Central Bank announces the withdrawal of 50 dinars a class of trading

[lsenatus9]

I agree with Gakman. Think about it. Why are they changes the small denom. The Iraqis are going to need the smaller notes for everyday activities. Normaly, the bigger notes are ussually used for bank-to-bank transactions. Why are changing them? Can some one with more knowledge about these changes to say something constructive. 

[dinarbeleiver]

I own a carrier bag of fifties - I am wishing I never bought them. Good job the majority of my holdings is the bigger notes. I hope doc is correct

[bsims25]

I talked to Julie at DinarTrade and she said they would buy them back.

Treasury Vault was selling them for 66 cents a peice.

[dinarbeleiver]

I talked to Julie at DinarTrade and she said they would buy them back.

I'm gonna get onto the phone to dinar trade next month

Thanks for the headsup

[bsims25]

I'm gonna get onto the phone to dinar trade next month

Thanks for the headsup

Do it now while they will still take them.

[TexAg91]

Thanks TQ.

 

But even if we have a low float, say 100IQD : 1 USD, wouldn't the other things hold? Ok, so my new 100 IQD gets me 1USD and what, my old 1000IQD gets me 10USD? So what happens when it floats to 50IQD : 1 USD? My new 100IQD gets me 2USD and my old 1000IQD gets me 2000USD?

That's the "HD notes keep their face value" scenario.

 

How does the "float starting off low" somehow allow us to redeem HD notes at face value? Does the CBI say something, "Up to 50:1 you can redeem HD notes at face value but beyond that they are adjusted to be worth what their corresponding LD denom is worth"?

 

Who knows, maybe all of the banks outside of Iraq are willing to honor the face value of the HD notes divided by the current post-rv exchange rate for some period of time, regardless of what that rate is, but wow, that might cost them a ton of value from whatever other currencies they were exchanged into. They'd have to have some agreement in place with the CBI, or whatever organization handles this, that they could get the value back from what they just exchanged.

 

Of course in the end there will be an RV of some sort. I'm betting in 2015. Once that happens, the CBI and whoever else will determine how they will handle the rates and the denominations and all of that. We will have no say in that or control over it. It will be what it will be. Consequently, I need to stop worrying about it and deal with what happens.

 

I just know that under one of these scenarios there will be a LOT (and not just here at DV) of disappointed people. Myself included.

[dinarbeleiver]

Do it now while they will still take them.

yes I think so

[easyrider]

I believe that without a new ISO number for a newly issued currency, both issues will trade at same rate. As long as the CBI does not get a new ISO, we should be safe with our notes. If they get a new ISO, we are probably screwed.

agreed if their is no new ISO code their is no need to worry they are coming out with LD's and everyone is freaking out.  . The 50 note is where they are starting for the LD's imho the rest will be coins. They replaced the larger 25k notes recently and they contain the same value as the old note. They were tattered and worn out it needed to be replaced.

Edited February 26, 2015 by easyrider

[climber7]

DINARBELIEVER

 

I was trying to figure out how to PM you an email but can't find a way.

Could you email me then I can reply.....?

[bsims25]

I just got off the phone with dinar trade and they said they will buy them back..BUT they have a 100,000 note minimum.

[dinarbeleiver]

DINARBELIEVER

 

I was trying to figure out how to PM you an email but can't find a way.

Could you email me then I can reply.....?

thanks I have posted on your profile

[bsims25]

My friend has 5000.

Paid $3300

[TexAg91]

BradyBear, you make a great "common sense" argument.

 

I just wonder if the people waiting to invest in Iraq until after the RV are the Gates, Soros, and other billionaire types that already have plenty of wealth to invest early and thus, once again, profit from having the ability to get in on the "ground floor" so to speak. I doubt Soros really focuses on what the HD and LD notes will be doing after an RV.

 

Believe me, I truly hope you are correct.

[djgabrielie]

anyone who thinks they can just eliminate our notes from circulation without us having a chance to exchange is not on the ball.period.  This is great news, and anyone posting otherwise is not well informed.

It's not great news for those who hold 50s unless you are in Iraq. If your here and your not electronic, hence hard currency in 50s, you now have to contact a broker and pay a spread and receive the current market rate.

[TexAg91]

BG888, sounds like we just need to watch for Yota posts having to do with ISO/SWIFT codes! 

[Djorgie]

Just another thought...

 

They have had two uncirculated coins that are listed on the CBI website for years. One being a 25 dinar coin and the other a 100 dinar coin. Maybe this is what the plan entails as far as getting those coins into circulation. Take out the two lowest denimination bills and replace them with the coins.

 

...and a question.

 

I am by no means a currency or mathmatic thinking brain (got blessed with the artistic thinking brain) so, I have to ask, would this scenerio make sense or equate mathmatically when factoring in a RV?

[dinarbeleiver]

Just another thought...

 

They have had two uncirculated coins that are listed on the CBI website for years. One being a 25 dinar coin and the other a 100 dinar coin. Maybe this is what the plan entails as far as getting those coins into circulation. Take out the two lowest denimination bills and replace them with the coins.

 

...and a question.

 

I am by no means a currency or mathmatic thinking brain (got blessed with the artistic thinking brain) so, I have to ask, would this scenerio make sense or equate mathmatically when factoring in a RV?

those coins were in circulation in 2004 however they pulled in as no one used them and the iraqi children used them as toys. I own a set of those coins. They are not the lower denoms

To replace the 50

[djgabrielie]

I see now that Dinar Trade will exchange these notes. What rate? Who will pay the shipping and handling fees?

 

Guess I should give them a call.

 

I hope they RV before the end of April. Just thinking of our members who hold 50s.  Seems like this is a prelude to an RV for all of us. If it isn't, then it is certainly an aggravation to some of our members.

[dinarbeleiver]

I see now that Dinar Trade will exchange these notes. What rate? Who will pay the shipping and handling fees?

 

Guess I should give them a call.

 

I hope they RV before the end of April. Just thinking of our members who hold 50s.  Seems like this is a prelude to an RV for all of us. If it isn't, then it is certainly an aggravation to some of our members.

Im certainly aggravated but I am glad dinar trade will exchange - now I need to find that carrier bag

[Djorgie]

those coins were in circulation in 2004 however they pulled in as no one used them and the iraqi children used them as toys. I own a set of those coins. They are not the lower denoms

To replace the 50

 

Thanks DB!

 

I was unaware of that. Guess that puts that thought to rest lol. Just trying to figure this puzzle out like everyone else.

 

If they RV then all notes will be worth much more so, wouldn't they need change like nickles, dimes and quarters for every day purchases? I think the 50 notes are only like 5 cents so I can understand why they would get rid of them but what about the other low denoms? In the case of an RV (depending on the rate of course) what would they actually have to use as "change"?

[bsims25]

I see now that Dinar Trade will exchange these notes. What rate? Who will pay the shipping and handling fees?

Guess I should give them a call.

I hope they RV before the end of April. Just thinking of our members who hold 50s. Seems like this is a prelude to an RV for all of us. If it isn't, then it is certainly an aggravation to some of our members.

100,000 note minimum on the 50's

[dinarbeleiver]

Thanks DB!

 

I was unaware of that. Guess that puts that thought to rest lol. Just trying to figure this puzzle out like everyone else.

 

If they RV then all notes will be worth much more so, wouldn't they need change like nickles, dimes and quarters for every day purchases? I think the 50 notes are only like 5 cents so I can understand why they would get rid of them but what about the other low denoms? In the case of an RV (depending on the rate of course) what would they actually have to use as "change"?

I really wish I knew lol

Stay safe Djorgie your one cool dude!

[Djorgie]

I really wish I knew lol

Stay safe Djorgie your one cool dude!

 

You stay safe and blessed as well.

 

Hee Hee... I appreciate the "cool" points, however, I am not a "dude" so I can't take that one LOL.

[dinarbeleiver]

You stay safe and blessed as well.

 

Hee Hee... I appreciate the "cool" points, however, I am not a "dude" so I can't take that one LOL.

I can never tell on this forum so your now a cool dudette

[djgabrielie]

100,000 note minimum on the 50's

Thanks brims