You might have kept some euro coins from your last trip to Paris. You might have a tiny chest full of pesos you found in your pocket years ago. But the likelihood of having Iraqi dinars in your collection? Slim to none.
That is because the currency just became available for investment in the United States as well as many other nations. If you want, you can acquire a stash now while you wait for the value to increase. Before you do, here are five quick facts to know about converting dinars to dollars:
1. Investing in Iraqi dinars is a relatively new enterprise in several countries. Notably, the U.S. is courting many investment opportunities with dinars as well as the ability to change dinars to dollars. Investing in foreign currency such as Iraqi dinars allows the opportunity to make money in the long term once the currency becomes more valuable.
2. The Gulf War represented the end of a particular printing process for the dinar. Prior to the war, the Central Bank of Iraq used a special Swiss printing technology to mass produce dinar notes. Afterward, however, sanctions prohibited this. Now, converting dinars to dollars is an easy process.
3. Much like how a U.S. dollar can be broken down into cents, the iraqi dinar can be broken down into what are called fils. Fils are like cents, except it takes 1,000 fils to equal one dinar. Also, unlike cents, fils have essentially become obsolete because of inflation.
4. Before you can change dinars to dollars, you must first know the different banknotes of each. As you are most likely aware, U.S. currency is most frequently issued in 1 dollar, 5 dollar, 10 dollar, 20 dollar, 50 dollar and 100 dollar bills. Iraqi dinars, however, contain the following banknote denominations: 50 dinars, 250 dinars, 500 dinars, 1,000 dinars, 5,000 dinars, 10,000 dinars and 25,000 dinars. The 500-dinar banknote was first issued in October 2004.
Presently, the international currency exchange rates from dinars to dollars is 1 U.S. dollar to 1,165 Iraqi dinars. But, this might change in the future. You always have to be on the lookout for revaluations from dinars to dollars.