get off the lop talk

[randalln]

Today, the base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, $10,000 and $100,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:

• $500: William McKinley
• $1,000: Grover Cleveland
• $5,000: James Madison
• $10,000: Salmon P. Chase
• $100,000: Woodrow Wilson

The reverse designs are abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the Series of 1934 gold certificate which were printed in orange on the reverse. These Series 1934 gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily purchased by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions and not issued to the public. Of these, the $100,000 is an odd bill in that it was printed only as this Series 1934 gold certificate. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured below).

Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System. ^[1] The $5,000 and $10,000 effectively disappeared well before then. Of the $10,000 bills, 100 were preserved for many years by Benny Binion, the owner of Binion's Horseshoe casino in Las Vegas, Nevada, where they were displayed encased in acrylic. The display has since been dismantled and the bills sold to private collectors. Also, there is one large size, 1800's-era $1,000 bill in the Birdcage Theater in Tombstone, Arizonaunderneath the glass counter top.

The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 known $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.^[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.^{[citation needed]}

For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of theelectronic money system has made large-scale cash transactions obsolete. When combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade, it is unlikely that the U.S. government will re-issue large denomination currency in the near future, despite the amount of inflation that has occurred since 1969. According to the US Department of Treasury website, "The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."^[3]

^{I show you this because my grandfather collected money coins and bills I have a $5000 bill and 3 $1000 bills do you think if i went to the bank to trade them in 8 $100 bills would be all I get?????????????????????}

[quadraph0nic]

sure maybe over the course of the next 30 years they will slowly but surely get more of these 25,000 notes out of circulation so that the M2 can come down and the exchange rate can rise...

[randalln]

The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 known $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.^[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.^{[citation needed]}

^{I show you this because my grandfather collected money coins and bills I have a $5000 bill and 3 $1000 bills do you think if i went to the bank to trade them in 8 $100 bills would be all I get?????????????????????}

At no time in 40 years can i find one time that anybody from USA or any other country was turndown to exchange there big bills .So why do people think that they would start now . Nor has any trade currency of any country ever been revoked wail the country was still in existence . But currency has been removed from circulation but never in 30-90 days that would be imposable to pull-off especially with so much out there .It took almost two years to change from Old dinar to New dinar at a very large cost .So It dose not matter what its worth against other currencies when a country removes large bills .They just wait till is at the bank and they condemn it wail making you change !!!!!!!!!!!

What we need to worry about is how to get it to their bank not if its going to be any good !!!!!!

Unless

[NotMyFirstBBQ]

Get off the LOP talk?

You refer to the US bringing in these bills in 1878 and finally repealed in 1933, so just shy of 50 years. Maybe if we wait for 50 years we will have the same thing happen with the Dinar, is that what you're referring to?

And I can quote LOP's that happened in: Venezuela, Brazil, Turkey and the Ukraine PLUS more that did use the LOP to get their currency under control. I'm not doing this to bring down this investment, I have more than a few Dinar myself, but to completely discount the possibility is to set yourself up to be greatly disappointed.

IMHO, a country that basically has 27 Trillion+ in circulation while having little to no infrastructure and a population base of 30 million, 7 million of whom do not work, is too high. This is the reason why I feel a LOP MAY be an option. I would have to search to find the link, but an Iraqi Gov't official said that they are using Turkey's 2005 revaluation as a template for their own. I don't know if it was true, or someone just spewing BS, but it was here on the internet. Turkey did a LOP, BTW.

I think that the guts of this thing will come down to how much Dinar the Iraq gov't can reel back in.

Lastly, I believe that the US will get theirs. With a suspected 3.7 Trillion investment in Iraq I believe that they will be paid this amount, not 37 Billion (if a LOP happens). But this is based purely on blind faith.

[randalln]

Get off the LOP talk?

You refer to the US bringing in these bills in 1878 and finally repealed in 1933, so just shy of 50 years. Maybe if we wait for 50 years we will have the same thing happen with the Dinar, is that what you're referring to?

And I can quote LOP's that happened in: Venezuela, Brazil, Turkey and the Ukraine PLUS more that did use the LOP to get their currency under control. I'm not doing this to bring down this investment, I have more than a few Dinar myself, but to completely discount the possibility is to set yourself up to be greatly disappointed.

IMHO, a country that basically has 27 Trillion+ in circulation while having little to no infrastructure and a population base of 30 million, 7 million of whom do not work, is too high. This is the reason why I feel a LOP MAY be an option. I would have to search to find the link, but an Iraqi Gov't official said that they are using Turkey's 2005 revaluation as a template for their own. I don't know if it was true, or someone just spewing BS, but it was here on the internet. Turkey did a LOP, BTW.

I think that the guts of this thing will come down to how much Dinar the Iraq gov't can reel back in.

Lastly, I believe that the US will get theirs. With a suspected 3.7 Trillion investment in Iraq I believe that they will be paid this amount, not 37 Billion (if a LOP happens). But this is based purely on blind faith.

No im saying that in all that time they still have not removed all the big bills but the $ has still gained against all other currencies Just think if it was still pegged to GOLD what it would be worth do you think they knew what was to come ?

[randalln]

All the countries that so called( loped their currency ) actually changed their currency dew to inflation and if you keep up with whats going on here this was done in iraq in 2003. And all the denominations that are just coming out have been here since then because i have them I also have been here since 2003

And if the RV happens to fast they would have to remove the high denominations rapidly but if they let the market flow work and just RV it low then they can remove the large bills at a slower ratio

And remember this is not a tradable currency yet so its not meant to be outside the country yet to be cashed in .It was only to be used for payment of stuff inside Iraq. For them to lop would mean they would have to change the currency again, at a very very large cost

[Dinarsaurus]

The only reason that I can see for there not to be a lop of the currency is that it would be of no benefit to the majority of Iraq citizens.That being that their purchasing power would not change, obviously unless the RV occurred afterwards.But saying that and taking a RV of 1-1, I find it hard to get my head around the scenario that, one day an Iraqi is stood in the queue at the market stall holding a 25,000 dinar worth $20 but the next day it could possibly be worth $20,000.Simplistic, I know

[umbertino]

In my very humble opinion. The higher the RV exchange rate, the higher chance they lop.......Do I like it? No.

[dinarded]

Come back and talk to us AFTER you heed some of your own advice.............

[Ore]

Sorry for the double "it"s,"in" where there should be "if" and "new" where it should say "news". I was typing fast and didnt proof read. I wont allow me to edit

Come back and talk to us AFTER you heed some of your own advice.............

Who are you referring to?

[Soldier]

Yea....Get off the lop talk. Even the United States had those kind of bills 60 years ago. When there was no internet, online trading, etc. We will all wake up millionaires one day off of Iraq. Iraq can't wait to get rid of all there money and be broke and can't feed their people so we call be millionaires because we walked to the nearest bank and traded a hundred bucks for a hundred thousand from Iraq. They have the oil to pay every other american that much money.

[Ore]

Well I have also been here since then and I live and work with the Iraqi people

I don’t have any idea how many more times I can explain this

This is straight from my students here in Iraq, not the corner 7-11 store in Fantasy Ville

There will be a lop and simultaneous Revaluation to the same rate as Kuwait This has been explained to the Iraqi people for several months now through text messages from their banks, on television, the radio and from their Mosques. I have seen the texts (I don’t read Arabic) so I have them translated by our terp

So it goes like this

I’m an Iraqi citizen and my current pre RV wage is 1,000,000 dinar per month

I have approximately $1000 dollars in buying power

Now after a Lop and RV my wage of 1,000,000 becomes 1000 dinar per month

But I have the buying power of approx $3600 US dollars

The CBI electronically knocks off 3 zeros from all accounts and rounds up or down

Like this pre RV I have 3,734,286 dinars in an account post RV I have 3,734 dinar

Simple huh? As far as the details are concerned larger notes and smaller notes can be used concurrently

And as the larger notes return to the bank they will be taken out of circulation

There will be no need for a 100000 dinar note as the purchasing power of a 25000/25 dinar note will be around $90 dollars us and anyone that has been to Kuwait will tell you will rarely ever see a KD bill larger than a 50

So what about all the foreign investors? You say what about them they all make a 350% profit on their investment. Not bad huh

If any of you think for an instant that you will become instant millionaires from this better think again

Semper Fi

Edited. Tyipng fast and too many coronas dont mix

If I was Iraq, I would do exactly what you are stating. Seems perfectly plausible and logic, but....

All the countries that have lopped their currency have done so primarily because of their massive inflation rates; have introduced a completely new currency with a new name to replace the previous currency (not just lower denominations of the same); and all of those countries have also devalued their currencies after they have lopped it, since it makes it less expensive to buy foreign goods (so the country's imports are greater than they would otherwise be). It also makes it more expensive for foreigners to buy the country's goods (so the country's exports are less than they would otherwise be), but that does not really matter with Iraq since oil is still sold in USD, at least for now...

- Iraq's inflation is really not bad, although it used to be:

History of Iraq's inflation rates

- Iraq originally printed 14 IQD denominations:http://www.cipe.org/regional/mena/iraq/pdf/bttv_synopsis_ep6.pdf

- Only 7 (or 9 if you count the 2 non-released coins) have been released: http://www.cbi.iq/index.php?pid=Banknotes (we have yet to see the other 5 or 7)

-Iraq's main exports are necessities in high demand that people need, consumables, common goods(such as oil and agriculture), not just things that foreign nations want (ei. wanted products, electronics, machinery, accessories).

Usually, countries that lop their currencies will auction off their foreign currency reserves, like the CBI has done. It is usually done in order to fight of inflation but looping also causes all those countries to default on foreign loans, unlike with Iraq. Most importantly, remember that in those CBI auctions, the CBI is actually selling an average of $130-$170 million USD (not selling IQD), (every weekday, about 210 weekdays within 1 year) , from their foreign reserves in order to reduce the amount of IQD in circulation, which by using simple math, equates to selling about $31.5 billion usd from their foreign reserves per year, thus collecting and reducing about 31.5 trillion IQD per year from circulation. That leads me to believe that there was in fact much more IQD than the previously reported 27 trillion stated in circulation at one point. But that's okay...

My point is that though your statement sounds logic, (I'm not saying you are lying either), Iraq is not in the position that most countries that have lopped (and always devalued their currencies) were in. And that itself can cause a completely different result from their results. Hey, I'll be happy with 300% return, but if they were to lop like these other countries, they would have to introduce a completely new currency, with a new name in order to lop.

Since you say you heard what you posted from your students in Iraq, what do you teach? if you dont mind me asking... Also, how long ago did you hear it? With so many Iraqi (in Arab language) news we see everyday, I wonder why we have not seen anything officially reported about it? I mean, if banks are texting their customers, I'm sure we would have seen it somewhere...

Where is Keemwlkfny? I would love his input on this.

I could very well be wrong, and I'm not claiming to know everything, just brainstorming, based on facts, not what I heard..."

[pureau79]

Well I have also been here since then and I live and work with the Iraqi people

I don’t have any idea how many more times I can explain this

This is straight from my students here in Iraq, not the corner 7-11 store in Fantasy Ville

There will be a lop and simultaneous Revaluation to the same rate as Kuwait This has been explained to the Iraqi people for several months now through text messages from their banks, on television, the radio and from their Mosques. I have seen the texts (I don’t read Arabic) so I have them translated by our terp

So it goes like this...

...So what about all the foreign investors? You say what about them they all make a 350% profit on their investment. Not bad huh

If any of you think for an instant that you will become instant millionaires from this better think again

Semper Fi

Now this is about the most common-sense and plausible plan I have heard yet. This is the most believable and likely scenario I can imagine. It is not what any of us hope for, but I can live with a 350% profit. I've never owned a stock that performed so well... Not bad, huh?

[speculatorsRIDE]

Well I have also been here since then and I live and work with the Iraqi people

I don’t have any idea how many more times I can explain this

This is straight from my students here in Iraq, not the corner 7-11 store in Fantasy Ville

There will be a lop and simultaneous Revaluation to the same rate as Kuwait This has been explained to the Iraqi people for several months now through text messages from their banks, on television, the radio and from their Mosques. I have seen the texts (I don’t read Arabic) so I have them translated by our terp

So it goes like this

I’m an Iraqi citizen and my current pre RV wage is 1,000,000 dinar per month

I have approximately $1000 dollars in buying power

Now after a Lop and RV my wage of 1,000,000 becomes 1000 dinar per month

But I have the buying power of approx $3600 US dollars

The CBI electronically knocks off 3 zeros from all accounts and rounds up or down

Like this pre RV I have 3,734,286 dinars in an account post RV I have 3,734 dinar

Simple huh? As far as the details are concerned larger notes and smaller notes can be used concurrently

And as the larger notes return to the bank they will be taken out of circulation

There will be no need for a 100000 dinar note as the purchasing power of a 25000/25 dinar note will be around $90 dollars us and anyone that has been to Kuwait will tell you will rarely ever see a KD bill larger than a 50

So what about all the foreign investors? You say what about them they all make a 350% profit on their investment. Not bad huh

If any of you think for an instant that you will become instant millionaires from this better think again

Semper Fi

Ok so following your scenario the 25,000IQD would be 25IQD, the 10,000IQD would be 10IQD, the 5,000IQD would be 5 IQD and the 1,000IQD would be 1IQD. What would the 500IQD, 250IQD and 50IQD be? They either have no value or they become the 3 largest bills.

[keepmwlknfny]

Whats your point?? Are you trying to compare what the US did to the present day Iraq situation?? If you are then you really need to do some more homework bud.......

[Ore]

Ok so following your scenario the 25,000IQD would be 25IQD, the 10,000IQD would be 10IQD, the 5,000IQD would be 5 IQD and the 1,000IQD would be 1IQD. What would the 500IQD, 250IQD and 50IQD be? They either have no value or they become the 3 largest bills.

Well, see, thats one of the things I was getting at earlier... If Iraq were to lop, they would need to introduce a completely new currency, with a new (slightly modified) name to replace the current one. Thats what every single country that lopped has done. No country can lop its currency, without replacing it. Introducing low denominations of the same currency is not lopping. Lop is also mainly done when the country has a massive amount of inflation together with trade deficit over at least 8% And every single country that has done it, has actually devalued the new currency....

[dinarded]

Sorry for the double "it"s,"in" where there should be "if" and "new" where it should say "news". I was typing fast and didnt proof read. I wont allow me to edit

Who are you referring to?

The originator of this thread..............It starts with.......... "get off the lop talk or know what you are talking about"