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Circulated vrs Uncirculated


shydude
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 Forgive me if this has been asked before.....but the search field did not turn up anything on Circulated vrs Uncirculated Dinar.

 

 I have bought dinar recently and asked who I purchased them from " Why they are selling now? The answer I got was that they are keeping their Uncirculated notes and getting rid of their circulated notes because they needed the money. I know Iraq is picky about their dinar notes and do not like them torn when turned in. Can anyone else explain why their might be paranoya on having circulated notes when you cash them in?

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Shydude.........look at it this way.  If you had a dollar bill you kept from High school and another you got from the bank last week........which do you think is worth more? 

Bingo.....they are worth exactly the same.

Now given that we're talking about Iraq, they might have some rules/laws about cashing in old vs new, but unless you're going to Iraq to exchange them, I really don't think you have anything to worry about.   ( don't quote me on that)

 I'm sure your seller just preferred to have uncirculated because they are clean and look minty fresh.

:cigar:  :cigar:  :cigar: 

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There's some crazy rumors and stories floating around regarding uncirculated vs circulated DInar. I remember some guy on this forum or another was trying to say uncirculated dinar was IQN and circulated was IQD. WEnt on to say that uncirculated notes were backed by gold and circulated was not. With that logic if I take my uncircualted DInar and bend it in half now all the sudden it becomes a new currency and is no longer backed by gold? That just sounds crazy and makes no sense.

 

There is no truth to the fact that uncirculated is worth more,however that said some countries are very picky about what type of notes they will accept. Many countries even the smallest tear in a bill and nobody will take it. SOme countries any ink marks on a bill and nobody will take it. This is true of many south american countries like Peru, Guatemala, and others. Below I posted a link to a trip advisor forum where people are discussing this very issue. THis is true of many currencies and countries around the world in terms of them being picky about what notes they accept. I don't know how picky Iraq is or what makes a note not passable but this could be a minor concern

 

http://www.tripadvisor.com/ShowTopic-g294311-i818-k6472216-Only_flawless_dollars_bills_acceptable_for_exchange_in_Peru-Peru.html

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From what I understand, it won't matter at all, when we turn them in.  Iraq is not getting them back, nor will they be using the 25,000 notes, except for their interbank transactions.  They are trying to pull those notes in, and get them off the street, so when it is time, we will return our notes to our bank, and from there, they will go to the US Treasury, to be held for trade for oil, or just foreign reserve.  What the government does with them, new or used, I don't really care.  Show me the money in my account!!!! :twothumbs:

 

Go RV or RI Soon!!!!

:eyebrows:

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Come on peeps, I know we all agree that the end game (RV), will mean that the condition of the bills won't mean squat!

Perhaps what this member is alluding to is the gaping difference in the value of bills now, today when dealing with a dealer.

Yes, there is a significant difference in their value pre-RV.

http://dinarvets.com/forums/index.php?/topic/187913-selling-1-million-iqd/

http://dinarvets.com/forums/index.php?/topic/189419-trying-to-sell-through-cash-for-dinars/#entry1447895

Lots of experience here shydude. Don't be shy about doing a little digging!

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From what I understand, it won't matter at all, when we turn them in.  Iraq is not getting them back, nor will they be using the 25,000 notes, except for their interbank transactions.  They are trying to pull those notes in, and get them off the street, so when it is time, we will return our notes to our bank, and from there, they will go to the US Treasury, to be held for trade for oil, or just foreign reserve.  What the government does with them, new or used, I don't really care.  Show me the money in my account!!!! :twothumbs:

 

Go RV or RI Soon!!!!

:eyebrows:

You are talking like you know exactly how things will go down when the truth is nobody knows. YOu are also wrong that the Treasury is going to sit onthe Billion of DInars floating around in the US. Banks will buy them in and eventually they will be sent to the Central Bank of whatever given country they are from. Thats how banks deal with FX currently and DInar will be no differnet so much of hte stuff your saying is either pure speculation and much of it is actually incorrect in terms of how banks handle foreign currency currently, the Dinar will be no differnet.

Come on peeps, I know we all agree that the end game (RV), will mean that the condition of the bills won't mean squat!

Perhaps what this member is alluding to is the gaping difference in the value of bills now, today when dealing with a dealer.

Yes, there is a significant difference in their value pre-RV.

http://dinarvets.com/forums/index.php?/topic/187913-selling-1-million-iqd/

http://dinarvets.com/forums/index.php?/topic/189419-trying-to-sell-through-cash-for-dinars/#entry1447895

Lots of experience here shydude. Don't be shy about doing a little digging!

Totally agree, premium prices for uncirculated DInar as well as lower denom Dinar is strictly with dealers, a bank will care less. Same way a bank is going to credit your account with $100 whether you deposit a $100 or 100 singles, Dinar will be the same

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You are talking like you know exactly how things will go down when the truth is nobody knows. YOu are also wrong that the Treasury is going to sit onthe Billion of DInars floating around in the US. Banks will buy them in and eventually they will be sent to the Central Bank of whatever given country they are from. Thats how banks deal with FX currently and DInar will be no differnet so much of hte stuff your saying is either pure speculation and much of it is actually incorrect in terms of how banks handle foreign currency currently, the Dinar will be no differnet.

Rules/Rebs: You are correct. Local banks clear FX in less than 24 hours. Usually thru an agency bank of the country that issued the currency. BUT in the case of the IQD there is only the CBI AND there is NO international agreement with the CBI to accept them!.

By Statute the UST and Fed are prevented from competing with private enterprise . SO they are not allowed to exchange dinar for oil,. The CBI can set any rate they like within the country BUT unless they will accept dinar across the border .that rate is meaningless.

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The only logical reason I can see someone to prefer one note over another is if someone believes rv will come out really high and maybe you could cash in a 1,000 notes without it being reported where as a 25,000 note would be reported due to teh amount a bank or whomever would be required to report it. Obviously its not smart to cheat taxes but I know some people on here have talked about that and thats really the only logical reason to prefer a certain note ie smaller notes. Yeah I guess if you sell to a dealer or private party you can maybe get a small premium for it being small notes but at the same time you most likely paid a premium when buying them so your not really any better off.

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