
pacomartin
pacomartin
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May 26th, 2011 at 1:57:06 PM permalink
This writer thinks the idea is an illusion

Quote: Lee Thomas


What investors are finding out is that there is no market for the IQD; no liquidity period. Basically, they are owners of almost worthless pieces of paper that can be framed and hung on the wall as decoration. If they are fortunate, they may be able to resell to another unsuspecting person on eBay to recover their money spent.

The promoters like to make a convincing sales pitch using the Kuwaiti Dinar (KWD) as an example of what can possibly happen. They want you to believe that your 1 million IQD will one day be worth between $100K - $1M USD. If the sellers really believed that, why are they not just hoarding it all for themselves? Why are they going through all the trouble setting up websites and buying Dinars to resell?

The reason is simple; the promoters are making a lot of money selling a dream. Iraq is not another Kuwait. Post-Gulf War Kuwait still had a stable government, stable economy and an intact infrastructure which enabled its currency to quickly return to its previous value.

Yoyomama
Yoyomama
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May 26th, 2011 at 1:59:35 PM permalink
Tell him I have a bridge for sale and he can get in on the ground floor. Rumor has it they will buy it and increase the tolls and we will be all rich!!

I hope your friend was paid for mowing a lawn with these 3,000,000 dinars. Then nothing ventured, nothing gained. I can't even imagine the dinar as a possibility for anything. There's more dinar scams out there than I can count. If you need to ask after you did the deal what to do with the payment, I think you've been had.

Sounds like some guy bought dinars for a fraction of a penny on the $US and is trying to scam others or pay bills at a steep discount!

Sorry, I don't mean to be so critical, but it's just inconceivable, for me at least, to consider the dinar for anything but wallpaper.

Tell him to Google Iraq Dinar Scams!
SONBP2
SONBP2
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May 26th, 2011 at 3:24:59 PM permalink
He put together a will and trust, spent about 5 hours of work on it. He took a shot. I believe if I have the story right, the family that paid him with the Dinar got them from their son who was overseas in Iraq. I am not sure how he got the dinar. He could still just exchange the money and would get $2,500. I think it is worth the risk to see how things go over the next year or two. Even if it goes to $0.25 it would be a great investment.
Yoyomama
Yoyomama
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May 26th, 2011 at 4:11:18 PM permalink
Where can you go LEGALLY in the US and get ANYTHING for those Dinars?
AZDuffman
AZDuffman
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May 26th, 2011 at 4:15:04 PM permalink
Quote: SONBP2

He put together a will and trust, spent about 5 hours of work on it. He took a shot. I believe if I have the story right, the family that paid him with the Dinar got them from their son who was overseas in Iraq. I am not sure how he got the dinar. He could still just exchange the money and would get $2,500. I think it is worth the risk to see how things go over the next year or two. Even if it goes to $0.25 it would be a great investment.



It won't "go" to $.25 just because the government says it does, it will have to appriciate. To do that the Iraqi economy needs to improve by magnitudes. Iraq could "revalue" the currency against the USD, something that other countries like Mexico have done. But that means the old curreney must be traded for the new.

My advice is trade it ASAP. Consider trading it to a soldier going over who needs local cash.
Tolerance is the virtue of believing in nothing
Yoyomama
Yoyomama
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May 26th, 2011 at 4:27:57 PM permalink
One of the many scam alerts (from a google search) from Washington State:

What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars.

So where does your friend thinks he's going to get anything? A will is worth about $75 at Legalzoom, He might be able to get that.

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