Iraqi Dinar

i was told that buying them could make a profit. like buying the Euro when it first came out, so i was wondering.

 

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It is possible.

If the dinar recovers to its pre-war level.

If they do not have a conversion to a new currency that requires you to travel to Iraq for the conversion.

If you can find someone who will change them back to dollars.

It is also possible that you will end up with nothing more than worthless pieces of paper. What is your risk tolerance?

 

The Iraqi Dinar is not exactly one of the highest traded currencies in the world, and you would be hard put to find someone that will exchange dinars, unless you are not getting a very good rate for them. Since the introduction back in 2004 it has appreciated in value, but again, it is not a well traded currency.

There is also a big difference betwixt the Euro and the Dinar, economy and political stability are huge factors long term.

 

i was just looking on e-bay, and they're always saying buy now they'll be worth more later.

 

Sounds a lot like those Nigerian emails telling you that you are worth $11 Million if you send them your bank account info.

 

it's when you go into world money, they're selling them.

 

ya know - i had a nice long response typed out - but becuase for some reason the forum is so full of database errors these days .. as i hit post reply - it failed and i lost everything - so screw it, im not typing it again!

in the nut shell - take a look at the US-Iraq echange rate - then compare what you are getting from these ebay sellers. Then you tell me who is getting the short end of the stick!

 

i wouldn't even know where to look at the exchange rate.

 

Try the funny papers just kidding

 

I was in Iraq in 2005. I worked with the Iraqi Army alot so wen I needed something they would always take dollars, but give change in dinar. at the time the exchange was about 1400. So I ended up with about 300 dollars in dinar when I left, figured I hold on it to like you were thinking.

Last year I ebayed most of it for 500. thats a 66% profit. The exchange rate didnt go too much higher, but I guess it was the collector value. I still have a few...somewhere..., but I was happy. You'd never get that from a purely exchange transaction.

 

hm, interesting. selling any?

 

If you convert 1.00 US Dollar into Iraqi Dinar you'll end up with a total of 1,169.00 Iraqi Dinar's as of today.

 

oh wow, then they're selling those notes for wayy too much.

 

OH YES, if you buy in bulk you can get a better deal on EBay, but the single notes are usually going up to 5x-10x face sometimes higher.

 

the one i saw, they where selling bundles of of them. they where the 500 dinars notes.