Exchanged 50 Dinar Note?

[shydude]

I know someone out in DV land has general contacts in Iraq that will know what happened at the Bank today when they took in their 50 Dinar notes. Very Interested in what the results where.

 

Thank You

[DinarDavo]

Thanks! Please update when you hear.  

[rulesforrebels]

I've heard some reports that 50 notes are going to become worthless in the near future. I'm a bit skeptical in believing this for 3 reasons.

 

First off I think most people saying this are saying March or so. Lookup a book called MRI guide and look at previous examples of past countries who have "outmoded" or swapped out currencies and I couldn't find any examples of a country removing a single note or even a couple notes. In every example I could find they would get an entirely different currency and all new notes so find this hard to believe.

 

Second, again people are saying March the 50 notes will become worthless. Again, if you look in the MRI guide in every example of a note or currency going away they tend to give 2 years to swap out notes, not a matter of weeks. Some say they are redeemable without time limit and oftentimes its like a decade or more. Just look at pre Euro currencies I think most are redeemable without time limit, even the ones with a time limit are like 2018 and the euro was introduced way back in 2000 or so, so thats almost 18 years to swap out notes.

 

Lastly, I know most creditble news come from arabic sites and I think most people use google chrome or google translate to tranlate the text. This is fine for something simple like how are you today, however when you start getting into complicated monetary or banking terms like outmoded and things like that I can see how an automated translater could maybe misconstrue what an article was saying. For example maybe they are not printing more 50 notes but the curent ones will still have value and will still be circulated versus being zeroed out entirely.

 

Just some thoughts.

[staunch]

First off I think most people saying this are saying March or so. Lookup a book called MRI guide and look at previous examples of past countries who have "outmoded" or swapped out currencies and I couldn't find any examples of a country removing a single note or even a couple notes. In every example I could find they would get an entirely different currency and all new notes so find this hard to believe.

Read more: http://dinarvets.com/forums/index.php?/topic/198152-exchanged-50-dinar-note/#ixzz3TAvaK5B3

 

I might have misunderstood what you were getting at rules, but are you saying you couldn't find any examples of countries ditching a denomination?  If so, i found this article right off the top:

 

http://www.economist.com/blogs/newsbook/2013/02/economist-explains-why-canada-killed-penny

 

If i misunderstood you, my apologies

[rulesforrebels]

 

First off I think most people saying this are saying March or so. Lookup a book called MRI guide and look at previous examples of past countries who have "outmoded" or swapped out currencies and I couldn't find any examples of a country removing a single note or even a couple notes. In every example I could find they would get an entirely different currency and all new notes so find this hard to believe.

Read more: http://dinarvets.com/forums/index.php?/topic/198152-exchanged-50-dinar-note/#ixzz3TAvaK5B3

 

I might have misunderstood what you were getting at rules, but are you saying you couldn't find any examples of countries ditching a denomination?  If so, i found this article right off the top:

 

http://www.economist.com/blogs/newsbook/2013/02/economist-explains-why-canada-killed-penny

 

If i misunderstood you, my apologies

 

 

Staunch, thank you for posting that article, great find there. I can't believe I didn't think of that one. It's not even like we have to look to some crazy country like malawi or soemthing like that for an example of a note/coin being killed, just look to our neighbors to the north in Canada.

 

That said there is one interesting point regarding Canada killing hte penny which was mentioned in that article...

 

pennies will technically remain legal tender

 

That is one point which differes greatly from Iraq removing the 50 note in that at least initial reports people are posting are claiming the 50 note will become worthless and cease to have any value, where as with the Canadian penny it technically will still remain to be legal tender. There will still be pennies floating around, you can still use them at stores, they just aren't making any more.

 

I actually am pretty famliar with the Canadian thing only because I used to be a penny hoarder. For anyone not familiar with the concept basically because pennies are worth a cent but technically worth almost 0.04 cents at the peak of copper prices, the idea is you hold them and can someday melt them for a higher return on your money since you only paid a penny but potentially down the road they will be worth say 10 cents in copper. I never got that far into it I had maybe a half dozen coffee tins of pennies and then realized the inconvenience of storing and moving hundreds if not even thousands of pounds of pennies was not worth whatever potential return may happen down the road.

Anyhow, being I used to be into that I remembered years ago the Canadian mint on a large scale was taking away the pre some specific year pennies which were like 92 or 95% copper and putting out new ones with steel or zinc or some other metal. Even usa used to make copper pennies until 1982 at which point it went to mainly zinc with a little copper.

 

Anyhow, I digress with this penny stuff but the main point being if what is being reported about the 50 iraqi dinar notes is true it is much different from the Canadian example in that the canadian penny hasn't and will probably never become worthless since Canadian money is good forever but the Iraqi Dinar 50 notes at least as people are reporting will become worth nothing in the next couple months

Edited March 2, 2015 by rulesforrebels

[staunch]

ya, i knew the canadian penny was still legal tender.  As a matter of fact, i have an uncirc. canadian penny that i've been meaning to have checked out.  might be a rare one.  Anyway, a little bit into the article it said this : 

 

"It is not the first country to have done away with its smallest unit of currency: in the past few decades Britain, France, Israel and Spain, among others, have done the same. Some countries, including Australia, Denmark, New Zealand, Norway and Sweden have gone further, successively phasing out several of their smallest coins."

 

I haven't researched any of them yet, but i will see about it tomorrow and see what their outcome was.  Maybe some insight there !?!

[shydude]

Day 1 done and no report on anybody going to an Iraq bank to turn in the 50 Dinar note. This was an CBI announcement about turning in the 50 note; not an article from one of the bogus news sources. I would assume that the CBI announcement would be true and not bogus. Now I am beginning to wonder. Let's wait to see what day 2 brings.

[shydude]

I am beginning to wonder if the Article to turn in the 50 Dinar notes is valid. There has been no response of anyone turning them in to the Bank in Iraq. No word of a New 50.... or giving change with lower denomination notes....or that they had to open an account and have it as a deposit.

[JoeB]

I read on another forum that Xchange of America will be exchanging 50 dinar bills free of charge as a courtesy to all dinar holders worldwide.

[haymon]

One of the Dinar, buy- sell sites on the web, is paying 785.00-845.00 per million..

[The Machine]

I'm not really bothered if the article was real or not, I've sold my 50's for pretty much the same as I paid for them and have just bought 25k notes with the proceeds........ Bottom line is I now have a lot more dinar

[umbertino]

I'm not really bothered if the article was real or not, I've sold my 50's for pretty much the same as I paid for them and have just bought 25k notes with the proceeds........ Bottom line is I now have a lot more dinar

But less notes

[rulesforrebels]

I was convinced that these rumors were false or at the very least even if they are no longer printing the 50 notes I thought they would still say they had value and would retain their value. That said more and more I'm hearing about the notes being zeroed out so I'm starting to believe it. The DinarInc program people are referring to here is a link to hte details...

 

https://www.dinarinc.com/recall

 

From the sounds of it sounds like you don't have to be a previous customer of theirs nor did you have to buy your 50 notes from them. Part of me questions why are they doing this? I doubt they have a way to move these to Iraq and be paid so I'm guessing they are basically eating the loss on the 50 notes. It seems strnage to me a business out of the good of their heart would take on a loss of money so part of me thinks these 50 notes will either retain their value or maybe will even become sought after collectors items once they are all taken out of circulation.

 

I've seen a couple other dealers offering similar swap out programs however most I've seen are limited to their own customers nad if htey purchased the 50 notes from them which is understandalbe but it does sound as if the DinarInc program is open to all.

[navira45]

Just received email from dinar inc in association with Xchange of America saying they are exchanging 50 dinar note free of charge...April 1 is the deadline to take advantage of this free of charge offer.