Iraqi Dinar 50 Notes Being Called Back... Now That's Irony - Are 50 Notes Going To Become Worthless?

Over the weekend and potentially even the last week we have been hearing a lot of rumors about Iraqi Dinar 50 denomination notes being cancelled or called back or made worthless. We recently did an article about this sharing the limited bit of information we know and  you can read it HERE.

So why is this situation somewhat ironic? People buy small notes for a variety of reasons but years ago there were rumors that large notes may be taken out of circulation and would need to be swapped out. The rumors surrounded mainly the 25,000 note but also in some instances the 10,000 notes as well.
iraqi dinar 50 denomination note worthless
Iraqi Dinar 50 Notes Being Removed?
The story was that potentially Iraq would do away with larger denomination notes as the currency got stronger and people holding large notes would be left holding the bag. Because of these rumors many people ran out and purchased 50 denomination Iraqi Dinar notes at a very steep premium, oftentimes to the tune of $6,000 or $7,000 per million where as they could have bought the same notes in 25,000 denominations for about $980.

The irony is that people who bought 50 notes to protect against having their notes called back are finding that by doing so they are still finding themselves in that very same situation and would have been better off buying 25,000 notes.

To date however concrete or from credible sources has really come out about if the 50 notes really are being called back and if so will they just stop printing them and allow them to retain the value or will they call them back and make them worthless if not swapped out at an Iraqi bank by March? Only time will tell. Stay tuned and check back for updates on this breaking situation.

Iraqi Dinar 50 Denomination Notes... What's Going On? Are 50 Notes Going To Become Worthless?

There's been a lot of buzz lately on message boards, forums, blogs, and Youtube about the Iraqi Dinar 50 denomination notes being taken out of circulation and made worthless comming here in March. So what's the real story and what's really happening with the 50 notes?

Despite doing a lot of research we really don't have a concrete answer for you. I've heard many people saying you have until March to swap them out and if you don't they become worth $0 and you're holding nothing more than a fancy piece of paper.

iraqi dinar 50 denomination note going away
Are Iraqi Dinar 50 Notes Being Recalled?

That said I've also heard from several different people Iraq is actually planning on rolling out a new 50 denomination note which will be "polymer" or plastic, similar to the Vietnam Dong.

To date however we have yet to hear from a credible source one way or the other about the 50 notes. Here is something interesting however. Despite all our searching we could only find one example of a country doing away with a single note and not the entire currency. This example is the Canadian Dollar. What Canada did is stop printing pennies or 1 cent denominations. If you could like to read the article for yourself you can so so HERE.

One interesting distinction to make between the Canadian example and potential Iraqi Dinar 50 note scenario is that at least initial reports of the Dinar are not that they are just discontinuing the printing of 50 notes, but more importantly that the 50 notes if not turned in by the deadline will become worthless.

The Canadian Dollar however is a completely different story. The Canadian Penny as that article states will still be legal tender. Pennies will still be foating around, you can still spend pennies at the store, they just won't be printing anymore. That differs from what's being reported about the Dinar in that the Penny though discontinued still retains it's value where as the Dinar, at least as far as initial reports are saying will become worthless.

So is this 50 note ordeal really true? Maybe, maybe not, I'm still not yet sold on the story. Here are a couple issues I have with the story as told.

First, the deadline to turn notes in is sometime in March. Not saying this isn't true but typically when a note or currency is outmoded you are generally given about two years to swap out your notes. This seems odd they would only give a matter of months.

Secondly, in the example we gave above of the Canadian penny, a currency being outmoded is different than just geting rid of hte lowest denomination offered which doesn't make financial sense to produce. It seems odd they would make the 50 notes worthless versus just stopping making them and allowing the current ones to circulated.

Lastly on a totally seperate note, what does getting rid of 50 notes mean for the future of the Iraqi Dinar? Well potentially it could mean nothing. It could be that now that they have coins out in the denominations of 25, 50, and 100 there really isn't a need for a 50 note. One thing that it may mean is if the Iraqi Dinar were going to get stronger in value there would be a reason and incentive to keep small notes because they would be more usable in trade than at the current value of 4 cents. If Iraq planned on having a more valuable currency they would probably keep issuing new smaller notes, not taking out of circulation existing small notes.

To date we've yet to see any Dinar dealers roll out a buy back program for 50 notes and honestly, even if one did, unless you have a significant amount of 50 notes it's probably not even worth trying to swap them out. At a value of 4 cents per note, which a dealer will want to take a cut on you'll be lucky to get a penny or two per note.

As soon as some news which is more concrete and more credible comes out we'll update you but this is what we know for now.

Zimbabweans To Be Compensated As Local Currency Is Demonetized - What Does This Mean?

A reader of ours forwarded this article along to us. This article seems to come from a legitimate news organization and some some Guru site. That said what does this mean? Of that we are unsure. Give the article a read yourself and if you have any thoughts or opinions feel free to post in the comments section below...

Image result for zimbabwe
Zimbabweans To Be Compensated Fully

Zimbabweans to be compensated fully as local currency is demonetized

HARARE, Feb. 23 (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) will use the rate of one U.S. dollar to 35,000 Zimbabwe dollars as it moves to demonetize the local currency and compensate account holders who lost their savings when the government introduced multi-currencies in 2009.

RBZ Governor John Mangudya told Xinhua in an interview Monday that everybody who had an account as of December 2008 would be awarded a blanket five U.S. dollars per account regardless of whether or not there was any credit in their bank balances.

Mangudya's comments allay fears that had beset the banking public which suspected that the RBZ wanted to credit the accounts with only five U.S. dollars and disregard the balances in the accounts at the time of the introduction of the multi-currencies.

The Confederation of Zimbabwe Industries also issued a statement recently urging the RBZ to fully compensate account holders.


Who Is Cash For Dinars? Should You Sell To Them?

I've gotten a number of comments as well as e-mails from readers asking questions about the company "Cash For Dinars" who operate the website CashForDinars.Com. Most people are asking if it's a trustworthy place to sell Dinar, as well as if I have had any experience with them.

I did however find a review from a customer of theirs on Youtube which you can view below...

Though I have not had any personal experience with Cash For Dinars, I am aware of them and have seen numerous ads of theirs on Google as well as Dinar forums and websites. Below is an image of one of their Google Ads which come up on almost any search regarding the Iraqi Dinar.

As you can see in the Google ad, Cash For Dinars is advertising that they pay $875 per million Dinar. That's a pretty attractive price considering most Dinar dealers are only paying around $780 per million for Dinar. Not only is this above what most other dealers are paying, Cash For Dinars is actually paying more than the Dinar is even officially worth; as the Iraqi Dinar is currently trading between $864 per million and $866 per million. So what's the catch? There has to be a catch right?

After doing a bit of research and calling Cash For Dinars to inquire about their buyin process and what's required to get the full advertised price here is what we've found...

Cash For Dinars Requirements To Get Paid $875

  1. Iraqi Dinar must be in uncirculated condition.
  2. Iraqi Dinar notes must all be in sequential serial numbered order or it will be considered circulated
  3. Must have origional receipts
  4. Must have certificate of authenticity

Again, I cannot personally attest to the service and reliability of this company, it does seem they have plenty of Facebook fans and positive reviews on the internet. It seems as if they are a reliable source to sell your Iraqi Dinar to. That being said they also seem to be stricter than many other dealers in terms of what is required to get their full asking price.

If you have personally dealt with Cash For Dinars feel free to leave a comment below detailing your experience to help other potential Dinar sellers decide where to sell their Dinar. 

Is The Iraqi Dinar Going To Revalue February 1, 2015?

Is The Iraqi Dinar Going To Revalue This Sunday?

The internet is a buzz with rumors that the Iraqi Dinar is set to revalue February 1, 2015 which is just a few days away. The rumor is Iraq has passed their budget, though it's officially not going to be released for a few more days and then the Iraqi Dinar will be reset to it's previous value when Saddam Hussein was taken out of power.

So You Wanna Know About The ZIM? ZImbabwe Dollar Data Sheet

Okay so Zimbabwe currency seems to be all the rave these days but there's very little information online about the Zimbabwe currency so here's a quick data sheet giving you some info regarding the Zimbabwe Dollar.

The Zimbabwean Dollar was the offical currency of the country of ZImbabwe from 1980 to 2009. Because of political turmoil and the collapse of the economy as well as hyperinflation the Zimbabwe Dollar whose ticker symbol is/was ZWD is no longer in circulated.
Zimbabe Dollar Currency 100 Trillion Note
Zimbabe Dollar Currency 100 Trillion Note

Typically the standard trading currency used and accepted is either US Dollars or South African Rand. Though not as favored the British Pound, Euro, and the Botswana Pula are also typically accepted fairly easily. In countries like this they often require notes of certain mint years only and sometimes only in crisp new condition so if traveling to this area find this out. Many African countires will only accept US Dollars for example 2008 and newer and in crisp mint condition.

Why Is Most Vietnam Dong Circulated While Most Dinar Is Uncirculated?

A common question many Dinar and Dong buyers wonder about is why most Dinar is uncirculated wihle most Dong is circulated? Now this isn't always the case there is some circulated Dinar out there and you can also find uncirculated Dong for sale but more often than not Dinar comes in uncirculated condition while Dong comes in circulated condition. Just check any Dinar dealers website or even eBay to confirm this.

Why is this many people wonder? Here's the reason. The Iraqi Dinar though used in Iraq, US Dollars are used just as much if not more than Dinar. The Dinar is also sold at auctions and most of the Dinar bought is shipped to a neighboring country before then being shipped to the US so much of the Dinar never has a chance to go through the economy or be used in markets and such.