The Iraqi dinar is the currency of Iraqi. It is issued by the Central Bank of
Iraqi and is subdivided into 1,000 fils.
Usually
if it sounds too good to be True, it is. My accountant was pushing
me to make an investment to buy Iraqi Dinar's. Telling me I could make
Millions from a small investment.
After the 2003
invasion, the central bank intervened in the currency market to
strengthen the dinar, using its supplies of dollars to manage the
exchange rate.
But over the last
several years, even as Iraq's oil production has expanded, there has
been none of the appreciation for which speculators have been hoping.
The central bank now sells dollars in daily auctions at a fixed price of
1,166 dinars (Iraqi dinar value), a level barely changed since 2009
So, Is buying or investing Iraqi Dinars a good idea. My opinion, No. Do not Get suckered in.
Buyers of these dinars don’t know what they’re getting, even when the
dealer has an easy-to-obtain U.S. Treasury Money Services Business
certificate. What’s worse is that there’s no way you’ll be made whole if
you get burned.
Foreign exchange means “exchange” in two ways: First, you’re
exchanging one currency for another in hopes that the one you buy will
appreciate in value against the one you sell. You can also bet the
opposite way, of course.
Exchange is also a big word because currency moves on exchanges just
like stocks do. You can trade some euros at the local bank for dollars
when you come back from a nice trip, but you can’t do the same in
dinars.
In fact, you have to be in Iraqi to redeem dinars. Needless to say, we
wouldn’t advise showing up in Baghdad with a suitcase of precious
paper.
Iraqi is not a good place for investments – weighing in economic fundamentals,
the peace and order situation and the overall state of geopolitics in
the region. This should be the position for any
common sense investor. A good investment is one with low risk but high,
consistent returns. Iraqi most likely does not meet either of these
criteria.
Dinar Trade Scam / Currency Exchange Scam
The Iraqi Dinar hoax / Scam. With the Iraqi Dinar scam you can actually get the cold hard Dinars if you want
them. Yep, suckers around America have their closets and garages full of
bales of Dinars, just waiting for that glorious day when they will
re-valuate.
Iraqi dinars are not widely accepted at every bank, as a matter of fact
there are only a few banks that will accept Iraqi currency. When looking
to deposit your dinars it is important to utilize your research skills
using the internet and word of mouth to get names of banks that meet
your needs. Call or email the bank you are interested in to obtain more
information and to get any concerns you may have addressed before
making a deposit. However, I have yet been able to find a bank that would cash the Dinar.
I have called Bank of America, Chase , Wells Fargo, Nave Federal, None of those banks will except an Iraqi Dinar.
If you are reading this post and you did make the mistake of buying the Iraqi dinar. - "sad to say", But you would make more money just by taking the dinar to a paper recycling company.
If you are interested, I am selling Money Seeds. Which would make you more money then the dinar. Just kidding. For your sake, I hope the Dinar does go up and you do make your money back.
These scam artists have set up all sorts of websites and bulletin boards
and newsletter and social media and you-name-it to try to create the
impression that the Dinars are valuable and are about to re-valuate at
any moment. I’ve had people tell me that their Dinars are going to
re-valuate “within the week” or “by the end of the month”, and they’ve
been telling me for years.
So, why is this a scam? It is a scam because the Dinar has no chance or
significant appreciation, i.e., appreciation that would make buying
Dinars worthwhile. First, there is the political uncertainty — who would
invest in the currency of a government that is still fighting a
significant insurgency and might not be around the next year, any year?
Second, and much more importantly, there are so many Dinars floating
around that even if Iraqi discovered the world’s largest gold mine
tomorrow, the value of the Dinar would not significantly appreciate.
The scam artists sell Iraqi Dinars to suckers based on the false story
that the Iraqi Dinars are about to become very valuable, when they are
not.
Also watch out for people selling the Iraqi dinar on Ebay. There are many counterfeit Dinar's out there. I'm not saying the ones sold on Ebay are fake. I personally would not trust anybody selling currency on Ebay.
How To Tell If An Iraqi Dinar Bill Is Fake Or Counterfeit
If you are considering purchasing the Iraqi dinar investment you need to know if the bills are genuine. Here are some of the ways that you can tell if an Iraq dinar bill is fake or if it is authentic. First of all, the dinar note is now available in 50, 250, 1000, 5000, 10000, and 25000 bills. If someone tries to sell you a 1,000,000 dinar note it is a fake.
The provisional government of Iraqi chose the De La Rue firm of Great Britian. De La Rue is the printer of over 150 of the world's currencies. When they print the new Iraqi dinar bills a number of nearly foolproof countermeasures are built in, ones that at today's exchange rate would not be worth copying even if it were possible.
Metallic Ink. Look for metallic colored ink on the areas indicated below on 25,000 dinar notes. Look for an embedded security thread as well.
Horse's Head Watermark:
Hold
the bill up to the light and look for the faint image of a horse's head
inside the bill. This image is inside the bill, not printed on the
outside. You will find the image of a horse's head on all Iraqi bills
that are genuine.
Use A UV Light
To
tell if an Iraqi dinar note is genuine or if it is fake, use a UV light
source. You can find UV lights at hardware stores and specialty online
retailers. Under a UV light you will see the denomination of the bill
glowing, as seen in the image below.
Look For Unique Serial Numbers
Each
Iraqi dinar note, if it is genuine, should have unique serial numbers.
These numbers are printed in Arabic. Below is a list of the numbers and
their equivalent in European numbers. If you see the same serial
numbers on two bills, chances are one or both are fake Iraqi dinar
notes.
European Numerals: 0 1 2 3 4 5 6 7 8 9
Arabic numerals Ù
Ù¡ Ù¢ Ù£ Ù¤ Ù¥ Ù¦ Ù§ Ù¨ Ù©
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