* Dinar Daddy: “Lower Denoms” Defined
All,
Some seem to be confused as to exactly WHAT is considered a “Lower Denom”, “LD”, or “Lower Denomination” banknote. I’m posting this to give a little clarity.
Here’s MY definition of the above as I understand it:
- “Lower Denomination” notes are those that do NOT have more than two (2) zeroes in them.
- There ARE “Lower Denom” notes in circulation RIGHT NOW! The 500, 250, and 50 Dinar notes ARE considered “Lower Denoms”.
- The 1K, 5K, 10K, and 25K notes are NOT “Lower Denom” notes. Each of these banknotes has three (3) or more zeroes in them… 1,000 Dinar, 5,000 Dinar, 10,000 Dinar, and 25,000 Dinar.
- It is my understanding that the “Lower Denoms” will not have a cash-in time frame associated with them. This means that the 500, 250, and 50 Dinar banknotes that currently are in circulation will STILL be considered good even after the rumored/discussed distribution of new banknotes by the CBI. My understanding is that they will remain in circulation and used going forward along with the even smaller notes (i.e. 25, 10, 5, 1, 1/2 fil, and 1/4 fil)
- The new issue banknotes discussed in the articles by the CBI that have yet to be distributed to the public will ALL be considered “Lower Denoms”, and will therefore be accepted by Iraq and the Central Bank of Iraq as legal tender, regardless of the denomination. There will naturally NOT be any cash-in time frames tied to the newly released notes when that time comes.
- Funds held as Iraqi Dinar within a bank in Iraq do NOT care about the denomination because they show as electronic funds. As such, there is NO DENOMINATION tied to them. This is a definite strategic advantage for the holder of the account, as any change in monetary laws within Iraq would not impact whether they would be considered legal. Electronically held funds within an Iraqi Bank account will also NOT have a cash-in time frame tied to them because they are already in an Iraqi bank.
At present, I’m not ready to share exactly what I am doing to set up my Iraqi Bank account. I know many of you are frustrated with the lack of information about that subject, and others are concerned over the customer service offered by Warka Bank, and as such you are nervous about sending your Dinars OR Dollars to them to be held electronically. I hope to have more information to share within the next two to three weeks. If you’re wanting to expose yourself to more information you can study on your own right away, I recommend you look up The ISX Report at www.ISXReport.com.
Until then, if you haven’t already, you may wish to gain exposure within your Dinar holdings in “Lower Denoms”. That’s a personal decision each of you must make for yourselves. There are a few options of where you can go to obtain “Lower Denoms”. I personally acquired all my lower denomination banknote Iraqi Dinars through Treasury Vault (www.TreasuryVault.com) and www.LowerDenoms.com.
The ONLY company I know of that has a program wherein they’ll allow you to cash in some of your “Higher Denoms” (3 zeroes and more and uncirculated/new) that you currently hold within your inventory of physically held Dinars for “Lower Denoms” (2 zeroes or less) is Treasury Vault (www.TreasuryVault.com). You’ll have to contact them for the specifics of their Dinar trade-in, straight buy-back, and secured buy-back programs that are designed to fit your personal sell-back or trade-in needs.
Go Understanding… Go Options… Go Dinar!
Dinar Daddy
The * Dinar Daddy: “Lower Denoms” Defined by Dinar Daddy's Tidbits, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
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