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Started By
Message
Iraq Dinar??
Posted on 12/9/10 at 8:17 am
Posted on 12/9/10 at 8:17 am
Anyone purchasing any of this.Along with our Christmas bonus our owner bought 300.00 of this for all the managers.He said if it works out you will be very happy and if if dont you didnt spend any money and I only spent chump change.
5
Posted on 12/9/10 at 9:06 am to GeauxFurniss
Every now and then someone posts about this.
If you just want to collect pretty paper, go right ahead. But don't expect it to have any investment value whatsoever. The companies that sell this stuff have a 50% markup (seriously, I looked at a couple of vendors) and generally speaking they will not buy it back from you. Why should they?
The scammers' sales pitch usually makes some claim about how the central bank is going to suddenly revalue the currency by a 1000 to one or some such nonsense. Of course, no central bank is so foolish as to give away that kind of money to a bunch of foreigners. They might indeed announce a "new dinar" that is worth 1000 old ones, but that doesn't change the value of your old dinars one bit.
And how are you going to exchange them for dollars? You have to go to Baghdad to do so. Good luck with that.
Oddly, if you had bought dinars from nonscammers (that is, from vendors in Baghdad) back in 2004 you would have done quite well, but even then you'd have to go back there to exchange them for dollars. It isn't just the insane markup the scammers charge, the real problem is that you can't sell them back.
If you just want to collect pretty paper, go right ahead. But don't expect it to have any investment value whatsoever. The companies that sell this stuff have a 50% markup (seriously, I looked at a couple of vendors) and generally speaking they will not buy it back from you. Why should they?
The scammers' sales pitch usually makes some claim about how the central bank is going to suddenly revalue the currency by a 1000 to one or some such nonsense. Of course, no central bank is so foolish as to give away that kind of money to a bunch of foreigners. They might indeed announce a "new dinar" that is worth 1000 old ones, but that doesn't change the value of your old dinars one bit.
And how are you going to exchange them for dollars? You have to go to Baghdad to do so. Good luck with that.
Oddly, if you had bought dinars from nonscammers (that is, from vendors in Baghdad) back in 2004 you would have done quite well, but even then you'd have to go back there to exchange them for dollars. It isn't just the insane markup the scammers charge, the real problem is that you can't sell them back.
Posted on 12/9/10 at 1:30 pm to foshizzle
Foshizzle is right they are not going to do you much good.
Posted on 12/9/10 at 1:32 pm to GeauxFurniss
Worst investment idea ever. Every redneck I know in Alabama is on this retirement plan.
Posted on 12/9/10 at 2:33 pm to Tiger4
quote:
Foshizzle is right
Always good advice.
Posted on 12/10/10 at 10:31 pm to foshizzle
It is a shame that you know nothing about Dinar and post worthless information about IQD. Did you know that you could buy 500,000.00 worth of Dinar at capital One Bank, Whitney Bank, and Iberia Bank right here in Baton Rouge???? You can always sell your dinar back at anytime. Please do your research before posting bogus information. There is 0% markup to purchase.
This post was edited on 12/10/10 at 10:33 pm
Posted on 12/11/10 at 8:58 am to tigerchicforever
Either way its a win win for me.If it does something I get paid.If it dont I still get my christmas bonus.
Posted on 12/11/10 at 10:32 am to tigerchicforever
quote:You obviously have no clue how currency exchange works. The "markup" is the difference between the buy/sell price offered on any currency versus the currency you're using to purchase with or sell into.
There is 0% markup to purchase.
You owe foshizz an apology.
Posted on 12/11/10 at 6:55 pm to LSURussian
quote:
The "markup" is the difference between the buy/sell price offered on any currency versus the currency you're using to purchase with or sell into.
Correct, of course.
However, I will admit that the last time I looked into this was this past summer. As of this evening some online operators are posting offers to buy dinars, which they were not doing previously, so on that point I stand corrected. The spread is still quite large though (about 850/1050 for uncirculated notes in quantity - it's even worse if the amount is small or the notes are circulated) but much smaller than I expected. The Central Bank of Iraq, of course, posts a much smaller spread (1068/1070), which is more in line with what one would expect.
At these prices the 300 dinars the OP referred to would be worth about 35 cents. Nice bonus.
As to whether Whitney will exchange dinars for a walkup retail customer, let's just say I have my doubts. Whitney will do foreign exchange but not for every currency, more than likely they just resell through Citibank. For a business customer doing business in volume they probably will trade anything if the price is right.
Posted on 12/11/10 at 7:05 pm to tigerchicforever
quote:
It is a shame that you know nothing about Dinar and post worthless information about IQD. Did you know that you could buy 500,000.00 worth of Dinar at capital One Bank, Whitney Bank, and Iberia Bank right here in Baton Rouge???? You can always sell your dinar back at anytime.
you are correct to an extent.however markups do happen. and it is improving. some places you can sell them back. you could not do that at all awhile back. here is a good site if you want to have some fun.
LINK
This post was edited on 12/11/10 at 7:10 pm
Posted on 12/14/10 at 4:18 pm to lsutigerita
From what I've heard they are meeting with Joe Biden tomorrow and will do a revaluation on the 18... as of right now they are saying it will be worth $3.26 but obama is pushing for $5.... would be worth it... Imo!
Posted on 12/14/10 at 4:41 pm to I Love Bama
quote:Yes.
Worst investment idea ever. Every redneck I know in Alabama is on this
In fairness though, when placing those orders they were probably expecting an exotic meal rather than worthless paper.
Posted on 12/14/10 at 5:05 pm to GeauxFurniss
Every penny I make goes into Iraqi dinars, Power balance bracelets, and healing crystals. Every fricking penny, Jethro.
Posted on 12/14/10 at 6:49 pm to GeauxFurniss
I know someone who looks at this website everyday about this crap. He bought a crap load of this money, approx 15K American Dollars. Since 2008 he has been looking at this. People are always saying, "It is going to RV by March, then it will RV by May, then it will RV by October and so on..."
Posted on 12/15/10 at 9:30 am to ElleshooTGR
Either way im still getting my regular christmas bonus.If it does anything great,if it dont oh well.
Posted on 12/15/10 at 9:44 am to ElleshooTGR
quote:
People are always saying, "It is going to RV by March, then it will RV by May, then it will RV by October and so on..."
Then these people are morons. Central banks will "revalue" currencies but it isn't really a revaluation. What happens is that they will say something like "Our old Martian Greenie is so inflated we're going to knock off three zeros and call them New Greenies. You can exchange your old ones for the new ones at 1000 to 1."
This does *not* change the value of the old currency. It just creates a new one with the same name.
No central bank is going to suddenly decide it's old currency is worth 1000 times what it used to be - that would be tantamount to giving away the national treasury to a bunch of foreigners for no purpose.
Posted on 12/15/10 at 11:34 am to foshizzle
This thread makes me lol.
Posted on 12/15/10 at 11:44 am to Broke
Threads like this make me nervous. Nervous because some people actually believe that a national government can make the value of its money supply go up in value a thousand-fold just by waving a magic wand. And these people vote.
Posted on 12/15/10 at 11:53 am to foshizzle
Seriously, if people believe the Iraqis could make their currency go up 1000 times over just by saying so, then surely some can be persuaded by some politician that the Federal Reserve could do the same thing but isn't for some nefarious reason.
Posted on 12/15/10 at 12:06 pm to foshizzle
quote:
Threads like this make me nervous.
I get calls about this about once a year. I can't ever tell if they are serious or just playing around.
And a government can revalue a currency. But it's pointless.
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