Q Re: Exchanging Currency after Redenomination

[NOMOBULL]

I apologize in advance if this has been already asked. I did a search, but didn't find anything.

I went to my local currency exchange just to purchase 100K in Dinar. The person behind the counter told me it was a waste of money because the Dinar will likely be redenominated (removal of the 3 zeros) and the Dinar I was purchasing will not be worth anything after redenomination. He said that in order to exchange the current Dinar with the new Dinar after redenomination I would have to travel to Iraq because the currency could not be exchanged in the US. He also said that when Mexico redenominated it was a mess because tons of people had Pesos that were worthless. I don't know if the 3 zeros will be removed, but if they are removed, does anyone know if what he said is true? If not, where should I go to exchange the Dniar in the event of a redenomination?

Thank you for you reading this and responding.

[Dinarius Rucker]

I apologize in advance if this has been already asked. I did a search, but didn't find anything.

I went to my local currency exchange just to purchase 100K in Dinar. The person behind the counter told me it was a waste of money because the Dinar will likely be redenominated (removal of the 3 zeros) and the Dinar I was purchasing will not be worth anything after redenomination. He said that in order to exchange the current Dinar with the new Dinar after redenomination I would have to travel to Iraq because the currency could not be exchanged in the US. He also said that when Mexico redenominated it was a mess because tons of people had Pesos that were worthless. I don't know if the 3 zeros will be removed, but if they are removed, does anyone know if what he said is true? If not, where should I go to exchange the Dniar in the event of a redenomination?

Thank you for you reading this and responding.

Very simply, the person behind the counter is wrong.

[Alex38]

Very simply, the person behind the counter is wrong.

perfect answer

[Bat of Darkness]

Sounds like the person behind the counter (or the person behind this post) is a big fan of David http://iqd.me/l/11. Isn't he in jail now?

Honestly NoMO...either you're here to try and put a bee under our bonnet (so to speak)...or you are asking the wrong people for advice. Put on your big boy pants and quit plagiarizing other people for your opinions.

I'm really appalled that folks are so hung up on mindlessly repeating the words of others. These are the same people that are so proud to be atheists and anarchists, but they are not much more than wet digital recorders.

[wishwell11]

I found A dealers explanation for RD exchange. note the link address with "the" dropped off.

http://iraqidinars.com/site/page/iraqidinarcalloptions

IRAQI DINAR CALL OPTIONS 2011

I am renewing certain options for purchases prior to December 2010 , at my discretion at a new monthly rate , but I reserve the right to call these options at any point as advised previously . The subscribe button below is for existing clients only as I have suspended sales of new options for the moment.

IMPORTANT NOTE

Above option contracts are for 1 million of the current 2003 Iraqi Dinars , any zero lop in the currency will see your position adjusted accordingly . If they were to take off 3 zeros for example (REDENOMINATION Not Revaluation) , your option position will be adjusted to 1000 Dinars from a million . This is an example . It is very important to note that REDENOMINATION is simple a change of note values the make currency transactions easier , it in now way affects the value of the Dinar , what it is worth before and after redenomination is exactly the same only the physical note values will remain the same . A Revaluation is entirely different , that is when the currency is revalued , we still believe as Iraq's future improves the currency will naturally appreciate and revalue against the world's currencies as stability returns to the region and Iraq becomes a major world oil exporter. Of course this is our personal opinion as we are not investment advisers.

A worked example for existing option holders , you hold 1 million in current 2003 New Iraqi Dinars that are quoted at roughly $1 to 1170 Dinars from the daily Central Bank of Iraq auction . (ie 1 Dinar is worth 0.00085 US Dollars currently) . If a redenomination and removal of 3 zeros occurs , your position will automatically be adjusted to 1000 NEW Dinars and 1 Dinar will then be worth 0.85 US Dollars ie. 85 cents . So the 1 million Dinars that had a previous value of $854 in Baghdad will still be worth $850 as the equivalent amount will be 1000 New Dinars x 85 cents = $850 .

Your option position you purchased and rolled over each month gives you the right to 1000 Dinars of the New Currency.

If you pay us the strike price agreed upon on purchase we can ship you the newly issued currency or you can continue holding the adjusted option position for an agreed monthly roll over fee .

We are still of the personal opinion that over time and with the greatly improved situation in Iraq now that the new currency will appreciate , we just urge great caution in unrealistic overnight gains .

It is very important that you understand that your 1 million position if re denominated/zero lopped as explained above will NOT be worth 1 Million New Iraqi Dinars .

Any queries , email me at sales (at) iraqidinars.com .

***UPDATE MAY 2011*** We are currently considering considering introducing 1 week call options on the Dinar , if you have interest in this please email me at the above email address .

[NYer]

Does anyone know if Ali from Dinar Trade will reopen to exchange cuurency if there is a redenomination and new bills are issued for equal or less value?

I believe he said he would only open for cash in if there was an appreciation in value that he felt was significant enough.

This isn't the first time someone has said there is a possibility we could only exchange in Iraq.

I think this is an important question that we should ask the dinar dealers.

Can any of the dv members or Adam shed some light on this?

[NOMOBULL]

Sounds like the person behind the counter (or the person behind this post) is a big fan of David http://iqd.me/l/11. Isn't he in jail now?

Honestly NoMO...either you're here to try and put a bee under our bonnet (so to speak)...or you are asking the wrong people for advice. Put on your big boy pants and quit plagiarizing other people for your opinions.

I'm really appalled that folks are so hung up on mindlessly repeating the words of others. These are the same people that are so proud to be atheists and anarchists, but they are not much more than wet digital recorders.

Read more:

You know, that was really uncalled for. This is a legitimate question. I have no stake in this other than the dinars that I own. I don't even know who "David" is and I certainly don't plagiarize. And, I most certainly don't wear boy pants, much less big boy pants.

[2fast4u2c]

The grounded and honest answer is: no one knows.

[NYer]

Does anyone know if Ali from Dinar Trade will reopen to exchange cuurency if there is a redenomination and new bills are issued for equal or less value?

I believe he said he would only open for cash in if there was an appreciation in value that he felt was significant enough.

This isn't the first time someone has said there is a possibility we could only exchange in Iraq.

I think this is an important question that we should ask the dinar dealers.

Can any of the dv members or Adam shed some light on this?

Sorry, i posted this before reading the dinar dealer info posted above.

Still curious about Ali and would like to know how this dealer is so sure he will be able to trade currency for the redenominated notes if this was to rd before a revaluationr or an appreciation in value after the rd.

[wishwell11]

Does anyone know if Ali from Dinar Trade will reopen to exchange cuurency if there is a redenomination and new bills are issued for equal or less value?

I believe he said he would only open for cash in if there was an appreciation in value that he felt was significant enough.

This isn't the first time someone has said there is a possibility we could only exchange in Iraq.

I think this is an important question that we should ask the dinar dealers.

Can any of the dv members or Adam shed some light on this?

While I haven't found confirmation, the official board implies there is something to anticipate. If there is a 150.00 charge per million to exchange in addition potential investment offers...they can also profit by collecting the smaller profit of the RD money,. They stand to make even more.. IMO It would explain why all these sites are jumping in with offers soon to be launched and witnessing troubled waters between gurus/groups splitting off to start their own. Kinda supports that theory as well. Competition will be fierce to recruit new members to invest the smaller spread of a RD. If they anticipated straight RV..everyone would retire and not stay in the game. Not what I want/wanted to speculate... but something to be aware of.

Wishwell11

Wishwell11

[keepmwlknfny]

I apologize in advance if this has been already asked. I did a search, but didn't find anything.

I went to my local currency exchange just to purchase 100K in Dinar. The person behind the counter told me it was a waste of money because the Dinar will likely be redenominated (removal of the 3 zeros) and the Dinar I was purchasing will not be worth anything after redenomination. He said that in order to exchange the current Dinar with the new Dinar after redenomination I would have to travel to Iraq because the currency could not be exchanged in the US. He also said that when Mexico redenominated it was a mess because tons of people had Pesos that were worthless. I don't know if the 3 zeros will be removed, but if they are removed, does anyone know if what he said is true? If not, where should I go to exchange the Dniar in the event of a redenomination?

Thank you for you reading this and responding.

Unfortunately everything the guy told you could be correct......the ones who give you crap for asking are the ones that truely don't understand all of the possible outcomes in this investment and its possible they have been listening to too much of the hype for so long that they have never verified or done any homework on the issues we face....

Its very possible they will redenominate, I sure hope they don't cause we won't make nearly as much as what. We all hoped for....

As far as cashing in our old bills its also possible they won't allow exchange outside of iraq....they have done it before....best bet in that regards is to open a warka account so that your funds will be electronic and you won't have to worry about any exchange process and you will also be able to hold out and wait for the value to get back to the value it was in the 80s therefore maybe tripling your investment....this iks all based on them doing a redenomination of course....

There are some educated members on this subject on this forum so if you have questions feel free to ask.....just ignore the ones who bash you for realizing this isent a guarantee and there is more then one outcome.....