3 Reasons Your Iraqi Dinar Certificate Of Authenticity COA, Isn't Worth The Paper It's Printed On

Iraqi Dinar and Certificates of Authenticity or COA's as they are often referred to. What are they and what purpose do they serve? There seems to be a lot of mis-conceptions of what a COA is and what it proves or will it be necessary at a later date to sell your Dinar to a bank or currency exchange, or even another individual. Today we're going to discuss reasons COA's aren't what you might think they are.

1. Paper Certificates Cannot Be Definitively Linked To Notes

After having bought Dinar from a wide array of Iraqi Dinar dealers and having seen numberous COA's one thing all these COA's lack is any way to tie this particular Dinar to a particular certificate. In order to prove a COA went with notes the COA should make some mention of the order number or customer and the serial numbers of the notes which went out with that order. That would prove the notes go with a COA. Otherwise, all someone needs is any notes whether counterfeit or real and they can claim they are tied to a COA from a particular dealer.

So why don't dealers do this? Well probably first off because it's not necessary but more importantly it would be a nightmare having to keep all those logs and records, even on small orders of say 50,000 Dinar. The numbers being arabic complicate matters even more.

If Certificates really had any value they themselves should probably have some security features and have numbers so they can be linked to a customer and controlled on how they are given out. No dealers COA's are like the hypothetical COA's we mentioned here so they really don't truly prove they are linked to the notes.
2. A COA Is Not & Will Not Be Required To Sell Dinar

When you deposit cash into the bank are you asked for a COA? Of course not. When you return from a vacation outside of the US, do you have to show a COA to sell off your leftove Euros, Canadian Dollars, or Mexican Pesos? Of course not. A COA will not be required to sell Dinar either, nor is it currently.

If you go to sell your Dinar to an individual, bank, currency exchange, or even ebay nobody is going to care you have a COA. A bank for example will want to check security features on the note themselves but could care less what some dinar seller they've never met and know nothing about sends out with them. A COA doesn't matter when selling Dinar or any other currency.

3. COA's Are Issued By The Seller

COA's are issued by the Dinar seller themselves, the person selling you the currency. Unlike with coins or sports memorbilia where things are graded or authenticated by an unbiased third party company who has no reason to lie, with Dinar, the person selling you the Dinar is also issuing the COA. Of course they are telling you it's real.

Let's take a car purchase as an example. If your buying a car at a used car dealership what are you going to do? Are you going to take the car to an unbiased third party mechanic of your own to give you an honest opinion or are you going to ask the dealer who's selling you the care, hey this is a good car right? Will you check it out for me? Of course you want a third party.

This article is not meant to knock COA's or dealers who issue them, it's actually a nice thing for dealers to do. It shows they stand behind their product and are willing to issue a gurantee and put their company name and logo out there and on that gurantee. It's also kind of a nice novelty or keepsake to have. If you give as a gift it's nice. COA's however really have no practical value and will not be needed to sell your Dinar currently or at a later date. It started out as kind of a marketing gimmick by dealers and has become the normal practice. There seem to be a lot of mis-information about what they are and what purpose they serve so we wanted to set the record straight.