climber7 Posted February 10, 2015 Report Share Posted February 10, 2015 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 More sharing options...
dontlop Posted February 10, 2015 Report Share Posted February 10, 2015 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 3 1 Link to comment Share on other sites More sharing options...
dontlop Posted February 10, 2015 Report Share Posted February 10, 2015 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 1 1 Link to comment Share on other sites More sharing options...
dontlop Posted February 10, 2015 Report Share Posted February 10, 2015 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 More sharing options...
dontlop Posted February 10, 2015 Report Share Posted February 10, 2015 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 2 Link to comment Share on other sites More sharing options...
stealthwarrior Posted February 10, 2015 Report Share Posted February 10, 2015 The World bank will except all currencies. 2 Link to comment Share on other sites More sharing options...
climber7 Posted February 10, 2015 Author Report Share Posted February 10, 2015 Thanks!! So then the answer is.....when it's "payday" then they should take our dinar as well as the dinar currently in circulation then? Link to comment Share on other sites More sharing options...
Markinsa Posted February 10, 2015 Report Share Posted February 10, 2015 Thanks!! So then the answer is.....when it's "payday" then they should take our dinar as well as the dinar currently in circulation then? Your dinar IS IN CIRCULATION. - 2 Link to comment Share on other sites More sharing options...
olivesman Posted February 10, 2015 Report Share Posted February 10, 2015 (edited) Our dinar IS currently in circulation...IN IRAQ! Almost tied ya, markinsa. Edited February 10, 2015 by olivesman 1 Link to comment Share on other sites More sharing options...
climber7 Posted February 10, 2015 Author Report Share Posted February 10, 2015 The question was posed vaguely so I assumed it meant dinar being used as opposed dinar being hoarded away like we have Link to comment Share on other sites More sharing options...
Markinsa Posted February 10, 2015 Report Share Posted February 10, 2015 Our dinar IS currently in circulation...IN IRAQ! Almost tied ya, markinsa. :lol: 1 Link to comment Share on other sites More sharing options...
Texstorm Posted February 10, 2015 Report Share Posted February 10, 2015 I am not a hoarder ! I'm a speculator. 2 Link to comment Share on other sites More sharing options...
olivesman Posted February 10, 2015 Report Share Posted February 10, 2015 (edited) The question was posed vaguely so I assumed it meant dinar being used as opposed dinar being hoarded away like we haveThe 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, Edited February 10, 2015 by olivesman 1 Link to comment Share on other sites More sharing options...
dontlop Posted February 10, 2015 Report Share Posted February 10, 2015 The World bank will except all currencies. Is the world bank open to the public? Link to comment Share on other sites More sharing options...
olivesman Posted February 10, 2015 Report Share Posted February 10, 2015 ACCEPT not except... 1 Link to comment Share on other sites More sharing options...
ReinMan Posted February 11, 2015 Report Share Posted February 11, 2015 Once it becomes tradeable you can exchange it SOMEWHERE. Try your local AMEX office, they deal in foreign currency exchanges for a fee of course. Or try your local international airport. Link to comment Share on other sites More sharing options...
climber7 Posted February 11, 2015 Author Report Share Posted February 11, 2015 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 More sharing options...
dontlop Posted February 11, 2015 Report Share Posted February 11, 2015 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 More sharing options...
umbertino Posted February 11, 2015 Report Share Posted February 11, 2015 Quote But I'm not sure anyone accepts iran dinars either End Quote Iran Rial Link to comment Share on other sites More sharing options...
Roadrunner Posted February 24, 2015 Report Share Posted February 24, 2015 (edited) 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 February 24, 2015 by Roadrunner 1 Link to comment Share on other sites More sharing options...
caz1104 Posted February 24, 2015 Report Share Posted February 24, 2015 It may be awhile before u get a response back from dontlop Link to comment Share on other sites More sharing options...
stealthwarrior Posted February 25, 2015 Report Share Posted February 25, 2015 (edited) I may be wrong on this one.I am not sure that it is open to the public Edited February 25, 2015 by stealthwarrior Link to comment Share on other sites More sharing options...
stealthwarrior Posted February 25, 2015 Report Share Posted February 25, 2015 Thank for correcting my spelling brother.some times I move too fast. Link to comment Share on other sites More sharing options...
rulesforrebels Posted February 25, 2015 Report Share Posted February 25, 2015 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 1 Link to comment Share on other sites More sharing options...
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