Skip to comments."INVEST" in Iraqi Dinar ?? (Yes or No) - My 2cents worth
Posted on 06/04/2007 4:22:45 AM PDT by davidosborne
A lot of folks are talking about investing in Iraqi Dinar, well for anyone who cares here is my 2 CENTS worth.
Yes, I have bought some Iraqi Dinar as a personal investment (at or BELOW the current exchange rate), and yes there is some risk. However, I find it interesting that many folks have spent large sums of money "investing" in Iraqi currency, and at times have spent MORE than what the currency is exchanged for here in Baghdad.
I do not understand this, so I guess I am asking if any freepers out there have bought Iraqi Dinar, and if so how much did you spend for it and why.
I am "giving away" TEN (1,000) dinar notes on ebay.. I tried to make the listing for a penny, but E-bay sets the min bid at 99 cents. Since I am really not in the Dinar business I really did not want to make a "profit" but rather make a point about this "dinar craze"
to make my point, I have no idea what the auction will actually close at, but if my theory is correct someone will snatch up ALL TEN, since I offered FREE SHIPPING, LOL
Anyway, look forward to your comments.
have YOU bought any Dinar? If so please tell me why.
The Number 1 reason to buy Iraqi Dinars....Great pictures of Saddam.
The Saddam notes are no longer valid? do you mean the OLD currency as a souviener?
I expect they will be replaced once the government is stabilized. The only reason for buying them is as a possible collectors item. I wouldn’t consider them an investment.
You're not a PR kind of guy are you? :^p
not really.. just trying to understand what the whole “dinar craze” is all about >>> LOL hey it possbile that I will LOSE about 7 bucks in this deal, if someone snatches up all ten for 99 cents.. LOL and then wants a refund, if the post office loses it.... NO WAY.. LOL
Kinda what I was thinking, but IF they are replaced, I would think that the locals would have time to trade in their old for the new correct? I don’t know, I am asking.. I know a lot of guys who have spent THOUSANDS even TENS of THOUSANDS on dinar.
I had to revise my listing to make it 2 for buck, otherwise the “investors” wont look at it being that 99 cents per 1000 would actaully give me a profit, which is not the point of this discussion..
Now. let’s see. Maybe some people know that every country the US has helped since WWII has turned into an economic powerhouse, and so will Iraq. In spite of all the dissing of Iraq by Dems, it certainly has the potential.
certainly a fair argument, that still does not explain why folks would pay MORE than the actual exchange rate for the Dinar. Can you help me understand that?
Maybe I need to add an incentive to get this conversation rolling. Any FReeper, (who is already on my ping list), sorry no newbees for this deal or I will go broke.. who participates publicly in this discussion and freepmails me your address, I will send you a free dinar note, either a 50, 250, 500, or 1000, whatever I have (my choice not yours), I am really curious about this, and really value your input... I plan to make this a chapter in my book, so really I am paying you (in dinars) for your input into this chapter.. LOL
BTTT does not count as participation for the free dinars.. LOL
That's easy, David. People read about it on some website that tells them this is a great investment. It's not that much money to buy ONE MILLION dinar. So instead of doing some research they envision the profits in their head and buy them. The difference in exchange rate and what is being charged seems like a reasonable rate for shipping. Also, people won't do a lot of work to find other avenues to get them. There is a bit of hucksterism on the part of the sellers
What prices are you seeing being paid? I looked at ebay and did a web search. Ebay is a little high for small amounts, but not too far out of range. If one just wants to dabble.
Thanks for your service.
I would tend to agree with you, however if an “invester” puts THOUSANDS into the Dinar above “exchange rate” the rate would have to go up significantly for them to make any profit at all. I suppose that is what they are banking on.
Thanks for you input. Have you bought any yourself?
David, I would love to receive one of your Iraqi dinars to show my 16 year old grandson who stunned our family with a conspiracy theory about 9/11. This is a boy who thinks Democrats are idiots and who visited Ground Zero the Thanksgiving after 9/11. His parents drove in from Ohio, wanting to show him first hand what the terrorists had done. I was privileged to go along as well. So we couldn’t believe he was taken in by these theories—he is a very intelligent boy. Of course many adults have been taken in by these outrageous theories, and believe they go all the way back to the American Revolution!
When “Debunking 9/11 myths” was released, I had a copy sent to him. I don’t know whether or not he has read it yet. He is very interested in the Civil War and visited Gettysburg with his father and uncle.
If I am lucky enough to receive one of your extremely valuable :) dinars, I would have his father—a finance guy—explain the history of it and also the possibilities of its future. But it would go to my younger son whose Marine Artillery unit was fired upon by the Iraqis in March 1991 during Desert Storm to show to his 7 year old son.
Of course George Soros may buy up all the dinars to destabilize the currency, his specialty. You could hold off for the highest price! :)
I thought about, then just didn't. What prices have you heard people paying? And what price should they be paying? On the web, the dealers are selling 1,250,000 more or less for around $800. Some are a little higher, some a little lower.
current rate is always available here
you might have to cilck on “display more currencies” if you dont see Iraqi Dinar on the menu
Buying UNDER the current exchange rate is a fair “investment” in my opinion only because the dinar rate is on a slow but steady rise..
LOL.. that was so good, I will send you one of each for FREE.. just for being the stellar FReeper that you are.
Thanks for the info.
I have several dinars my son brought to me when he returned from Iraq. I keep one very old and beat up one in my wallet..every time I see it I send a prayer to our GI’s..
What a great idea, SE Mom—Now I’ll be able to join you in that.
I bought a 25,000 dinar note a couple of years ago. I don’t recall how much I paid, but it couldn’t have been much or I would remember. I bought it because I hope that eventually the Iraqi people will have a better future. I checked the www.ex.com site, and the current rate is about $20.00. The site provides very useful information about the current and future possibilities.
20 bucks per 25K is about right here in Baghdad right now.. who knows what it will be after the SURGE.. I suspect it can only go up.. I have been watching it climb daily over the past several weeks.. I think this is an idication that the Iraqi people are slowly becoming more confident in their security.. lets pray this continues for the sake of their country, not just so all the “dinar” holders can get rich..
I made this chart as quick ref for way the Dinar stands right now.. who know what it will be weeks, months, or years from now..
1,000,000 = $800
500,000 = $400
325,000 = $260
250,000 = $200
225,000 = $180
125,000 = $100
100,000 = $80
75,000 = $60
50,000 = $40
25,000 = $20
10,000 = $8
1,000 = 80 CENTS
500 = 40 CENTS
250 = 20 CENTS
100 = 8 CENTS
50 = 4 CENTS
True, in general, but every country? Maybe "some" people know that, but I wouldn't term, e.g., Vietnam, an economic powerhouse. And Germany doesn't use the same pre-war currency, does it?
Sorry, but Claire means clear and your quibbles seem so foggy that you must be drinking beer at a bar.
Don’t drink. So, I’ll be explicit: your statement is wrong.
hey now you two be nice.. :)
Well that reall moves the ball down the court.
First bid is IN, and as I suspected someone has bid on ALL 10 at one time. I really wanted them to go to 5 different people not all 10 to the same guy.. so here is the deal.. if you bid on just ONE set ONLY and mention this thread, I will deduct 50 CENTS from your FINAL BID, and still give you free shipping..
Just trying to make this interesting..
Interesting observation as I watch iraqi dinars on e-bay.. I am facinated by the fact that the smaller bills are selling for a higher price than the large bills. LOL isn’t that like paying a buck for quarter?
Someone please help me understand what in the world people are thinking..
You Wrote: I expect they will be replaced once the government is stabilized. The only reason for buying them is as a possible collectors item. I wouldnt consider them an investment.
Do you mean the Sadaam notes being replaced? if that's what you meant, that happened back in 2003. I am talking mainly about the NEW post 2003 Iraqi Dinar. just to clarify your comment.. The Sadaam notes have been worthless for the past 4 years, except to throw darts at maybe..
The craziest thing about this whole thing is that some American people will buy a 25 dinar coin for about 2 dollars on e-bay.. but you can a MILLION dinar for under 800, so if you trade your million dinar in for coins and sell the coins on e-bay you just made 80,000 dollars.. someone check my math, is this for real??? All I can say is that some Americans are stupid ! LOL
I have added these two listings to help facilitate the discussion further
There has been a very slow strengthening of the Iraqi dinar. Its around 3% stronger than at the start of the year. This is not much and its not really worth trading in Iraqi dinars right now. The dinar is being propped up by the state central bank by the high rate of 20%. This is aimed at encouraging businesses to keep their dinars in their banks rather than trade them for dollars or take them abroad. This policy is successful right now because of the oil revenue which is in dollars. But one can never be sure of the future. If the security situation deteriorates further or spreads well beyond Baghdad, then the dinar could drop like a rock (ie people exchanging their money for dollars and going elsewhere). This would be bad news for people wanting to profit for their saved dinars.
By the way, the Iraqi central bank has a website, with currency statistics here:
Thank you very much for your input into this thread.. this is exactly the type of input I was looking for. I think there is still a huge market for the rather new 25 dinar / 100 dinar coins which are equal to 2 cents / 8 cents. I am having a hard time finding them in Baghdad, maybe thats because the Americans are paying 5 bucks each for them LOL... what are your thoughts on how long this will last, I am trying to get my hands on as many as I can for this reason..
Not so sure why the coins are in short supply. In fact I’ve never seen any coins either. Its just possible that it is because they are worth so little. Will have to find out with my contacts in Iraq.
By the way, there is an Iraqi dinar discussion forum here:
I thought it might be useful.
You are correct.. most Iraqis DO NOT carry them because it would be the equivilent of us going to walmart with our pockets full of pennies.. however I can’t help but think that some out there know that Ameicans will pay a LOT for them..
I was able to get my hands on a few of the new 100 dinar coins.... they are very hard to get here. Let me know if you want one.
If I already promised you a free dinar note via FReepmail, and you have not yet received it, please FReepmail me again, I promised notes to several folks before I had to go home on Emergency Leave and I don’t remember who I sent to and who I didn’t thanks..
I sold several Iraqi Dinar on ebay and realizaed that it was costing me money due to the listing/PayPal fees. So I decided to make an offer directly to my fellow FReepers... The Dinar is much easier to get now, and if you want any Dinar notes or coins, and denomination/combination etc. just freepmail, and I will send them to you at cost, with a personal note from me.
I bought 1.2 million ID for $640 in early '04. It hasn't gone up significantly since then, but it has gone up.
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