exchanging for lower denoms

[Alexyn1006]

Hello, Can anyone recommend a dinar trading company that they know is reputable that may possibly be able to allow me to exchange my 25k notes for 500 notes? Thank you.

[Darin]

Hello, Can anyone recommend a dinar trading company that they know is reputable that may possibly be able to allow me to exchange my 25k notes for 500 notes? Thank you.

I think a few members have traded at certain banks. Hopefully they'll be able to chime in & help.

May I ask why you wish to exchange for lower denoms?

The only credible reason I could see is when the RV occurs, if you wish to cash-out smaller bills while you either A) wait to see if the value goes up in the short-term cash out a small % to use the funds to setup accounts, or pay for other post-RV investments C) Hand out to other people pre-RV as sort of a gift.

I would imagine fees would be involved in the exchange.

[MLUNCEF]

I am new to all of this and I have 25k notes, what is the deal with wanting to change for lower denoms? Won't they all exchange for the same rate?

[speculatorsRIDE]

A dinar is a dinar no matter the amount on the note. Some people think that if they get rid of the 000 notes and Iraq decides re-denominate their currency by removing or lopping the 000 they will be safe. However, this thinking is incorrect. If they remove or lop off 000 it would be from every note. A 25000 note would become a 25 note, a 500 note would become a .50 note. Keep in mind that the lower denominations cost more then the 000 notes do to purchase. So, if you decide to exchange your 25000 notes for 500 notes through a dealer or a bank you will not receive the same value for what you have now. I believe the 500 notes are selling for $7,000 per million through the dealers where the 25000 notes are selling for $1200 per million. You will take a large hit to trade in your 000 notes.

[Darin]

I am new to all of this and I have 25k notes, what is the deal with wanting to change for lower denoms? Won't they all exchange for the same rate?

Some people believe that it will save them from removing the 3 zeros.

However, if any change happens, it happens to all currency. - No sense in getting a large shipment of 50s when 25k will do just as well & costs of shipping should be less.

The only small reason it may be reasonable to get lower denoms is if they have a cash-out window for 000s. Could happen, but I still think highly unlikely. I believe if you were concerned enough to get the lower-denoms, you would also be concerned enough to cash out within that window as well (even if you were holding a large volume of lower denoms).

[wayoutwest]

Lets talk MONEY! What does it cost Iraq per day in IQD or USD for delaying the RV?

[Jaxinjersey]

A dinar is a dinar no matter the amount on the note. Some people think that if they get rid of the 000 notes and Iraq decides re-denominate their currency by removing or lopping the 000 they will be safe. However, this thinking is incorrect. If they remove or lop off 000 it would be from every note. A 25000 note would become a 25 note, a 500 note would become a .50 note. Keep in mind that the lower denominations cost more then the 000 notes do to purchase. So, if you decide to exchange your 25000 notes for 500 notes through a dealer or a bank you will not receive the same value for what you have now. I believe the 500 notes are selling for $7,000 per million through the dealers where the 25000 notes are selling for $1200 per million. You will take a large hit to trade in your 000 notes.

Mostly the concern is that there could possibly be a short term cash in window for the 000's at a lower rate... then a higher rate later, hence the desire for smaller notes to cash in then, or later. If so, perhaps we may be able to exchange for smaller notes in that post rv window.... we shall see!

[Alexyn1006]

Thanks everyone for your help and advice. I love this site. I contacted Chase today and when I asked them if I could exchange my dinar/higher denoms for lower, they said, "Chase does not accept the Iraqi Dinar". I said, "thanks." and hung up.

[larryc6610]

That's my biggest fear with the possible 45 days window for 3 zeros.

I wanted to keep most for at least a year and save the big Capitol Gains tax hit..

Let us know if you find anywhere to do the exchange.

I've tried all the major banks and three dealers. No takers.

Take care.

Go RV!!!!!

[teresa43]

That's my biggest fear with the possible 45 days window for 3 zeros.

I wanted to keep most for at least a year and save the big Capitol Gains tax hit..

Let us know if you find anywhere to do the exchange.

I've tried all the major banks and three dealers. No takers.

Take care.

Go RV!!!!!

and my biggest fear is that they RV at a very low rate.

[Dinariana]

Let us know if you find anywhere to do the exchange.

I've tried all the major banks and three dealers. No takers.

Isn't that a bit worrisome? How can banks sell them but not take them back? Has that always been the case?

[Alexyn1006]

If I find any takers, I'll certainly let all of you know.

[radar12354]

A dinar is a dinar no matter the amount on the note. Some people think that if they get rid of the 000 notes and Iraq decides re-denominate their currency by removing or lopping the 000 they will be safe. However, this thinking is incorrect. If they remove or lop off 000 it would be from every note. A 25000 note would become a 25 note, a 500 note would become a .50 note. Keep in mind that the lower denominations cost more then the 000 notes do to purchase. So, if you decide to exchange your 25000 notes for 500 notes through a dealer or a bank you will not receive the same value for what you have now. I believe the 500 notes are selling for $7,000 per million through the dealers where the 25000 notes are selling for $1200 per million. You will take a large hit to trade in your 000 notes.

The question would be who will want the 25,000.00 notes. Iraq is getting rid of its 25,000.00 notes as we speak no longer in circulation. The lower denoms will be traded on the forex............a window created by the US Treasury to buy large notes after that no one will buy them, just paper......just saying.....small notes are insurance!.....Let the two governments work that out as usual!

Edited May 22, 2011 by radar12354

[Laney]

The question would be who will want the 25,000.00 notes. Iraq is getting rid of its 25,000.00 notes as we speak no longer in circulation. The lower denoms will be traded on the forex............a window created by the US Treasury to buy large notes after that no one will buy them, just paper......just saying.....small notes are insurance!.....Let the two governments work that out as usual!

Oh, heck - I just bought some 25k notes today. I thought they would be best because they have the most security/authentication. Are they really taking them out of circulation? Will they take an extra hit when you go to cash them in? What denom is best? Thanks~Laney

[sandyf]

The question would be who will want the 25,000.00 notes. Iraq is getting rid of its 25,000.00 notes as we speak no longer in circulation. The lower denoms will be traded on the forex............a window created by the US Treasury to buy large notes after that no one will buy them, just paper......just saying.....small notes are insurance!.....Let the two governments work that out as usual!

No paper money traded on forex, all electronic.

I agree about the window, I believe the American government will pressurise the international banking community into a short exchange window under the guise of curbing terrorism. After, your only option would be to take the currency to Iraq.

Banks are free to accept any currency they choose for exchange without question.

[Laney]

Oh, heck - I just bought some 25k notes today. I thought they would be best because they have the most security/authentication. Are they really taking them out of circulation? Will they take an extra hit when you go to cash them in? What denom is best? Thanks~Laney

Also, radar or anyone else, do you think there will be more problems associated with the 25k than the 10k or 5k -- or is the problem with all of the higher denoms? Thanks

[Laney]

I was able to have my dinar guy ship 5000s for the same price rate. Hope that makes them a little easier to handle than the 25ks. I'm just not willing to pay the premium for the 500 notes.