30 day to cash in

[Chape]

Hi Everyone, just to add fuel to the fire ...And perhaps to lend some credence to this thread..

I recall that when they changed money in the UK, it was not a big thing for my parents.

That was mainly because like almost everyone else, they were living from payday to payday.

The big concern was if they were going to be able to understand it.

My parents were even thinking they were going to lose money.

After all, changing from 240 pennies to 100 pennies, seemed a risk to my dad.

Yet, had they been savvy, and if they had a few extra bob put away they would have made money with the change.

Here is part of an article- 'The Decimalisation of Britain's Currency, a general survey by N.E.A. Moore 1973.

Hopefully, it will give you some insight into what actually happens in this kind of event.

The whole article can be read at the link below.

4. The Changeover Period

Experience justified this statement. The Board became increasingly convinced that the changeover period

- once forecast as one-and-a-half to two years - would be much shorter. The banks would change to decimal

working on D Day so all cheques would have to be in £.p. Government departments and big businesses

would change immediately. There was a powerful spur to others to do the same. Indeed, retailers saw

competitive advantage in an immediate changeover. Perhaps 90% of organisations worked in decimal

money during the first week. The changeover was not formally ended until the end of August 1971,

but for all practical purposes it was over well within a month. It was much closer to a

"Big Bang" changeover than to a gradual one.

http://www.ecu-activities.be/documents/publications/publication/1994_3/moore.html

Cheers All.. And Best Regards.

[umbertino]

Quote

4th they where already told when this happens they where given 30 days to cash in after 30 days the dinar will no longer be valid ..

End Quote

4b) Cow waste imo.

Why would the RV a currency only to have it be valid for just 30 days? Maybe they THINK that is the case and passed it on as fact... Doesn't matter either way to me, I only need a few days to move my money around.

Thanks for the post Reveldog.

Thanks for the common sense.

[smee2]

[size="5"]ONE DAY WILL NOT DO IT !!!!!!![/size]

I don' tknow why people think they will only need one day to cash in.

It takes a phone call, and sometimes several days, just to get an "appointment" to "see or talk" to someone at the "bank" ... and if you pay attention to the dealers they are giving the phone numbers for you to make and "appointment" ... like in advance of actually just showing up!

This is bigger than opening an account at a bank though you may have to do that if you don't have one already. It is bigger to cash in the dinar than it was to buy it, for darn sure. It is bigger, and will take a lot more time and finicky paperwork to get OUT of this than it took to get IN.

If there is indeed a time limit of thirty days, and I don't really believe that at least not yet, you may need every one of those thirty days, maybe only twenty two or so of them working/banking days, to accomplish cashing in.

So for heaven sake find out before you start saying it will take one day. I did. It takes a lot longer than that. Maybe if you are the only one in cashing in, but you are not. You are either one of hundreds in a large area making a lot of appointments at several offices, not a quick process, or you are one of a very few making appointments in some out of the way area that might insist you have to travel to the bigger city and compete with all those others trying to cash in, or out, whichever way you see it.

but it just is NOT going to be a one day, or two day, or even three day process!

Sorry to sound raving but this just manages to yank my chain every time someone says it.

smee2

[jack]

So what is the big deal if it is only 30 days?

Gee...how long does it take you to get to the bank?

The only people who would be upset by this are people planning to do something sneeky or trying to avoid paying taxes.

I think a lot of the people who hold dinar may be crooks looking to cheat the US government out of taxes.

I think you guys will get caught and lose it all and maybe go to jail.

Just sayin

Edited January 28, 2011 by jack

[BIGCG]

I haven't had a joint in years....Man I miss the good ole days. I wouldn't even know where to score any....and I LIVE in Mexico!

Ah great idea.. I live in Colorado and we have medical marijuana dispensarys EVERYWHERE, more locations than starbucks. LOL

[jphillips]

Ah great idea.. I live in Colorado and we have medical marijuana dispensarys EVERYWHERE, more locations than starbucks. LOL

California - almost legalized. Within the next 2-3 votes. Not sure if it is a good thing or a bad thing but the taxes alone would save the state.

[Halo9678]

Ladies and Gentlemen,

I can tell that we are all ramping up for the February spin off to "As the Dinar Turns" Okay, I admit that I am overjoyed at the possibility of this being the month. Read the threads about the Budget, nice! Read the thread about the Arab League Summit impacting R and R travel, even better. I even read the thread about banks "dealing with the dinar in February, thought I was going to change my name to "I-sheet-muyh-drawers" (Little SNL courtest of Robert De Niro). Even this post, while I didn't like the 30 day window, was pretty damned awesome. So while we are all doing lines of eCocaine reading these threads, I would be remiss if I didn't remind everyone that this is still Iraq and there are a lot more factors involved than what we may even care to fathom. Let's just try to keep things in perspective. Thanks.

[CaptainJack]

"5th they just finished there moscow for the first time"

Does this *&$#@! mean mosque?

[kwanvestor]

I believe if a banknote was going away the IMF requires 4 months minimum. IMO Iraq needs to instill confidence in their currency worldwide so declaring large notes to not be legal tender would not be wise.

[jack]

I believe if a banknote was going away the IMF requires 4 months minimum. IMO Iraq needs to instill confidence in their currency worldwide so declaring large notes to not be legal tender would not be wise.

Nope.

When they took in the old Saddam Dinar and gave the new dinar it was only 90 days (3 months)

[teedoffed]

Cancel or re-denominate?..or is this the same thing?

[txsrooster]

I will just go to the International Airport about 100 times, small transactions you know....keeping low hiding from the man. And it is only about 10 miles from the office, make trips at lunch.

[snowglobe4]

why would we only have 30 days except the fact that they were going to introduce a new currency...thoughs?

and if they are going to do that...then why rv at all?

[DPV]

It seems to me the only reasons a country has to make someone turn in their currency is because they are either introducing new currency or they are re-denominating their currency(lopping zeros or whatnot). I'm surprised to hear of a time frame though. Usually you can use your pre-lop bills forever. Usually the country just takes them out of circulation as they pass through the banks, eventually eliminating all the old bills. This can also explain a rumor about 2 different prices for goods in sores(one price for new currency and one price for old. this way you don't have to carry a calculator around to shop). This eases the costs of printing all the new money right away. I think best case scenario is they lop 3 zeros while Re-Instating the IQD with a new rate to the globally traded marketplace. Keep in mind lopping doesn't mean the value has to drop. For instance: If a cup of coffee pre-lop cost 1,000 dinar, after the lop a cup of coffee will cost 1 dinar. Does anyone know of any other reasons a country would want you to turn in their currency?

[txsrooster]

I have seen just as many credible news stories supporting the lop as I have about the RV, and count them on one finger.....everything else has been rumors. I don't know what to believe but I know what I want to happen.

[detroitjazzman]

It seems to me the only reasons a country has to make someone turn in their currency is because they are either introducing new currency or they are re-denominating their currency(lopping zeros or whatnot). I'm surprised to hear of a time frame though. Usually you can use your pre-lop bills forever. Usually the country just takes them out of circulation as they pass through the banks, eventually eliminating all the old bills. This can also explain a rumor about 2 different prices for goods in sores(one price for new currency and one price for old. this way you don't have to carry a calculator around to shop). This eases the costs of printing all the new money right away. I think best case scenario is they lop 3 zeros while Re-Instating the IQD with a new rate to the globally traded marketplace. Keep in mind lopping doesn't mean the value has to drop. For instance: If a cup of coffee pre-lop cost 1,000 dinar, after the lop a cup of coffee will cost 1 dinar. Does anyone know of any other reasons a country would want you to turn in their currency?

Im told by my neighbor, the currency of choice in iraq US dollars. it would then make sense that they would have time specific to convert thos dollars to dinars before they were too expensive. Other than that I see no reason for citizens of that country to exchange anything, the dollar changes value couple times a day against other currencies. just saying

Edited January 28, 2011 by detroitjazzman

[andy3978]

It seems to me the only reasons a country has to make someone turn in their currency is because they are either introducing new currency or they are re-denominating their currency(lopping zeros or whatnot). I'm surprised to hear of a time frame though. Usually you can use your pre-lop bills forever. Usually the country just takes them out of circulation as they pass through the banks, eventually eliminating all the old bills. This can also explain a rumor about 2 different prices for goods in sores(one price for new currency and one price for old. this way you don't have to carry a calculator around to shop). This eases the costs of printing all the new money right away. I think best case scenario is they lop 3 zeros while Re-Instating the IQD with a new rate to the globally traded marketplace. Keep in mind lopping doesn't mean the value has to drop. For instance: If a cup of coffee pre-lop cost 1,000 dinar, after the lop a cup of coffee will cost 1 dinar. Does anyone know of any other reasons a country would want you to turn in their currency?

All I can take away from this lop business is that if I would 1 million IQD and they chop 3 zero's off, I will have only 1,000 IQD. Even if it RV'd to 5USD = 1IQD...I'd have profited $5000 - $1000 (purchase cost) leaving me with a net profit of $4000. a $4k profit is clearly NOT worth the ups and downs of this roller coaster . Please, if i'm mistaken correct me

[umbertino]

Ah great idea.. I live in Colorado and we have medical marijuana dispensarys EVERYWHERE, more locations than starbucks. LOL

Well it was proven it's the best thing for curing glaucoma so no wonder.

[umbertino]

All I can take away from this lop business is that if I would 1 million IQD and they chop 3 zero's off, I will have only 1,000 IQD. Even if it RV'd to 5USD = 1IQD...I'd have profited $5000 - $1000 (purchase cost) leaving me with a net profit of $4000. a $4k profit is clearly NOT worth the ups and downs of this roller coaster . Please, if i'm mistaken correct me

I'm afraid that IF ( hopefully it won't) it turns out to be that ugly ( LOP) you'll have no choice and no alternative BUT to deem it worth for yourself. You'll need to accept that..

Edited January 29, 2011 by umbertino

[We Receive]

1) The currency we all hold IS the new currency.

2) The talked-about "Gulf" currency is many years down the road.

Please do more homework so you will not panic. Tap into the information coming out with the riots in Egypt, Jordan, Tunisia and watch the ME. These upsets will either force the RV, so the people in Iraq will not rebel, or there is a possibility that Iraq could be next with civil unrest. It is awfully and earily quiet over there right now.

Don't be fooled, the Iraqi leaders are not stupid. I've had the opportunity to travel all over the world and let me tell you, those people can count $$$$$'s faster and more accurately than any American I've ever met. Stay strong and focused. Blessings!

[NotReallyTex]

All I can take away from this lop business is that if I would 1 million IQD and they chop 3 zero's off, I will have only 1,000 IQD. Even if it RV'd to 5USD = 1IQD...I'd have profited $5000 - $1000 (purchase cost) leaving me with a net profit of $4000. a $4k profit is clearly NOT worth the ups and downs of this roller coaster . Please, if i'm mistaken correct me

That's a good question. This really has been an up and down ride for me and I bet worse for others.

I guess for me if I only made that much I would still be good with it, disappointed but it is still a profit. I don't invest money by trade so for me this was entirely a gamble. I deal in livestock so at least I don't have to feed it have it die on me.

But for others who really went out on a limb and might have used money they really needed for other expenses, they probably won't think it was worth it.

But I know others who lost a bunch on their 401's so as long as I remember them when I cash in I guess I will be Thankful for anything.

[Texas1]

I'm starting to doze off. Okie? Anyone?

[moses7797]

All I can take away from this lop business is that if I would 1 million IQD and they chop 3 zero's off, I will have only 1,000 IQD. Even if it RV'd to 5USD = 1IQD...I'd have profited $5000 - $1000 (purchase cost) leaving me with a net profit of $4000. a $4k profit is clearly NOT worth the ups and downs of this roller coaster . Please, if i'm mistaken correct me

Just my opinion: IF and only IF they were to "LOP" zeros I can only imagine it would mean changing the large denominations to the smaller denominations to make transactions easier. for instance they rollout the new 1, 10, 25 instead of the 1000, 10000, 25000 notes.

You change what you now own for the RV rate and they remove the large notes from circulation. you do not lose any potential value and is in no correlation to the value of the new smaller denoms, they have just removed the 3 zeros. Just a theory......

[Starlifter]

On the 7th of July 2003, Ambassador Bremer announced that there would be a currency exchange conducted from the October 15th 2003 to January 15 2004. The exchange would be nationwide, and that's what we did.

Excerpts from EXECUTIVE SUMMARY interview of BrigGen Trant who lead the currency exchange program in Iraq. He was stationed in Iraq from September 2003 to January 2004. The currency exchange program ran from October 15 2003 to January 15 2003.

We used multiple media outlets: newspapers,television, and radio. We used handbills that were issued by the civil affairs soldiers onthe streets throughout the country. These were colorful handbills that illustrated the new currency, and explained the program and how it would be run from 15 October to 15 January.

We of course explained that they didn’t all have to show up on the 15th of October, because there was going to be plenty of money to go around. There would be enough for everybody to exchange their money, so don't think you have to rush to the bank. Words to that effect were written in the Iraqi language, and it just reassured people that this was going to be a very high-quality currency and it would be something that they would be proud of, how it would have illustrations on it that were meaningful to their history and culture.

Some of them wanted additional denominations, and my understanding here recently is that Central Bank of Iraq is proceeding with achieving additional denominations. So they're going to end up with something like eight denominations. There is also the coinage, and that will be very helpful to people.

Hopefully we will have at least three months to exchange our revalued dinars.

Go RV!

[youliveonce]

Not even close to reality.