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rulesforrebels
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Posts posted by rulesforrebels
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Does it make any difference in price at the RV? That's the big question to ask
dinar is dinar, doens't matter if its crisp of folded in half, 1000 or 25000 at a bank. if you were to sell for a dealer or on ebay maybe a bit more for new but pretty insigificant and who cares at that point
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Yeah I think officially these notes were released a while back though it must take a while for them to get here to the states or maybe there's such an abundnace of the old notes they have to get rid of before the new notes can make their way over here but it seems like just now dealers are finally starting to get them in. A buddy of mine was really alarmed when he bought some dinar a while back and got these new notes, he hadn't heard about the new ones so was worried he got fakes
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it doesn't make sense to me for them to take in (exchange) the 50's for free when they are going to be worthless. The whole business model is based on buying and selling currency and charging a spread. Where are they making their money? Is there something on the other end of this i don't know about?
My first thought is that it's simply a marketing tactic. In order to trade your notes you have to sign up for an account on their website so now they hvae your contact info to send you solicitation e-mails and also you are a potential future customer of theirs. The 50 notes are worth so little do you think some huge company making millions a month is going to care about having to trade out $5 or $10 worth of 50 notes? Not a huge loss for them. I've heard some people on facebook and stuff complaining that it rubs them the wrong way its just marketing but really who cares DinarInc is offering a free service for you to trade notes, if yout interested take them up on it, if your not dont
Another thought though, maybe they have a way to trade them into the CBI in which case they are getting paid and just doing the legwork for you.
The only ohter thing I can think of is that maybe 50 notes really are not going to become worthless. I have questioned from the begininng whether the notes are going to be zeroed out or whether they will stop printing them but still honor them. I suppose it's possible they will stop printing but still be worth money in which case theres no reason to trade them out
I just sent mine off, thought some of you might need this information: Go to "Xchange of America" you have to sign up for an account (no real personal info) then send them you 50s with a letter telling them which demo you want and your return address. I tried to copy and paste the info here but it won't let me. I just sent XOM a message asking them about the 50s and sent me all the necessary info.
I could be mistaken but I'm pretty sure the fine print reads you ARE NOT allowed to request your Denominations, they give you whatever they want to give you or whatever your notes round up closest to. Not a huge deal as they are doing this for free and you have a choice of either having worthless notes or trading them so like they say beggers cant be choosers as far as note selection but just wnated to clear that up so you dont give people the wrong idea and the impression they can choose what notes they get
4. We will exchange your 50 notes for 250, 500, 1000, 5000, 10,000 & 25,000 FREE of charge. XOA will round to closest note or denomination (NO CUSTOM REQUESTS).
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I may not being following your point the way you inteded but you mention them taking away value from the Dinar by making it 3000:1 or whatever it was. What I've always heard was that nothing was "taken away" in any sense. I've always heard the value of the Dinar was artificially inflated when Saddam was in power. That would seem to make sense to me. It's like North Korea saying our Yuan or whatever their currency is called is worth 1 Yuan = $100 USD.
They are under sactions and almost nobody in the rest of the world does business with them at least not in the west so they can say whatever they want and it really doesn't matter as nobody trades with them or even cares for that matter. I believe Iraq was under sanctions at the end as well so I can buy into the idea that the value of the Dinar was artificially inflated at $3.50 or whatever it was.
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BE CAREFUL OUT THERE FOLKS...SENDING YOUR IQD FOR A "PROMISE OF FREE EXCHANGE??" JUST SAYING !!
Good point although with 50 notes being worth something like 3 or 4 cents not a huge loss unless someone has a sizeable amount. Also Dinar inc I think of as being one of the largest and most reputable dealers out there so not really that concerned.
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I heard on some blog that ISIS was not allowing Dinar to leave Iraq and that is the reason for all the price increases and some dealers making people wait a week or two to get Dinar. Not sure if that is true or not but if so reminds me of what the cartels in Mexico were doing with limes a few months back when limes went from being like 20 for $1 to like almost a dollar a lime. It was the cartels behind that.
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Thanks for the info, yes I saw the DinarInc program as well which looks like a pretty good deal and easy way to do this. I've heard other dealers will be doing similar programs but havn't seen details on any except from DinarInc.
I think currently there's like 3-4 posts going on about these 50 notes so anyone looking for hte official CBi statement or an article explaining what's going on or how to swapout I'll paste in my reply to another post in the general section below....
I think we have a few different posts currently going on regarding the issue of the 50 notes but here is some general info online about it from what exactly is going on to a couple different programs available to trade out 50 notes for smaller notes.
CBI Statement About 50 Notes - Origional & Translated
https://www.dinarinc.com/cbiletter
Article About 50 Note Recall
2 Programs Available To Trade 50 Notes Free Of Charge
https://www.dinarinc.com/recall
I have heard of several dealers with programs currently going on but so far this is the only stuff I can find online as having specific info about how the swaps will work.
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I think we have a few different posts currently going on regarding the issue of the 50 notes but here is some general info online about it from what exactly is going on to a couple different programs available to trade out 50 notes for smaller notes.
CBI Statement About 50 Notes - Origional & Translated
https://www.dinarinc.com/cbiletter
Article About 50 Note Recall
2 Programs Available To Trade 50 Notes Free Of Charge
https://www.dinarinc.com/recall
I have heard of several dealers with programs currently going on but so far this is the only stuff I can find online as having specific info about how the swaps will work.
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Thanks so much Adam. You are so greatly respected and appreciated .
The question I am posing is what is going to happen with the other lower denoms specifically the 250 and 500 notes? The 50 notes are a done deal and It makes total sense that if they don't use them and they are only worth under 5 cents then why bother keeping them? Then again if they had kept them and RV'd they would have been worth a lot more. They need to be able to make change for every day puchases still no matter what the currency value is so if there is a rate change what bills/coins will be used for that?
It also makes sense that they are using this as a practice run of some sort. It was a little confusing but, I gathered that they were not going to actually replaced the 50 note at all as far as with new 50 notes go. Maybe they will at a later time IDK?
Were the 50 notes included in the new and improved notes or not? Does anyone even know exactly what all of the new notes are that will eventually be put into circulation? I don't see why they would have included the 25000 note because it has a lot of security features already and would cost a lot of moola to reprint new ones with even more features. Doesn't make sense. IDK about the other notes because I only hold 250, 500 and 2500 notes, so honestly haven't payed much attention to the others.
I do know the claim was made that the old notes would run concurrent with the new ones and would not actually be done away with in the the manner they are doing with the 50 notes. Of course there was no hint of this happening prior to it actually happening so, who knows what the heck they will do lol?
I am not worried about what the rate will be. I am just concerned with the denoms right now. If they do away with one note it is possible that they will do the same with others... and maybe that is a part of the plan. Wouldn't it just be a sucker-punch if they worked it out so that they pull all of the old notes out before making a change in value so that we or anyone outside of Iraq holding dinar could not make a dime off of it? Is that even a possibility?
I mean look at the 50 notes. I don't think anyone will be flying to Iraq to open a bank account just so they can MAYBE get a little value out of these penny notes in the future. Anyone outside of iraq (for the most part) who hold 50 notes may as well just eat them or burn them or whatever lol. The point is that there will be no money made on those notes except for the dealers who sold them to people like us.
Before anyone jumps on me, I am simply trying to figure out what they could be up to just like anyone else. These are ligitimate questions and I don't need any grief about it just because you don't like it.
Thanks again Adam... and maybe if you have time you could address some of these questions.
This part strikes me as odd. In another post I pointed to the example of the canadian penny going away yet despite it going away its still valid so it's kind of odd the 50 notes need to be turned in or will be worth zero. I hadn't even though about it from the perspective of maybe this is a practice run for seeing what a turn in would look like on a small scale before they go big. I'm probably being al ittle optimistic hear but that actually makes a lot of sense so thats kind of exciting.
I know DinarInc is doing a swapout. If you send them 25,000 in 50 notes they'll send you a 25,000 note or if you send them 450 in 50 notes they'll round up and send you a 500 note.
I've heard that several other dealers will be doing this as well but DinarInc is the only one I've seen a program put in place for already, its on their site if anyone is interested.
Kind of a crazy thought but honestly with the current value of 50 notes its worth almost nothing, unless you have a significant amount postage probably outweighs what you gain by turning them in, at least at todays rates. I don't have too much in 50's so will probably just thorw them in a drawer with other collectible currency and coins I have and maybe give them to my grandkids down the line and maybe they'll be worth something as a rare collectible or historical artificat at that point.
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sounds like you would have done better on eBay with a "buy it now" sell. you get paid at the time of sell. And can get more than $899 per mil
Considering ebay takes between 10% and 13% maybe not. Some auctions are going off really high at $950 plus while others your lucky if you break 800. totally depends on how good your feedback on your account is, people dont trust new ebayers or those with low feedback so you'll get much less people bidding on your auction
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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.
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One interesting thing while doing some digging on the zim and these notes is there was a fairly small amount of them produced so potentially could have some collectors value, however I wouldn't pay $90 for one of htem.
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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:If i misunderstood you, my apologiesStaunch, 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
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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.
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Not all currencies will be worth investing in. This is one of them.....
I'm not disagreeing with the fact that the Zim is a turd, what I'm curious about is why people are so avid about getting this particular series of note which is not only no longer good but not even the most recent not good note. Doesn't seem as if anyone has the answer to that?
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Not sure if anyone can answer this. How come everyone seems to want a particular type of Zimbabwe money the 2008 or aa money?
If I'm not mistaken Zimbabwe came out with a new set of smaller amount notes after the aa or 2008 notes before then officially going to the dollar.
I know people talk about them bringing back the old Zim notes and I actually remember reading a credible article a while back stating if certain economic conditions were met they may bring back the Zim dollar but I would imagine they would roll out a new Zim currency and not revert back to an outmoded note, especially one two series ago.
Not sure if anyone knows the reason everyone wants these particular older notes?
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Hello All,
with all the speculations of the VND coming out at .08 is there any concrete Intel to support these claims, or is it coming from sources who are not really in the know?
Glad to be a part of this.
Never ask for intel, intel is nonsense, you want facts or nothing. Also nobody is in the know.
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Could someone fill me in on what the 50 note ordeal is? I thought they stopped printing the 50 notes when the coins came out? I know people still sell them but I didn't think anymore were being printed. Is there talk of issuing a new 50 note or some controversy regarding the 50 notes?
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I know most people on here are not big fans of the Zimbabwe money, myself included. I noticed DinarDepot is now selling single 100 Trillion Zimbabwe notes for $90 per note. A few years ago I had bought a zim note for $2 to put in my gf's at the time birthday card as a gimmick, crazy to think people are now selling those for $90 per note.
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yeah definately report back and let us know how things go. assuming you have everything in order with your notes and documentation you should get $899 per million which is a darn good price if you wind up getting it.
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I've head a number of things online today about Zimbabwe revaluing. I don't think there's anything to it but just curious what the rumor is all about? I'm not seeing much of anything online, only thing I could find searching was this article which doesn't seem to have anything to do with paper money but more something about people who lost money through banks. Anyone else heard these rumos?
Zimbabweans to be compensated fully as local currency is demonetizedFeb 23,2015HARARE, Feb. 23 (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) will use the rate of one U.S. dollar to 35,000 Zimbabwe dollars as it moves to demonetize the local currency and compensate account holders who lost their savings when the government introduced multi-currencies in 2009.
RBZ Governor John Mangudya told Xinhua in an interview Monday that everybody who had an account as of December 2008 would be awarded a blanket five U.S. dollars per account regardless of whether or not there was any credit in their bank balances.
Mangudya's comments allay fears that had beset the banking public which suspected that the RBZ wanted to credit the accounts with only five U.S. dollars and disregard the balances in the accounts at the time of the introduction of the multi-currencies.
The Confederation of Zimbabwe Industries also issued a statement recently urging the RBZ to fully compensate account holders.
"The five U.S. dollars is the minimum but we're going to be using the United Nations rate of one U.S. dollar to 35,000 Zimbabwe dollars. We have revalued it from one U.S. dollar to 35 quadrillion dollars," Mangudya said.
"This explains why the figure (to demonetize) has risen from the initial six million U.S. dollars to 20 million dollars," he added.
Former Finance Minister in the inclusive government Tendai Biti had indicated that six million dollars would be required to compensate account holders affected by the abandonment of the local currency in favour of mainly the United States dollar and the South African rand.
Other currencies acceptable in the banks are the Australian dollar, British pound sterling, Botswana pula and to a limited extent the Euro, Indian rupee, Chinese yuan and Japanese yen.
The local currency was literally made moribund in 2009 when the government sought to arrest runway inflation which then stood at 231 million percent at the last official count, even though unofficial figures put it at 4 billion percent.
To cope with inflation, the RBZ redenominated the Zimbabwe dollar in 2006, 2008 and 2009, with the highest being a 100 trillion dollar banknote printed on bond paper after the German company which used to supply it with the special paper stopped doing so because of economic sanctions imposed on the country.
The central bank would also occasionally slash the zeros from the notes amid concerns from businesses that the many zeros were crashing their computer systems.
The demonetization of the local currency will be completed by June 30, 2015, allowing many people who had stashed the Zimbabwe dollar in its various denominations to finally discard it.
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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
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I never understand why people ask if its still possible to purchase Dinar. Just do a google search and you'll find a dozen dealers or more selling them. Pretty much any of the known names who are treasury registered are trustworthy dinartrade, tampa dinar, dinar inc, deal or buy dinar, safe dinar, buy iraqi dinar here, xchange of america, sterling currency group, etc. Just shop around see who has the best prices and offers wahtever payment method you want and make your purchase. there's some deals to be had on ebay if you want to pay wiht paypal.
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The 50 coin has never been in circulation. Most of them were stolen right away and they made a 50 note instead.
The 50's are most definately around...
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Looking to buy 2 million dinar
in Buying and Selling Dinar
Posted
if location matters to you theres a dealer in lafayette indiana but prices aren't that great at $1129
http://cheapestdinar.com/
some good deals going on ebay. im not even in the market for dinar but when i see some auctions ending with 0 bids at 750 for a million i almost buy anyway at that price. not the norm but can typically find a couple auctions a week ending like that.