Many Iraqi Dinar dealers tout in their marketing materials and in Youtube videos how they are Treasury Registered and not to buy from dealers or eBay sellers who are not Treasury Registered.
But what does Treasury Registered actually mean? Over the years I have heard some crazy things said about the whole Treasury Registration thing. People seem to have an inaccurate view of what a Treasury Registration is and what it means when a dealer is Treasury Registered.
|US Treasury Symbol Used By Dinar Dealers Who Claim To Be Treasury Registered|
I have heard everything from people saying it means the dealer gets their notes from the US Treasury to it meaning that the US Treasury inspects those dealers notes to a variety of other things that are just untrue.
The US Treasury does not supply dealers with the Iraqi Dinar, the US Treasury has essentially nothing to to do with the Iraqi Dinar. Iraqi Dinar comes from the Central Bank of Iraq, is then transferred to a neighboring country in the Middle East per Iraqi Law and then transferred to the United States where it's generally sold to dealers and brokers who then sell it to the end user.
So what exactly is a Treasury Registration and what does it mean? Being Treasury Registered doesn't mean much. Essentially all it is, is a tax form a dealer fills out if they plan on conducting currency sales or other financial transactions in amounts that exceed $1,000 per customer per day. Though it seems to be a grey area, it seems as if someone can sell up to $999.99 per customer per day without needing a Treasury Registration. Keep in mind however this is all on the Federal level, states may have their own rules, regulations and laws regarding currency and other monetary transactions.
Essentially though, a Treasury Registration doesn't assure a dealer is selling authentic notes, it doesn't mean they get their notes from the Treasury and it doesn't mean the Treasury inspects their notes. It essentially means nothing.
Is it a good idea to buy from a dealer or seller who is Treasury Registered? Sure it is. At the very least someone who actually abides by and follows the law and takes the time to register is probably less likely to be a scammer. That said, buyers of the Iraqi Dinar shouldn't be lulled into a sense of security just because a dealers site has a US Treasury logo or touts how they are Treasury Registered because it really means absolutely nothing in terms of if they are honest, how they conduct their business, or whether or not they have legitimate non-counterfeit notes.