Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Is this true?


climber7
 Share

Recommended Posts

So, a question was posed asking if ALL dinar--held by anyone--must be honored by the banks when "pay off time" comes? 

An answer was given "no--the banks ONLY have to cover dinar that is currently in circulation." 

 

If that's true--then we're sitting on worthless paper. 

 

I'm not being negative--I want this as much as everybody. Just trying to find out the truth.......

Link to comment
Share on other sites

The only currency that has to be accepted in the United states is the US dollar.

Some banks have chosen to exchange certain currencys because there's a market for them and they make money doing it , but not every bank does currency exchanges nor are the obligated to do so.

You will have to find a buyer

It's not worthless currency

You can get your money back right now minus the fees

That's what currency dealers do

Buy and sell currency that banks don't

They had a field day with this one

  • Upvote 3
  • Downvote 1
Link to comment
Share on other sites

They will take the dong 21,000 dong to one dollar at the airport but they won't touch the dinar

Vietnam agreed to imf article 8

They have no payment restrictions on their currency

Iraq is still in the transition article 14

Once iraq excepts imf article 8 they can never go back to article 14

I think like 165 countrys out of 181 countrys have accepted article 8

Iraq isn't one of them neither is syria iran accepted it with a 20,000 to one exchange rate

But I'm not sure anyone accepts iran dinars either

So who knows maybe sanctions don't help

Link to comment
Share on other sites

I found this interesting

Legal Tender Act passed, Feb. 25, 1862

On this day in 1862, Congress passed the Legal Tender Act to finance the Civil War. It allowed the federal government for the first time to print paper money, called greenbacks, that was not backed by an equal amount of gold or silver.

As the government’s hard currency reserves dwindled, the legislation created a new path for it to pay its bills. By obliging creditors to accept the greenbacks at face value, the legislation also energized the economy even as Congress kept inflationary pressures in check by enacting an income tax and steep excise taxes.

The act legitimized paper currency in “payment of all taxes, internal duties, excises, debts, and demands of every kind due to the United States, except duties on imports, and of all claims and demands … and [it] shall also be lawful money and legal tender in payment of all debts, public and private, within the United States.

Read more: http://dinarvets.com/forums/index.php?/topic/195802-pegged-exchange-rate/page-2#ixzz3RK56iK3b

  • Upvote 2
Link to comment
Share on other sites

The question was posed vaguely so I assumed it meant dinar being used as opposed dinar being hoarded away like we have

The dinar we "hoard" (though I only HOLD mine, I don't "hoard" it) is ALSO one and the SAME dinar that Iraqis USE.

And Markinsa, :lol:

Edited by olivesman
  • Upvote 1
Link to comment
Share on other sites

Okay,so here's another quote tonight that makes me confused regarding 'circulating' vs. 'non-circulating' dinar.

 

Any thoughts please? 

 

The CBI under Shabibi mentioned a few times that one of his goals was for the dinar to be part of a foreign currency reserve in countries and it is my belief that this is what will happen as part of the plan.  These dinars not circulating in Iraq, yours, mine and the central banks dinars, will remain not circulating and they do not have to be backed by Iraq's reserves. I am absolutely sure that only circulating dinars are what we need to be watching."    

 

Link to comment
Share on other sites

Any dinar that's not sitting in the central bank is concidered circulating or in circulation

At least that's how I understand it

The central bank of iraq has the sole authority to issue dinar

Your dinar has been issued

My dollar in my pocket is circulating

A dollar in some guys pocket in iraq is circulating

If your house caught fire and you lost a hundred dollars because it burnt up it would remain in circulation forever

Only the cbi can take iraq dinars out of circulation

What I'd like to know is

How is iraq going to use atm machines with so many different sizes of dinar notes

I guess it's possible

Link to comment
Share on other sites

  • 2 weeks later...

I got some uae currency right now

I can't go to my bank and get dollars for it

I can go to an international airport and exchange them

That's what I did with my vietnam currency

What makes you think you can't exchange Dirhams for dollars at a bank?I come home a few times per year. Everytime i come back, I have either a pocket full of Kuwaiti Dinar or Dirhams from the UAE. I have never had a problem exchanging them at any bank.

Edited by Roadrunner
  • Upvote 1
Link to comment
Share on other sites

They will take the dong 21,000 dong to one dollar at the airport but they won't touch the dinar

Vietnam agreed to imf article 8

They have no payment restrictions on their currency

Iraq is still in the transition article 14

Once iraq excepts imf article 8 they can never go back to article 14

I think like 165 countrys out of 181 countrys have accepted article 8

Iraq isn't one of them neither is syria iran accepted it with a 20,000 to one exchange rate

But I'm not sure anyone accepts iran dinars either

So who knows maybe sanctions don't help

There's a shop downtown Chicago who sells and buys Dinar. I believe they are only paying about $650 for Dinar right now and selling it for $1100 and it's mostly circulated so not a great deal but at least a physical location if that's important to you. They don't consistantly have it in stock you have to preorder and are normally waiting a few days. I'm not in the market for anymore but I'd rather just buy online than pay high prices for circulated stuff locally. There's quite a few mall locations and currency exchanges dealing in Dinar in Texas and Florida as well plus all the xchange of america locations

  • Upvote 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.