The Iraqi Dinar Scam

by Ender, Apr 4, 2007

(contd.)

The most important fact to take out of this section: Any currency that contains a 25,000 dinar note, is never going to trade 1 for 1 with the US Dollar, let alone 3 for 1.

Don't be taken in by the Oil

Yes, Iraq has a lot of oil. Oil is always in high demand. Yet still all the experts advise against buying Iraqi Dinar. Why?

This is very important. When you buy the currency of a country, you are investing in the entire economy of that country. Therefore, if you buy Iraqi Dinars, you are investing in the economy of Iraq. You are NOT investing in Iraq's oil. Any economy that is based primarily around the sale of oil is unstable by definition. An example of this is the current situation in Venezuela. Venezuela is one of the world's top 5 oil producers. Oil provides fully half of the government's revenue. Due to political and economic factors, the Venezuelan Bolivar, the currency of this oil-rich country, is now worth only a third of what it was worth in US dollars, in the year 2000. It is only worth a quarter of what it was in Euros, also in the year 2000.

The most important fact to take out of this section: Buying New Iraqi Dinars is NOT the same as investing in Iraq's oil.

The Kuwait Dinar Comparison

Dealers love to point to the Kuwaiti Dinar when promoting their product. During the Gulf War, and immediately after it, the value of the Kuwaiti Dinar plummeted to a low of $0.10 US. Today, the Kuwaiti Dinar trades for approximately $3.45 US. That means if you invested $100 US into Kuwaiti currency at it's lowest, and traded back into US dollars today, you would have turned your $100 US into $3,500 US. If it happened in Kuwait, then surely it will happen in Iraq, right? Wrong. The situation in Kuwait was entirely different. Kuwait had a strong government. Iraq did not. Kuwait made its greatest amount of money through foreign investments. Iraq made its greatest money through oil, followed by the selling of dates. After the Gulf War, Kuwait was a country that was always going to recover strongly. Iraq's future is far more questionable.

Why sell dinars?

Ask yourself this question. If you thought that Iraqi Dinars were about to explode in value, would you sell them? Of course not. You would grab all your money, and buy as many dinars as you could, then sit back and wait for the money to roll in. Almost no dealer is willing to buy. Ask yourself why that is.

The Dealers

Below are listed every dealer of New Iraqi Dinars that I could find on the internet, as of 3rd September, 2006. Some of these dealers may no longer exist, as this business is by its very nature fairly transitory. I am in no way associated with any of these companies, and I make no claim as to their trustworthiness. I DO NOT endorse the buying of Iraqi Dinars and I do not know if you will get your dinars after you pay. This is only a comparative list of prices and services. I can vouch for the trustworthiness of only five dealers, that I have bought Dinars from, and have had them arrive as described. I will name those five dealers later on. All prices will be given in US dollars.

New Iraqi Currency

http://www.newiraqcurrency.com/

This website is one of the bigger dealers of Iraqi dinars and is one of the first names to pop up after a Google search. This site deals dinars in any denomination of your choice from 50-25000 dinar notes, in any amount you might choose. The prices range depending on which notes you want. This dealer uses US dollars. The abbreviation NID stands for New Iraqi Dinar.

50 Notes - 50 × 100pcs (5,000 NID) = $30 US

50 × 1,000pcs (50,000 NID) = $190 US

250 Notes - 250 × 100pcs (25,000 NID) = $55 US

250 × 1,000pcs (250,000 NID) = $355 US

500 Notes - 500 × 100pcs (50,000 NID) = $90 US

500 × 1,000pcs (500,000 NID) = $605 US

1,000 Notes - 1,000 × 100pcs (100,000 NID) = $150 US

1,000 × 500pcs (500,000 NID) = $590 US

1,000 × 1,000pcs (1,000,000 NID) = $1,100 US

5,000 Notes - 5,000 × 25pcs (125,000 NID) = $160 US

5,000 × 50pcs (250,000 NID) = $280 US

5,000 × 100pcs (500,000 NID) = $485 US

5,000 × 200pcs (1,000,000 NID) = $965 US

5,000 × 400pcs (2,000,000 NID) = $1,925 US

10,000 Notes - 10,000 × 25pcs (250,000 NID) = $275 US

10,000 × 50pcs (500,000 NID) = $485 US

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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!

#33 by Cynic, Aug 6, 2008

So why are scamming theives like talkgold's okosh, are seeking silly people to buy Iraqi dinars from?

#34 by john tope, Aug 7, 2008

The one item which no one is mentioning is the fact that the USA has invested billions of dollars into Iraq and will continue to..
The US will not let the Iraq mission fail or will the Dinar fail.
The Dinar may not reach 3:1 value but it sure will go up.

#35 by Mike, Aug 7, 2008

After 20 years in the investment banking business I have learned one VERY IMPORTANT lesson: IF IT LOOKS TOO GOOD TO BE TRUE IT'S JUST THAT.... TOO GOOD TO BE TRUE!!!!!

#36 by Daniel, Aug 11, 2008

I can vouch for Chase Bank. They have and ARE selling dinar because I have bought it from them. I paid $998.66 for 1,050,000. They will buy it back and if you dont have an account with them they charge a $5. surcharge. Not a scam just dont be stupid and buy from an online vender that is OBVIOUSLY trying to turn a profit on you. Anywhere you find a Chase that does international currency exchange you can get dinar. The only catch is they do not have it on hand. They give you a reciept and you get it in 48-72 hours.

#37 by Ann, Aug 13, 2008

The same goes for Fifth Third Bank.

#38 by Josh, Aug 14, 2008

ok... uhmm lets start at the beginning ... what are investments a risk right ... . so for everyone who believes this is a get rich scheme then... that would be the only reason no is investing right...?

wrong have you ever turned to a non investor say hey i know something for you to invest in... when they ask why ... you say well in the past...and the conversation ends there....

because if you look at the past wars... like ww2, korea, vietnam, and even desert storm with kuwait... all of this happened its just a matter of how much...

so this is just an investment... investments are risks every single one of them... im not going to lie im looking at this investment very promptly cause its not everyday a country goes to war... and thats why it seems skeptical cause people would be saying well why werent they doing this 6 years ago... simple we weretn at war... so ive said my peace...

#39 by intoronto, Aug 17, 2008

From Forbes to CNN to NT Times etc. there are warning articles re dinar scams and such....in my south american country of Peru I have seen 4 times our currency change names and the older one get destroyed....and it was never so unstable a country as Iraq....It seems the proof of how good or bad an investment is to sell it back to whomever you bought it from and see if they take it and give you back your strong currency! plus I also find sooo fishy all these websites selling dinars with no offices listed nor company info and basic emails......very shady....

#40 by I bought in , Sep 2, 2008

OK I have bought in, bought millions of dinars on the chance that there might be a future value. I have a degree in economics. I hear all the postive (wishfull) thoughts on the subject and listen to all the suth sayers that state that this will turn a corner and be a hit because there value there when it hits the open market. ON THE OTHER HAND. I hear the postings here with details about oil is in US dollars and the volume of dinar out paces much larger economies.

I would like to do two things. First, Get smaller bills. This seems like a safer way to hold my Millions (and cover more wall area in the event of a currency change or devaluation on the open market.)

Secondly, get some independent authoritative details about what is currently going with the economy, monatary policy, US support of the Dinar. Details like this will help me feel more comfortable with my roll of the dice.

Any insight on how to go about this?

By the way I can afford this risk and loosing all that I have gambled here will only make for a good story if it fails to produce a nickle.

#41 by DWolf, Sep 12, 2008

Reality Check,

I find error in your post. As of late we have been seeing reposts of the lopping of the IQD. Sadly they are reprints of past articles dating back as far as 2 years and nothing new. Lopping the IQD will do nothing (This action could even drive away any out of country investors) to help the Iraqi people or government. I fear that most people are making the mistake of the lopping off of three zeros to the movement of the decimal point over three places!

About a year and a half ago a study was conducted on the assets of Iraq. The data showed that without pegging the IQD to their oil reserves or their newly found gold fields, recovered assets taken by Saddam Hussein, the GOI could pay out as high as $6.00 USD/IQD without hampering their rebuilding of Iraq.

To date, Iraq can afford even a higher buy back of their IQD if so desired. In truth, the economy, stability, security, and rebuilding of Iraq is astounding given the region and problems. Oil reserves have been updated to twice their original amounts with just last week a 3 billion-oil contract signed with China. Since our last study, Iraq is now reporting over a 76 billion surplus and growing with additional oil contracts and sales.

The investment in the IQD is NO scam, only the scammers that would like to cause the investors to bail out prematurely. The fact remains that President Bush has signed legislation allowing Americans to invest in the IQD. If not, please explain why the U.S. Treasury is sitting on 1.5 trillion IQD?

DWolf

#42 by Tiny, Sep 25, 2008

Ok..let me get straight here..Does anyone think it is a good thing to invest in the IQD or not?

#43 by Shotgunsusie, Sep 28, 2008

The dinar will revalue tomorrow at $3. Wooottttttttttttttttt.

#44 by Quaid, Sep 28, 2008

Hi Shotgunsusie, where are you posting now days, I miss reading your info. You always had good stuff. Take care.

Quaid

#45 by Scrox, Oct 2, 2008

This by far is NOT a scam. Scroll back up and you will notice that Ender stated that the US to Dinar conversion rate was $1.00(US) to 1,475(IQD). Now take a look at this article I've found online
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093210730
which states that the conversion rate is $1.00(US) to 1,184(IQD). "IT'S GOING UP"

If you need more proof, go to xe.com and do the conversion; you will see that the current rate is $1.00(US) to 1,180.64(IQD)

IM BUYING THE DINAR!!!!!!!!

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