WILLB Posted October 8, 2011 Report Share Posted October 8, 2011 ok, so it takes 1176 dinars to equal a dollar as present right .00085 of a cent? before the devalue( during wart time) we know that 1 dinar to =3.22 us dollars we know that currently, because of the devalue, the 25k note is worth 21.50 us dollars or so, I believe this has been stated many times in various articles so my question is simply this. What was the 25k note worth before the devalue or am I missing something here...seems it worth close to 25K to me???? Will Link to comment Share on other sites More sharing options...
srdedeaux Posted October 8, 2011 Report Share Posted October 8, 2011 You're leaving one thing out; the old saddam notes which are obosalite, and they were replaced by the new note's waiting to be revalued. GO RV B) Link to comment Share on other sites More sharing options...
donnydoright Posted October 8, 2011 Report Share Posted October 8, 2011 ok, so it takes 1176 dinars to equal a dollar as present right .00085 of a cent? before the devalue( during wart time) we know that 1 dinar to =3.22 us dollars we know that currently, because of the devalue, the 25k note is worth 21.50 us dollars or so, I believe this has been stated many times in various articles so my question is simply this. What was the 25k note worth before the devalue or am I missing something here...seems it worth close to 25K to me???? Will They didn't have a 25k note when the exchange rate was around $3.22, the 25,000 note developed because of the looting of the Central bank by Saddam and HyperInflation...the currency in circulation has also gone up by about 1000% since that $3.22 figure also Link to comment Share on other sites More sharing options...
WILLB Posted October 8, 2011 Author Report Share Posted October 8, 2011 i thought the 25k note was more specifically for cross country banking, not really meant to be on the street to begin with....not sure about the Saddam notes, I was thinking the new IQD, still learning here so please don't bash Will Link to comment Share on other sites More sharing options...
xyzzy Posted October 8, 2011 Report Share Posted October 8, 2011 For the most part a 250 was the biggest note Sadam printed. According to the wikipedia they did print a 10,000 dinar note in 2002 just before the war but it wasn't trusted so folks carried around stacks of 250s to deal with the massive inflation. The 25,000 was printed only in the new (current) currency along with a 10k, 5k, 1k, 250, and 50. 1 1 Link to comment Share on other sites More sharing options...
Dalite Posted October 8, 2011 Report Share Posted October 8, 2011 i thought the 25k note was more specifically for cross country banking, not really meant to be on the street to begin with....not sure about the Saddam notes, I was thinking the new IQD, still learning here so please don't bash Will The zeros were added so that citizens had a large enough note to make the most basic purchases. This was due to over printing, and loss of confidence in the currency. In any country where you see notes in circulation with more than two zeros added, you have the negative effects of past hyperinflation still riding on the currency.. One unit of any currency (dinar, dollar, ruble, yen, etc..) should be able to purchase some usable product. When it no longer has sufficient purchasing power to be a useful denomination, zeros are added until the value is restored. In Iraq's case, it took 3 zeros added to each note to give it enough buying power to equal what a note that is a thousand times smaller should be able to purchase. From this, we got 1000 dinar notes with the buying power of 1 dinar, 5000 dinar notes with the buying power of 5 dinar, 10,000 dinar notes with the buying power of 10 dinar and 25,000 dinar notes with the buying power of 25 dinar. In the case of less than 3 zeros, we got 50 dinar notes with the buying power if 1/20th of a dinar (,05), 250 dinar notes with the buying power of 1/4th of a dinar (.25) and 500 dinar notes with the buying power of 1/2 of a dinar (.50). The 50 dinar notes are no longer in use, and the coins were pulled from circulation, and largely sold for scrap metal content. This is how it played out. It is up to you to determine what you believe is the best way to solve the loss of value issue. The US did print larger notes for bank transfer use; not because of hyperinflation. We have 20 dollar bills available in the US for every citizen to use. The 25,000 dinar note is no different, and has around the same buying power... 1 Link to comment Share on other sites More sharing options...
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