If you are contemplating purchasing the Iraq Dinar in hopes of creating plenty of cash from a small outlay of money, you are not alone. This get-rich-quick idea was circulating on the web for approximately eight years now and shows no signs of going away.
Websites pitching the sale of Iraqi money tell you, prior to the 1990's Gulf War, 1 million Iraqi Dinar (IQD) was worth $3,200,000 USD. Today you can purchase one million Iraqi Dinar for about $1,200!
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If the Iraqi market improves as expected, and the Dinar is revalued at anything approaching the prewar exchange rate, a small cash outlay today could become millions of dollars of profit.
Sensible arguments (both for and against purchasing Iraqi Dinar) could be made. The objective of this guide isn't to take one side or another. Instead, our focus is on pointing out to possible buyers the massive variation in Dinar pricing which exists.
Unlike thinly traded stocks or bonds, there is no formal market for pricing Iraqi Dinar trades. Several factors affect the amount you pay for Dinar:
Trader prices – There can be wide variation in how much dealers charge for identical packages of Iraqi Dinar. By way of instance, a recent spot check of pricing for 1 million IQD, uncirculated, in 25,000 denominations IQD notes (40 notes total) found prices ranging from $999 to $1,249 – a 25% spread. (On the same day, the official Central Bank of Iraq exchange rate was 1,000,000 IQD = $854.70USD).