Is anybody buying Dinar for investment? They are dirt cheap and could do nothing but go up eventually. (If they are still being sold) Sorry if this was asked in the past Thanx John
What type of dinar are you referring to? Dinar has been used for over 1000 years as a denomination, deriving from the Roman denarius. Any coin, "for investment" can most definitely go down. If you invest in something and it stays the same price year after year, it is really going down. It has to go up the rate of inflation just to be standing still. I have seen many coins people put aside at face value losing them tons of money. If someone, (my uncle did this), put aside a bag of 1976 quarters they have lost a ton of money even though they only paid $.25 each and can turn them into the bank today for $.25. Imagine though how much money in a mutual fund this would have been today.
I doubt they will ever be worth much. Most modern coinage is mostly junk lot stuff. If you ever want to put modern coinage aside, only think about it for BU issues. Basically any non silver coins from the 50's on is only worth anything in BU, and even then not very much. Its the mintages, they are simply too huge for the number of people collecting them.
I mean their paper money to hold onto for a few yrs to exchange when/if their economy recovers. $1 buys 1168 D now.
Currency speculation is a tough play. There is no bottom, look at Zimbabwe. Mugabe trashed that economy so badly I own a 10 trillion dollar note, that today would take a wheelbarrow full to buy a loaf of bread. With all of the stuff going on there, and what can go one there, you would have to have a stronger stomach than I to speculate on a third world, war ravaged nation's currency. Yes, they have the world's second highest oil reserves, but they also have a population completely dependent on that revenue and no extra money to repair war damages.
And what will it be worth once we pull out if the country collapses into civil war between the shietes and the sunnis?
There is serious talk of a re-denomination of the currency - a 1000:1 exchange. If that happens all those older dinars are going to be worthless after the redemption period expires. BTW foreign currency is one of the riskiest investments out there. The only foreign currency I keep are Swiss francs, all others get exchanged.
Read and re-read this post. How close are you to a place that will and can exchange the current Iraqi Dinar for anything? How bad do you get ripped off on the pip? What is going to happen when they announce the exchange rate for revaluation and the exchange window? There's going to be a mad dash. If you're at a military base in the US, how many people like you are going to be dashing into that fatal funnel at the same time?
I know this is old, but I didn't want to start a new thread. Just browsing Ebay and I see "30 day option to buy 1,000,000 Iraqi Dinar" with people bidding on it!!! Why? Yes, it is speculated that it could go up, but the auction is for a CONTRACT to pay $1600 for 1,000,000 Dinar....why would you do that? After a little more digging, I see that the sale of Dinar as an "investment" is a scam...further down, after I reported those two auctions, I see another seller selling Dinar ("Collectible" this time)...this person is making thousands and thousands of dollars selling virtually worthless currency that may or may not be fake and may or may not be completely worthless in a few months/years....are people really that dumb to buy it??? Are the people spending $100+ on some of these lots going to be kicking themselves soon enough? The only Dinar I would buy would be on with Saddam on it for the historic/collectible value....
I bought 1 million IQD back in 2005 when i worked in kuwait. Its one of those thing that you just don't know if it will hit or it wont. Though I believe probably it wont. I have worked with people that had over 20 thousand invested in it. And every day they would swear it will hit. I was at one of my banks yesterday and the new accounts lady asked me if i had heard of IQD. She said almost every day they get people coming in to open accounts with IQD or trying to buy it. She said she had a 70 year old guy sit at her desk and tell her she was stupid for not investing in it. She told me that a number of people have told her they over a million dollars invested. I have yet to confirm this but she also told me of a bank here in DFW that you can deposit IQD and buy it.
