If you perform an internet search on the term “Iraqi Dinar”, you will come up with a huge number of websites which have a very diverse message regarding this much maligned currency. A few web sites guarantee that this is the single greatest investment of all time and that if you miss out on this opportunity you then are a fool. On the same results page, you will see a number of web sites pointing to the “Iraqi Dinar Scam” that appear to lead to the fact that only a really great fool would own this currency in their investment portfolio.
The difference of opinion doesn’t end there. It’s also in major media and financial outlets. Recently when reading through the official website of the stock exchange NASDAQ, I stumbled on several warnings and articles informing investors to stay away at all costs any kind of investment in this currency. At about the same time, the host of the popular Television show on CNBC, Jim Cramer, recommended buying the money as a really smart and wise play in investing in Iraq, noting that he’d generally tell people to avoid investing in post war countries, but that the Iraqi Dinar was “different”.
So which is it? Is this currency the worst investment strategy ever or is it the greatest thing since sliced bread?
The real answer is no one knows, but there are some facts that we can take away from these arguments which can assist us cut through the strong rhetoric and hopefully leave us with some beneficial conclusions. The first argument that I always seem to come across is that this currency is a scam. I’ve seen it again and again, but there is not much context or clarification to this comment which can mislead people.
How can a country’s currency be a scam? Some people might believe that US Dollars the way in which they have been rolling off the printing presses the past few of years are a scam, but last I checked I had no problem buying goods and services with them. If you think that the US currency is a scam also, I’d be totally willing to take all that spare cash you hate very much off your hands.
I think what people mean by this statement is twofold. The Iraqi currency has definitely been over hyped over the past few of years, the hawkers and dealers stating in their web site grand visions of becoming millionaires overnight. Although I wouldn’t clarify that as a scam, I’d definitely say it’s very unlikely. The kinds of massive run ups in the value of a country’s money in post war economies have typically taken years. So whilst these statements might be over the top and misleading, I’d barely place them in the “scam” classification.
The other possibility, which I’d definitely agree with is that there are a few sellers of Iraqi Dinar money out there who’re not to be trusted. Several dealers have been caught selling useless old Saddam Hussein regime money that might be a good souvenir, but won’t make you any money in the future. A few dealers have also been known to sell subpar, mangled, and even counterfeit notes to an unsuspecting public. There are even some stories which there are dealers who’re sent money who never actually send the currency. Just running off with the money and taking the website down a few weeks later prior to setting up a new web site under a different name.
Whilst that’s something that is certainly to be watched out for, does that mean that a major currency of a nation with a few of the greatest reserves of oil and natural gas in the world is a scam?I definitely do not think so, and making statements that this investment is a scam is very comparable to saying used cars are a scam because you had a bad experience with the dealership up the street. Do not get me wrong, there’s a really real danger of dealing with the wrong type of person when trying to acquire the Iraqi Dinar, I’d do your research and make sure that the individual you are purchasing from is reputable and can be trusted before you trust them with your hard-earned money.
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