1, 5 and 10 Dinar Coin

[ISX_TIME]

Has anybody else heard that there is going to be a release of these coins soon ?

I've heard the same rumor from someone about the 25, 50 and 100 before anyone had posted info about it here

[fms]

Has anybody else heard that there is going to be a release of these coins soon ?

I've heard the same rumor from someone about the 25, 50 and 100 before anyone had posted info about it here

what have you heard about the 1, 5, and 10 dinar coins?

[bottlebush]

what have you heard about the 1, 5, and 10 dinar coins?
Well, thier not on e-bay yet :happy26:

[bert]

wow!oh great one, please let this rumor be true. :D

[Will Work for Dinar]

wow!oh great one, please let this rumor be true. :D

So if this rumor was true then what would be the logical introductions rate for the dinar... 1 to 10, 1 to 100, 1 to 1??? Anyone want to do the math on all denominations..........
I'll try my best...but I don't think I'll post anything in case I am way wrong. :D

[Will Work for Dinar]

Could it be something close to one of the following:

1 = .01
5 = .05
10 = .10
25 = .25
50 = .50
250 = 2.50
500 = 5.00
1000 = 10.00
5000 = 50.00
10000 = 100.00
25000 = 250.00

or

1 = .10
5 = .50
10 = 1.00
25 = 2.50
50 = 5.00
250 = 25.00
500 = 50.00
1000 = 100.00
5000 = 500.00
10000 = 1000.00
25000 = 2500.00

or

1 = 1.00
5 = 5.00
10 = 10.00
25 = 25.00
50 = 50.00
250 = 250.00
500 = 500.00
1000 = 1000.00
5000 = 5000.00
10000 = 10000.00
25000 = 25000.00

I like the last one... :drunk:

[Lux]

So if this rumor was true then what would be the logical introductions rate for the dinar... 1 to 10, 1 to 100, 1 to 1??? Anyone want to do the math on all denominations..........
I'll try my best...but I don't think I'll post anything in case I am way wrong. :D


1 Dinar coin, as the lowest denom, would represent the lowest US denom - a penny.

1 NID = $0.01

1M NID = $10,000.00

[fms]

So if this rumor was true then what would be the logical introductions rate for the dinar... 1 to 10, 1 to 100, 1 to 1??? Anyone want to do the math on all denominations..........
I'll try my best...but I don't think I'll post anything in case I am way wrong. :D

logical ?
Maybe .01 ----that would make 1dinar = .01 , 5 dinar would be a nickel, ten dinar= a dime, 50 dinar = half dollar, 100 dinar = one dollar, 250 dinar = 2.50, 500 dinar = five dollars, 1000 dinar = ten dollars, 5000 dinar = 50 dollars,10,000 dinar = 100 dollars, and the 25000 dinar note would be 250 dollars.

[ISX_TIME]

1 Dinar coin, as the lowest denom, would represent the lowest US denom - a penny.

1 NID = $0.01

1M NID = $10,000.00

The US Government has been trying to discourage and eliminate the penny for quite some time now.
So possibly the 1 dinar coin when it makes an introduction will be worth MORE then a penny.

And lets not forget the fil (coin) when it is introduced in the future

[JCsaves2]

http://www.cbiraq.org/cbs10.htm

jcsaves

[fms]

http://www.cbiraq.org/cbs10.htm

jcsaves
those are the 25, 50, and 100 dinar coins.

[JCsaves2]

that's all i've seen and the release date goes along w what people are saying

[Jen39503]

When i talked to bill last night he said that the coins were officially released. I talked to him about 730 pm, my time, and he said the "coins were officially released yest, according to #*$#(#"
Not starting any rumors, just passing it along.
Jen

[Chaka]

logical ?
Maybe .01 ----that would make 1dinar = .01 , 5 dinar would be a nickel, ten dinar= a dime, 50 dinar = half dollar, 100 dinar = one dollar, 250 dinar = 2.50, 500 dinar = five dollars, 1000 dinar = ten dollars, 5000 dinar = 50 dollars,10,000 dinar = 100 dollars, and the 25000 dinar note would be 250 dollars.

short term logical but what happens when value changes say to .12

then you'd have a .12 cent coin- no longer makes sense to me

[MEALTICKET]

I agree to the point that these coins have got to be worth something. HELL IF OUR NID IS NOT WORTH ANYTHING NOW,WHAT'S THE POINT IN CREATING COINS!!!!

[stayfrosty5]

After reading all the posts and trying to figure out what was the most logical answer I came to one conclusion. If the value of the dinar is going to change, it wouldn't seem logical to try to base it on our currency at all. I think this is what Chaka was thinking as well.

frosty

[JeffP]

The only coins that are in issued are the 100 dinar & 25 dinar coins

It would make no sense to issue coins(or notes) of 1,5,10 dinar value with the NID at it's current value

Look at the notes in circulation of the various Gulf countries,with the US $ equivalent & currency per US $;

1 US Dollar = 3.75020 Saudi Riyal -current banknotes:1,5,10,20,50,100,500
1 Saudi Riyal (SAR) = 0.26665 US Dollar (USD)

1 US Dollar = 3.64000 Qatari Rial - current banknotes:1,5,10,50,100,500
1 Qatari Rial (QAR) = 0.27473 US Dollar (USD)

1 US Dollar = 0.37701 Bahraini Dinar -current banknotes:1/2,1,5,10,20
1 Bahraini Dinar (BHD) = 2.65245 US Dollar (USD)

1 US Dollar = 0.38599 Omani Rial -current banknotes: 1,5,10,20,50
1 Omani Rial (OMR) = 2.59074 US Dollar (USD)

1 US Dollar = 0.29353 Kuwaiti Dinar -current banknotes: 1/4,1/2,1,5,10,20
1 Kuwaiti Dinar (KWD) = 3.40681 US Dollar (USD)

when the NID value appreciate in proximity to some of these countries
then you can expect to see Banknotesissued as the 1,5,10 and coins in the Fils denoms.

JeffP :wave:

[stayfrosty5]

The only coins that are in release are the 100 dinar & 25 dinar coins

It would make no sense to release coins(or notes) of 1,5,10 dinar value with the NID at it's current value

Look at the notes in circulation of the various Gulf countries,with the US $ equivalent & currency per US $;

1 US Dollar = 3.75020 Saudi Riyal -current banknotes:1,5,10,20,50,100,500
1 Saudi Riyal (SAR) = 0.26665 US Dollar (USD)

1 US Dollar = 3.64000 Qatari Rial - current banknotes:1,5,10,50,100,500
1 Qatari Rial (QAR) = 0.27473 US Dollar (USD)

1 US Dollar = 0.37701 Bahraini Dinar -current banknotes:1/2,1,5,10,20
1 Bahraini Dinar (BHD) = 2.65245 US Dollar (USD)

1 US Dollar = 0.38599 Omani Rial -current banknotes: 1,5,10,20,50
1 Omani Rial (OMR) = 2.59074 US Dollar (USD)

1 US Dollar = 0.29353 Kuwaiti Dinar -current banknotes: 1/4,1/2,1,5,10,20
1 Kuwaiti Dinar (KWD) = 3.40681 US Dollar (USD)

when the NID value appreciate in proximity to some of these countries
then you can expect to see Banknotes as the 1,5,10 and coins in the Fils denoms

JeffP :wave:

If the NID gets anywhere near the values of the above, there will be a LOT of happy campers here.

frosty

[bottlebush]

If the NID gets anywhere near the values of the above, there will be a LOT of happy campers here.

frosty
Would be happy if was just the average of the surrounding countries.
AVG.===== 1dinar ===$1.838276USD

[krachon]

Way to go Frosty. :wave:

[arh777]

http://www.cato.org/pubs/fpbriefs/fpb80.pdf#search='iraq%20banks'

[Lux]

short term logical but what happens when value changes say to .12

then you'd have a .12 cent coin- no longer makes sense to me

At the dinar hit $.12, the coins currently in circulation would be worth 3 and 12 dollars respectively. Would that make sense? Obviously not.

The issuance of coins is to supply a "lower denom" than the paper currency. These coins will have to change over time as the value increases.

Look at the coins currently in circulation:
25 Dinar coin is equivalent to 1.7 cents (a penny)
100 Dinar coin is worth 6.9 cents (a nickel).

If the dinar ever hit .12, these two coins may be taken out of circulation and replaced with smaller denoms (fils).

EDIT:
Our 12 cent coint is actually a 10 cent coin.

[fms]

At the dinar hit $.12, the coins currently in circulation would be worth 3 and 12 dollars respectively. Would that make sense? Obviously not.

The issuance of coins is to supply a "lower denom" than the paper currency. These coins will have to change over time as the value increases.

Look at the coins currently in circulation:
25 Dinar coin is equivalent to 1.7 cents (a penny)
100 Dinar coin is worth 6.9 cents (a nickel).

If the dinar ever hit .12, these two coins may be taken out of circulation and replaced with smaller denoms (fils).

Why take them out of circulation?, could they just introduce smaller denominations in coins as the value of the dinar increases.

[Lux]

Why take them out of circulation?, could they just introduce smaller denominations in coins as the value of the dinar increases.

Because it would be cheaper to reprint a 10 Dinar bill than to mint a 12 Dinar coin.

[bigdinar]

QUOTE=bottlebush]Would be happy if was just the average of the surrounding countries.
AVG.===== 1dinar ===$1.838276USD

The differance is that the other countries have much less currency than Iraq. Supply and demand. It takes more dinars to make a USD than say the Kuwait dinar bit there is 10 times less currency in circulation in Kuwait than Iraq so there is less spread than percieved.

[Brojeffrey]

Because it would be cheaper to reprint a 10 Dinar bill than to mint a 12 Dinar coin.

A couple things have to be kept in mind.

1. The fact that a dinar coin is worth 12 USD is largely irrevalent. It is their country and their coins don't have to be in 1 penny, 1 nickel, 1 dollar ten dollars or whatever. What is important is the buying power and ease of making change.

2. Because coins last virturally forever countries are less hesitant to mint coins than to print low denomination bills. At present the buying value of the coins incirculation is such that low value items can be purchased and change made fairly easily. As the marked value of the dinar increases it will become more and more problematic. At that point new smaller value coins will be minted (if they havent been already). There will be no reason to remove the current coin denominations from circulation. For example you only need to think back to the days of the US $20 gold coin. The purchasing value of that coin in today's terms was in the $200 range and it was quite successful.

[Lux]

A couple things have to be kept in mind.

1. The fact that a dinar coin is worth 12 USD is largely irrevalent. It is their country and their coins don't have to be in 1 penny, 1 nickel, 1 dollar ten dollars or whatever. What is important is the buying power and ease of making change..


It would be very relevant if the dinar were to rise and their lowest bill were 500. While no one can tell any country what it currency should be (they could use cow chips if they wanted), it makes sense that their denominations be scaled properly for practical purposes (and that includes coins).






2. Because coins last virturally forever countries are less hesitant to mint coins than to print low denomination bills. At present the buying value of the coins incirculation is such that low value items can be purchased and change made fairly easily. As the marked value of the dinar increases it will become more and more problematic. At that point new smaller value coins will be minted (if they havent been already). There will be no reason to remove the current coin denominations from circulation.

They don't last forever. Each year, new coins are issued to replace the "lost, destroyed, etc coins". My point is that it would be financially prohibitive to continue "to produce" these larger denom coins, especially when there is a paper equivalent. It costs money to mint coins. Smaller denom coins (possibly fils which are less than 1 Dinar) will be needed to meet practical needs of the people..

At some point (not necessarily an immediate measure) the government has to decide if it wants to continue to mint and circulate these 'larger denom" coins. I'm not saying that they would recall and destroy them, but I believe they would stop minting them and they would gradually disappear.



For example you only need to think back to the days of the US $20 gold coin. The purchasing value of that coin in today's terms was in the $200 range and it was quite successful.

Not in today's world, it wouldn't be. Life has changed and much of today's money is recorded electronically. The money that is circulated has a much more practical purpose than it did in the past. With the advent of credit cards and atm's, most people won't even carry a hundred dollar bill, let alone a $200 coin. From a distribution standpoint, coins are hard to transport, store. From a consumer standpoint, they can easily be lost. They simply aren't practical.

Iraq is being rebuilt and the economic model being used is one that would best serve the people of Iraq for years to come.

[PennStateMtnMan]

When i talked to bill last night he said that the coins were officially released. I talked to him about 730 pm, my time, and he said the "coins were officially released yest, according to #*$#(#"
Not starting any rumors, just passing it along.
Jen

What denomination of coins???

[Brojeffrey]

It would be very relevant if the dinar were to rise and their lowest bill were 500. While no one can tell any country what it currency should be (they could use cow chips if they wanted), it makes sense that their denominations be scaled properly for practical purposes (and that includes coins).

Revelant? What do you mean by that? But your basic statement that Iraq could use a smallest bill worth $500 or buffalo chips if they want is very true. However, but the inverse argument implied isn't sound. Simply because they have a specific denomination of currency does not limit the value of the base denomination. Specifically, to try to determine the ultimate value of the dinar based on the denominations of currency or coins in circulation is futile.

They don't last forever. Each year, new coins are issued to replace the "lost, destroyed, etc coins".

Tell this to the folks who collect ancient roman coins. They are all over the place and aren't terribly expensive. If coins didn't have extremely long service lives they ancient coins would be tremendously rare and very expensive to collectors. Sure they get lost, made into jewlery, used for washers, spacers, or whatever, but they last way, way, way longer than paper or plastic bills.

My point is that it would be financially prohibitive to continue "to produce" these larger denom coins, especially when there is a paper equivalent. It costs money to mint coins. Smaller denom coins (possibly fils which are less than 1 Dinar) will be needed to meet practical needs of the people.

Your are mistaken here. Actually it is significantly more cost effective to produce coins that paper bills. This was the argument used for minting and attempting to sell the $1.00 US coin. I read somewhere that the cost of providing a one dollar coin for 20 years is on the order of 1/5 of what it costs to maintain a 1 dollar bill. I'll have to look up the reference on that one, but bottom line is that it is a lot cheaper to make a coin that lasts virtually indefinetly than a paper bill that has a service life of something like 18 months. By your cost argument it is cheaper to maintain large denomination coins than large denomination paper money so they should quit distributing paper dinar.

It's purely a convenience issue. I do agree that small denomination coins will need to be distributed as the market value of the dinar increases. At what point this occurs will be interesting to watch. I personally think that they have these coins minted, waiting for requirment.

At some point (not necessarily an immediate measure) the government has to decide if it wants to continue to mint and circulate these 'larger denom" coins. I'm not saying that they would recall and destroy them, but I believe they would stop minting them and they would gradually disappear.

I agree with you here

Not in today's world, it wouldn't be. Life has changed and much of today's money is recorded electronically. The money that is circulated has a much more practical purpose than it did in the past. With the advent of credit cards and atm's, most people won't even carry a hundred dollar bill, let alone a $200 coin. From a distribution standpoint, coins are hard to transport, store. From a consumer standpoint, they can easily be lost. They simply aren't practical.

Your statements about the larger denominations of coins (and bills) are true in a society that is credit based. In a cash based society, such as Iraq currently is, large denominations currency are extremely important. Until the iraqi banking system comes on fully on line and the iraqi develop trust and accept the electronic banking benefits, large coins and paper money will be important.

Iraq is being rebuilt and the economic model being used is one that would best serve the people of Iraq for years to come.

The economic model is not one that is going to be imposed, but one that is developed from the current situation. The large bills and and relatively high value coins will be be around for a while, and as the economy migrates from cash based to credit based they will become less useful and will be removed from circulation by the CBI possibly replaced with equivelant values in smaller denominaton coins and bills

[Lux]

Revelant? What do you mean by that? But your basic statement that Iraq could use a smallest bill worth $500 or buffalo chips if they want is very true. However, but the inverse argument implied isn't sound. Simply because they have a specific denomination of currency does not limit the value of the base denomination. Specifically, to try to determine the ultimate value of the dinar based on the denominations of currency or coins in circulation is futile.

I misstated the previous statement and meant to say, the highest denom of 500.

The scale of denominations in most currencies reflect the utility of each denom. That's why we don't print 25,000 bills. As the dinar rises, we will see many changes in the currency denoms, especially in the usage of coins.


Tell this to the folks who collect ancient roman coins. They are all over the place and aren't terribly expensive. If coins didn't have extremely long service lives they ancient coins would be tremendously rare and very expensive to collectors. Sure they get lost, made into jewlery, used for washers, spacers, or whatever, but they last way, way, way longer than paper or plastic bills.

You've entered into a wholly different conversation and your argument isn't applicable to the "utility" of a coin within a economic system. It's purpose isn't for collecting, it is for exchange.


Your are mistaken here. Actually it is significantly more cost effective to produce coins that paper bills.

Not if the value of the coin is in such flux that it cancels itself out with paper currency. Once the dinar truly "settles" then you should expect to see coins in lower denoms than paper.


Your statements about the larger denominations of coins (and bills) are true in a society that is credit based. In a cash based society, such as Iraq currently is, large denominations currency are extremely important. Until the iraqi banking system comes on fully on line and the iraqi develop trust and accept the electronic banking benefits, large coins and paper money will be important.

Don't expect Iraq to be rebuilt into an old Iraq - expect it to be the model for the rest of Persia.

[Jen39503]

What denomination of coins???


He didnt specify and i didnt ask. I'll ask tonight if i remember to

[Brojeffrey]

Revelant? What do you mean by that? But your basic statement that Iraq could use a smallest bill worth $500 or buffalo chips if they want is very true. However, but the inverse argument implied isn't sound. Simply because they have a specific denomination of currency does not limit the value of the base denomination. Specifically, to try to determine the ultimate value of the dinar based on the denominations of currency or coins in circulation is futile.

I misstated the previous statement and meant to say, the highest denom of 500.

The scale of denominations in most currencies reflect the utility of each denom. That's why we don't print 25,000 bills. As the dinar rises, we will see many changes in the currency denoms, especially in the usage of coins.


Tell this to the folks who collect ancient roman coins. They are all over the place and aren't terribly expensive. If coins didn't have extremely long service lives they ancient coins would be tremendously rare and very expensive to collectors. Sure they get lost, made into jewlery, used for washers, spacers, or whatever, but they last way, way, way longer than paper or plastic bills.

You've entered into a wholly different conversation and your argument isn't applicable to the "utility" of a coin within a economic system. It's purpose isn't for collecting, it is for exchange.


Your are mistaken here. Actually it is significantly more cost effective to produce coins that paper bills.

Not if the value of the coin is in such flux that it cancels itself out with paper currency. Once the dinar truly "settles" then you should expect to see coins in lower denoms than paper.


Your statements about the larger denominations of coins (and bills) are true in a society that is credit based. In a cash based society, such as Iraq currently is, large denominations currency are extremely important. Until the iraqi banking system comes on fully on line and the iraqi develop trust and accept the electronic banking benefits, large coins and paper money will be important.

Don't expect Iraq to be rebuilt into an old Iraq - expect it to be the model for the rest of Persia.

The whole issue of denominations of bills, coins, numbers of each in circulation. Is, or hopefully will be, a matter of convenience. When the denomination of currency in circulaton become inconvenient to do business there will be new denominations released. If the Iraqiis want a bill that equates to $5000 then that's probably what they'll have. If they want the smallest bill to be worth a nickel and they are happy with it and it works then that's what will happen. Just because we think that they should have a coin worth a penny is irrevelant.

The key point is it's their country, their economy, their currency. From our perspective it might seem more convenient to have a 1, 5, and 10, dinar coin but remember, if it what they have works for them they probably aren't going to change it. We are relegated to the status of interested observers.

[Lux]

The whole issue of denominations of bills, coins, numbers of each in circulation. Is, or hopefully will be, a matter of convenience. When the denomination of currency in circulaton become inconvenient to do business there will be new denominations released. If the Iraqiis want a bill that equates to $5000 then that's probably what they'll have. If they want the smallest bill to be worth a nickel and they are happy with it and it works then that's what will happen. Just because we think that they should have a coin worth a penny is irrevelant.

The key point is it's their country, their economy, their currency. From our perspective it might seem more convenient to have a 1, 5, and 10, dinar coin but remember, if it what they have works for them they probably aren't going to change it. We are relegated to the status of interested observers.

You make some interesting points and I think we may be running in different directions.

I agree that any country can set up it's denoms to reflect what ever they want. Just look at Turkey. They recently made changes because understood it simply made little sense to carry a gazillion zeros around with each purchase.

The dinar denoms presently represent a structure built around the value of the dinar. At this point in time, they have issued two coins (the 25 and the 100 dinar) and they equate to about a penny and a nickle. It's no coincidence.

When the dinar rises, expect to see smaller denoms of coins and hopefully one day fils. At they point they will decide what to do with the 25 and 100 dinar coins. Maybe then, we can continue our debate at the IIF Millionaire Renunion. ;)

[Lux]

expect it to be the model for the rest of the gcc
based upon the eurocentric world thinking
Persia has her own following.

oneness
dh

The world is getting smaller by the minute.

[Jerry]

Baghdad, Feb 3, P1

Ministry of Defense has announced about great increase in the salaries of military and paramilitary.

Meanwhile, the ministry called on officers and rank and file of the dissolved Iraqi army to join new Iraqi army.

Ministry of defense allocated 229,000 dinars as payments for a danger include all military and paramilitary in addition to the previous payment.

Chief of generals staff Babakir al- Zibari said that monthly salary for voluntary soldier will be 509, 000 dinars , with the aim to promote his standard of living and secure all his requirements.

http://www.alsabaah.com/English.html

Does not look like there is going to be any immediate change. Hence the 1, 5, and 10 roumer is prety much dead here.

[BRYAN]

[QUOTE=Jerry]Baghdad, Feb 3, P1

Ministry of defense allocated 229,000 dinars as payments for a danger include all military and paramilitary in addition to the previous payment.




229,000.00 Iraqi Dinar = 160.30 United States Dollar

1 IQD = 0.0007 USD
1 USD = 1428.5714 IQD

Last Updated: 05/02/2005 @ 22:15 (Sydney)



Chief of generals staff Babakir al- Zibari said that monthly salary for voluntary soldier will be 509, 000 dinars , with the aim to promote his standard of living and secure all his requirements.


509,000.00 Iraqi Dinar = 356.30 United States Dollar

1 IQD = 0.0007 USD
1 USD = 1428.5714 IQD

Last Updated: 05/02/2005 @ 22:15 (Sydney)

http://www.ozforex.com.au/cgi-bin/Convert.asp


Well that's a start..

I wonder what they would get paid when the NID reaches $ 0.01 dollars ??? :confused:

As for the coin rumor we will have to see what happens within the next year.

It should happen ....but maybe in late in 06' is my prediction . :huge:

[nozlmn]

Why is the date 05/02/05??? :confused:

[Spencer]

Why is the date 05/02/05??? :confused:

Because in a lot of forgein nations, they put the day first, then the month, then the year. Actually makes a lot more sense, because you move from the smallest measurement to the largest. So in American terms that date is February 5, 2005. Today.

[airforce]

That's also the military format, dd/mm/yyyy

[nozlmn]

Boy do I feel stupid!!!!!!!!!!! :lmao: :lmao: :lmao:

[mike55]

those are the 25, 50, and 100 dinar coins.Because of the low denomiation of these coins..I can see the dinar at least being $.30, I say this because if you look at an Iraqi spending $15.00 U.S., then they would only have to use a 50 dinar coin and maybe a few fils. That's pretty reasonable. I do hope that even lower denoms are introduced in the next few months. This example is not mathmatically perfect, just showing a synopsis. Later:happy26:

[ISX_TIME]

logical ?
Maybe .01 ----that would make 1dinar = .01 , 5 dinar would be a nickel, ten dinar= a dime, 50 dinar = half dollar, 100 dinar = one dollar, 250 dinar = 2.50, 500 dinar = five dollars, 1000 dinar = ten dollars, 5000 dinar = 50 dollars,10,000 dinar = 100 dollars, and the 25000 dinar note would be 250 dollars.

I Light of GK's assesment of the where the value of NID is heading This was originally posted in February this year. Reading the entire thread at the seems to have some relavency to GK's thoughts.

Seems strange that NO other countries have "dinar" coins and notice the silimarities between the 25 dinar coin and it's american couisn "the penny" & the 100 Dinar coin and "the nickle"

[Lux]

I Light of GK's assesment of the where the value of NID is heading This was originally posted in February this year. Reading the entire thread at the seems to have some relavency to GK's thoughts.

Seems strange that NO other countries have "dinar" coins and notice the silimarities between the 25 dinar coin and it's american couisn "the penny" & the 100 Dinar coin and "the nickle"
A picture speaks a thousand words.

[H2OLover]

Can someone help me out ........if they are to drop off zero's it is my understanding that NEW currency must be passed out agian. If this is correct they will change them all. It is my understanding it can not be worth one thing and say another on the note/coin....Thanks for the help ahead of time ... :)

[Lux]

Can someone help me out ........if they are to drop off zero's it is my understanding that NEW currency must be passed out agian. If this is correct they will change them all. It is my understanding it can not be worth one thing and say another on the note/coin....Thanks for the help ahead of time ... :)

Lopping zeroes would mean new notes because they need to take out what is in circulation and destroy them. A swap of currency/coins is the only way they could do this, but I don't see them simply lopping zeroes. I can see the dinar pegging in the .01 to .03 and then a gradual increase. They need to avoid Dutch Disease.

In any event we stand to make great gains if we stay the course.

[GladRobot]

Q+A With White House Director of the Iraqi Currency Exchange

Walter, from Brooklyn, NY writes:
Does the currency exchange include both paper and coin?

Hugh Tant III
The new Iraqi Dinar consists of six denominations all of which are paper currency. There are no coins presently used in Iraq. This does not mean that there is no future for coins in Iraq. That will be decided by the Central Bank of Iraq.

http://www.whitehouse.gov/ask/20031120.html

You can read into that statement however you like.

If coins are comming im going to start a parking meter and bridge toll system in iraq. I suppose iraq has no pay phones since they have no coins? That seems odd to me.

[BIGWORM_510]

Is this good news or bad they have both coins and paper 50 dinars.

[Brittle Kitty]

Is this good news or bad they have both coins and paper 50 dinars.

The CBI has a ton of these coins (several tons actually), however the people of Iraq have not used coins in so long that nobody wants to carry them. It seems that they do not believe that merchants will accept them, and merchants WON'T accept them because the people distrust them.

So, therefore, there are gobs of coins at the Central Bank that nobody wants (kind of like the Sacajawea Dollars here in the states).

[stendec]

all i know is my bank is going to charge .03 cents per dollar issued to me. for my 2.5 mil dinar, that comes out to a cool $75,000 for ten minutes on a computer keyboard. in other words, if it doesn't peg at more than .10 cents, i gotta wait, cuz the bank will get more than me! :crying: :crying: :crying:

[ubid1]

Once the dinar comes out many banks will be trading it and the buy rate will be more competitive. IMO

[Lux]

Is this good news or bad they have both coins and paper 50 dinars.

The 50 is only in paper.

The coins are 25 and 100 dinar.