The Iraqi Dinar Scam

by Ender, Apr 4, 2007

Are you thinking of investing in the New Iraqi Dinar? Make sure you know all the facts. This article covers the scams associated with the Dinar, and a comparison of the prices of online sellers.

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All the facts and the best prices on the Net

www.IraqiDinarFacts.com

This article will expose the tricks and scams used by the New Iraqi Dinar Dealers. If, by the end, you still wish to purchase Dinars, this article will compare all the prices being offered today, and the best way to buy Dinar.

This eBook will expose the tricks and scams used by the New Iraqi Dinar Dealers. If, by the end, you still wish to purchase Dinars, this eBook will compare all the prices being offered today, and the best way to buy Dinar.

The New Iraqi dinar is being proclaimed as the investment opportunity of a lifetime. There are dealers all over the internet selling New Iraqi Dinar by the million. The theory behind buying the dinar is quite simple. At the present time, 1.00 USD (US Dollars) will buy you 1,475 IQD (Iraqi Dinars). During the reign of Saddam Hussein, 1.00 USD would buy you 0.33 IQD.

So…..

If you bought 1 million New Iraqi Dinars at the current exchange rate (costing you $677), and then waited for the dinar to climb back to the Saddam exchange rate, your million dinars would now be worth 3 million US dollars. You would have turned 677 US Dollars into 3 Million US dollars.

Sounds like a great deal doesn't it!

Then why does the Utah Division of Securities, list the selling of the New Iraqi Dinar as number two in their list of the Ten Most Common Scams?

The reason is that the Dealers of New Iraqi Dinars do not tell you all the facts. Listed below are al the important facts you need to know about the New Iraqi Dinar.

Saddam's Exchange Rate

One of the most commonly quoted facts on Dealer's websites is that the exchange rate under Saddam Hussein was one Iraqi Dinar for three US dollars. That is true, as far as it goes, but here is the catch. Saddam Hussein himself personally set that exchange rate. He could have said, “One Iraqi Dinar buys 20 US dollars”, if he had wanted to. Just because that was the official exchange rate, doesn't mean that is what people were actually trading it for. The old Iraqi Dinar could not be freely traded on the world market, so this exchange rate was essentially meaningless. This rate was only open to those who were close to Saddam.

The most important fact to take out of this section: The Iraqi Dinar NEVER actually traded 1 Dinar for three US dollars in reality.

Trading your Dinar

The New Iraqi Dinar is available to buy from a myriad of dealers. But what can you do with it once you have bought it? Nobody actually wants New Iraqi Dinar because it cannot be freely traded on the world market. To put it simply, a bank won't accept dinar, and you can't trade it back for US dollars (or whatever currency you are using) anywhere except physically in Iraq. And if you actually went to Iraq, they would give you 1 US dollar for every 1475 New Iraqi dinars you gave them. That means that if you buy the dinar you are probably going to be stuck with it. There are a few dealers who offer to buy back dinar that you have bought from them, but they will not want your dinars from elsewhere.

The most important fact to take out of this section: Once you have bought your Iraqi Dinar you are going to have it for a while

Make sure it's NEW Iraqi Dinar

There is a difference between the Old Iraqi Dinar and the New Iraqi Dinar. The Old Iraqi Dinar is no longer legal currency. It is worth only what a collector will pay for it, which is even less than the New Iraqi Dinar. Any dinar with a picture of Saddam on it is an Old Iraqi Dinar. Do not let yourself be scammed into buying Old Iraqi Dinars. Make sure you see a picture of the dinars you are buying, and that the dinars they show you, match the pictures that I have below.

The most important fact to take out of this section: Do not buy Old Iraqi Dinars

50 Iraqi Dinar

250 Iraqi Dinar

1,000 Iraqi Dinar

5,000 Iraqi Dinar

10,000 Iraqi Dinar

25,000 Iraqi Dinar

If the dinar you are looking at don't look like this, then do not buy them.

Look at the Denominations

The largest US banknote in current circulation is $100. The same goes for the Australian dollar. There are not many first world countries that have a $25,000 note. The lowest note denomination that exists in Iraq is the 50 Dinar note. Therefore, if the exchange rate ever returned to the Saddam rate, there would be an Iraqi Dinar note that was worth $75,000 US Dollars. The lowest note denomination would be worth $150 US. To speak plainly, that is extremely unlikely. About on a par with Osama bin Laden turning himself over to the US Government.

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#1 by Eliza, May 23, 2007

Too long

#2 by Daisy, Sep 11, 2007

Chase Bank in Arizona is selling and buying back Iraqi Dinars.

#3 by Nick, Sep 21, 2007

The government can claim all money inside iraq is legitimate and all money outside is iraq is not. Then, they will exchange the money inside iraq for new currency and the old one you can use for funny money in Texas holdem with friends.

#4 by dante, Oct 4, 2007

insightful! Thank you for making sense to all of this dinar debacle.. Im from indonesia and these "get rich quick schemes" often get the best of many people yet so desperate for an easy buck but without the hardwork.

#5 by furion , Oct 17, 2007

a ha

#6 by Tim C, Nov 11, 2007

Anybody who understands even the most rudimentary principles of economics would know to stay the hell away from the 25,000 Dinar note. This think is an inflationary note reflecting the current minuscule value of the IQD to the USD. If and when the rate climbs, you can rest assured that this note will be the first on the Devaluation chopping block! Devaluation always occurs when a drastic exchange rate takes place to harmonize the currency on global markets; it would be best to get smaller denominations if any at all.

#7 by Scrappy, Nov 21, 2007

We have received reports that the Iraqi Dinar has gone to value. It should be formally announced tomorrow on Thanksgiving. The value which has been stated is $1.21 to start. The value should be posted on the FOREX within a day and then the US banks will be able to exchange the money. We expect it, the value, to rise quickly as there is a major conference in Egypt this weekend discussing the revalue of their country's currencies attended by all the Midwestern countries, and they all want to match Kuwait which is at a $4.00 US per Dinar value.

We have had multiple reports that they are now using the smaller denominations in the daily business in Iraq. This coincides with the information that the central bank has had many currency auctions in the past few days as the country's banks were buying the smaller bills to be ready for the revalue and to have the small bills available.

#8 by West Indies, Jan 3, 2008

Foreign companies Investing in Iraq? Last time I heard, US Department of state employees publicly stated that their job transfer to Iraq would amount to a death sentence......

#9 by Mr Mac, Jan 21, 2008

Does anybody know where I can set up a banking account to deposit my New Iraqi Dinars? I believe now is the time to flood the US Financial Market with the New Iraqi Dinars. So when ever the rate do change, I may have the option to cash out or invest. Again, now is the time!

#10 by pingo, Feb 2, 2008

what are the current rates of iraqii deenar...can any one tell here?

#11 by Maricel, Feb 11, 2008

Today the value of Iraqi dinar from Central Bank of Iraq was 1210. Im an asian currently working here at iraq and having 10million Iraqi dinar

#12 by miss sha, Feb 17, 2008

i strongly believe in iraqi dinars. i live in south east asian country and bouth 300,000 iraqi dinar to turn into dollors. i bought through a mutual friend. all notes are uncirculated. dinar will surely go up soon. it is not scam only the dealers are making more money by selling in high prices. the exchange rate today is 1US=1208. you can check it out from central bank of iraq.

#13 by Lance Johnson, Feb 24, 2008

I think this is a scam, I heard abouth it at victory christian center in philadlephia. If this is not posted it supports my thought.

#14 by BillyBones, Feb 28, 2008

Dinar were susposed to be "on" the World Bank list by Thanksgiving (I heard it too)...then Christmas...no later than Jan 1,2008, then Feb 1st by the latest. I haven't heard anything else as of yet. Maybe APRIL FOOLS DAY.!!! It's a scam people!! Realize it now and, if you can, get your money or as much of it as you can BACK. Actually, a good investment in Iraqi money would have been to purchase ANCIENT Iraqi/Persian money. If, when you purchased your original Dinars, you would have purchase ancient Persian gold coins..their value would have more than doubled (for me anyway, I bought my dinar in 2004). Too bad FOR ALL OF US!! WE WERE SCAMMED!!

#15 by Freddie Mendez, Mar 6, 2008

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#16 by Jim, Mar 8, 2008

This is a scam, alrady this is beaing sold in Guam.

#17 by dg, Mar 17, 2008

Could the existence of ebay and amazon create the dinar\'s new evaluation without the country of Iraq controlling the currency? Could the sheer number who have purchased the currency outside of Iraq change the way currency is controlled and evaluated, especially with the decline of the US dollar and the increase of Iraq assets in the US and else where from the use of the Iraq oil revenues. Also if the value of the Iraq currency went up, and the people of Iraq suddenly increased their buying power, would the swing of living in Iraq have a new meaning, a meaning of fighting to maintain their own country because of the added value it would now bring, to be a citizen of Iraq? What would it be to participate in the new quality of life, with this higher value of Iraq currency, What would it bring to Iraq, it\'s people?

#18 by BoDIDDLY TOE STOMPER, Mar 18, 2008

I AM IN IRAQ and have been since 2004, the dinar has gone up since the induction of the new dinar, now I have read all of the blogs,\"FACT\" if you have the OLD DINAR you are screwed, but on the other hand the NEW DINAR has already gone up in value since 2004. To the individual that Stated that you can not trade the money anywhere but Iraq, then you need to go to Chase Bank in the USA, they buy it and sell it all day everyday.

#19 by MRC, Apr 4, 2008

TO ALL:
The Iraq Dinar is not a "scam". IT is real currency that the US helped bring about and supported the selling of it in the US.

It has pumped MILLIONS of USD (United States Dollars) into the Country of Iraq...

NOW what might be classified as a scam is "its going to peg! - it will hit the 1=0.33USD exchange that was in history - get rich quick - turn $990USD into $3,000,000.00USD"
Those are comments made and thrown around all the time by dealers and individuals selling the Iraq Dinar Currency.

If you want to invest in Iraq Dinar, do not do it with the intentions of becoming rich overnight and depending on your age, do not say "this is my retirement" - as this may not happen for years to come.

This is a Country that has come along way, but has along way more to come to see the currency at record highs, oh and yes the "oil supply" that every one says they are the largest and produce xxxx amount of barrels a day!!! that does not mean that its going to happen either!

So if you have already invested money in Iraq currency do not get "down" that hit has not "pegged" "cashed" or any other term thrown around... Infact if you want to sell it, you can visit a Chase Bank branch and ask them for the sell price on IQD. It can be sold and purchased at Chase Bank.

#20 by Daisy, Apr 5, 2008

Don't listen to the "naysayers". We lost out on several million dollars when Kuwait revalued their currency, because we listened to the naysayers.

Did you know???

I didn't know! How could we???

Did you know that 47 countries have re-established
their embassies in Iraq?

Did you know that the Iraqi government
currently employs 1.2 million Iraqi people?

Did you know that 3100 schools have been renovated,
364 schools are under rehabilitation,
263 new schools are now under construction
and 38 new schools have been completed in Iraq ?

Did you know that Iraq's higher educational
structure consists of 20 Universities,
46 Institutes or colleges and 4 research centers,
all currently operating?

Did you know that 25 Iraq students departed
for the United States in January 2005
for the re-established Fulbright program?

Did you know that the Iraqi Navy is operational?
They have 5 -100-foot patrol craft, 34 smaller vessels
and a naval infantry regiment.

Did you know that Iraq 's Air Force consists of three operational squadrons, which includes 9 reconnaissance and 3 US C-130 transport aircraft (under Iraqi operational control)
which operate day and night, and will soon add
16 UH-1 helicopters and 4 Bell Jet Rangers?

Did you know that Iraq has a counter-terrorist
unit and a Commando Battalion?

Did you know that the Iraqi Police Service has over 55,000
fully trained and equipped police officers?

Did you know that there are 5 Police Academies in Iraq
that produce over 3500 new officers every 8 weeks?

Did you know there are more than 1100
building projects going on in Iraq?
They include 364 schools, 67 public clinics,
15 hospitals, 83 railroad stations,
22 oil facilities, 93 water facilities
and 69 electrical facilities.

Did you know that 96% of Iraqi children under the age of 5
have received the first 2 series of polio vaccinations?

Did you know that 4.3 million Iraqi children were
enrolled in primary school by mid October?

Did you know that there are 1,192,000
cell phone subscribers in Iraq
and phone use has gone up 158%?

Did you know that Iraq has an independent
media that consists of 75 radio stations,
180 newspapers and 10 television stations?

Did you know that the Baghdad Stock Exchange
opened in June of 2004?

Did you know that 2 candidates in the Iraqi
presidential election had a televised debate recently?

OF COURSE WE DIDN'T KNOW!

WHY DIDN'T WE KNOW?

BECAUSE...

OUR MEDIA WOULDN'T TELL US!

Instead of reflecting our love for our country,
we get photos of flag burning incidents at Abu Ghraib
and people throwing snowballs at the presidential motorcades.

Tragically, the lack of accentuating the positive in Iraq serves two purposes:

It is intended to undermine the world's perception of the United States thus minimizing consequent support, and it is intended to discourage American citizens.

---- Above facts are verifiable on the Department of Defense web site..

......Pass it on!

#21 by tom, Apr 17, 2008

I wonder how much Iraqi dinar was sold outside of the country and what will happen when the investors decide to cash in?

#22 by Les in MI, Apr 20, 2008

Daisy!! That has to be the most insightful and useful bit of actual factual evidence that I have read up on here yet! Thanks for your efforts in typing such a well written article

#23 by Tom, Apr 25, 2008

#2 by Daisy, Sep 11, 2007
Chase Bank in Arizona is selling and buying back Iraqi Dinars.

LOL. Iraq is on the U.S. governments OFAC list. Therefore any business or bank in the United States that is exchanging Dinars is commiting a crime and risking losing their Charter. I really doubt that Chase would take that risk.

#24 by Jesse, May 21, 2008

RE: #25 Tom and #2 Daisy

http://news.bigg.net/n35525-Cash_for_Your_Iraq_Dinar_Now_at_Select_CHASE_Banks_in_USA.html

For better or worse there it is, Chase IS trading dinars.

#25 by Mr Big Dick, May 24, 2008

Well, Well, Well,,,

Kitty Cat Kitty Cat I'm always where the money's at!! And you people should shut up and don't think and put your money where your big fat mouth is. Buy up as much Dinar as you can and sit on it. One day you can take vacation and fly to Iraq and cash in your millions. :)) Dinar is Dinero. Think about it you dweebs. I have 10 million and am buying 1 million per month and kicking back. And when you're sitting around going boo hoo I didn't buy any dinar and I'm broke I will have done flown overseas with your wife and be sleeping with her and entertaining your wife cause I will be multi multi millionaire and can do any damn thing I damn well please. :))

#26 by Lonnie, Jun 4, 2008

They are exchanging Iraqi Dinars and other currencys at Chase Bank here in Dallas Tx as well.

#27 by Dinar Scam, Jun 13, 2008

I was visiting http://www.iraqidinarscam.info/ and referred to your site and excited to see that you covered so much!

#28 by DinarMan, Jun 27, 2008

I have sold millions of dinars and do so daily.
If it was a scam, I clearly won't be involed. It
a HUGE crap shot, and its going in the right direction!
GO BUSH GO, Get'ur done be fore you GO!

#29 by Anubis, Jun 30, 2008

DinarMan

If it is no scam and people can make money the why are you selling yours instead of keeping them.

#30 by Potential Currency Investor, Jul 5, 2008

Wow! A lot of angry and misinformed people. Some of the previous statements were beautifully written and educational (as well as a few of the statements being juvenile and filled with filth that we could have all done without...you know who you are). In any event, it seems to me that this situation boils down to one critical point that no one has addressed thus far. Currency traders sell currency because THEY are gambling on the odds that they are going to MAKE money based on the rates that they are willing to sell whatever currency at that point in time. These rates are influenced by world politics, economics, and a host of other factors that the average layperson doesn\'t take the time to research BEFORE purchasing. Therefore the sellers generally make money or they wouldn\'t be in business very long. Perhaps with the Iraqi dinar the SELLERS are gambling that the currency may become TOTALLY worthless and a new regime install a completely different set of bills/papers/coins etc...thereby making 100% profit because they promised you nothing. However, as a currency investor or buyer, you gamble that the situation in that country or market arena will improve and that there is a glimmer of hope that they will keep that currency and the value of it will increase accordingly. If it does, you made a wise investment (and got lucky). The ONLY REAL way to know whether or not to invest in Iraqi dinars is to research the public financial and investment records of government and diplomatic officials involved in Iraqi politics or Iraqi economic issues to see if THEY ARE PURCHASING these new Iraqi dinars or not! If they are, then you should too. If they are selling them like hotcakes, then you had better dump yours fast or risk getting caught with a lot of worthless paper. Just a few thoughts from a poor little drug dealer in West Virginia, USA.

#31 by Big John, Jul 20, 2008

In seven months of investing the dinars I purchased have gone up in value approximately 10 percent while the dollar has dropped, You tell me is this a good investment or not?

#32 by Reality Check, Jul 20, 2008

The Dinar may make it to 1000:1, but that is about the best you can expect from this dinar.
Anyone who thinks that Iraq can introduce a currency, increase the supply of it to 26 Trillion (over 3 times more than the US dollar, 3 times more than the Euro) and use this currency for almost 5 years now... an then somehow magically increase the value 120,000%... well you know the old sayings.. I've got some land in Florida I'd like to sell you... or maybe a bridge in Brooklyn.
It's amazing how many people involved in this thing don't understand simple economics. Econ 101... supply and demand. The Dollar and the Euro get their value from the the demand that is generated from the size of the economies. The US has a $13 trillion dollar GDP, The Euro countries have a $12 trillion GDP. That makes for a tremendous demand for those currencies. Iraq on the other hand has a GDP of about $90 billion... and almost all of that is from oil sales which are in dollars so it does nothing for the dinar. The Iraqi non oil economy is practically nothig. There is virtually no demand for dinar except for speculators. With a money supply 3 times that of the Euro or Dollar. Iraq would have to have their non oil economy grow to approx 3 times the size of the U.S. or Euro nations (that would be a non oil GDP of about $35 trillion) in order to have the dinar rise to 1:1.
Hopefully you see that is a total farce.
If Iraq wants a rate of 1:1 or anything close, they will issue a new currency and re-denominate. In other words, lop 3 zeros from the currency. For every 1000 of this dinar you have, you will get 1 of the new currency. That is if they don't somehow block money from reentering the country for an exchnage.
Whatever money you have in the Iraqi dinar is at great risk!

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The Iraqi Dinar Scam

Are you thinking of investing in the New Iraqi Dinar? Make sure you know all the facts. This article covers the scams associated with the Dinar, and a comparison of the prices of online sellers.

All the facts and the best prices on the Net

This article will expose the tricks and scams used by the New Iraqi Dinar Dealers. If, by the end, you still wish to purchase Dinars, this article will compare all the prices being offered today, and the best way to buy Dinar.

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