Thanks to Straight Talking Mike (Reposted from 3-2012)
CHECKING AUTHENTICITY OF YOUR DINARS
PICTURE & INFORMATION
VIDEOS ON CHECKING AUTHENTICITY
HOW TO READ THE DATE ON YOUR DINAR
FINALLY A COMMON SENSE ANALYSIS OF THE "LOP" / "DELETING ZEROS"
- by Mr. Anonymous
There has been a lot of confusion and frankly a lot of mis-information about the two terms "LOP" and "DELETING ZEROS" of the Iraqi Dinar.
I would like to take just a minute or two of your time and offer to you a common-sense approach to look at these two very confusing terms!
These two terms are simply nothing more than a casual language expression for the Iraqi Banks taking the IQD currency "old" bills which have "three zeros" on them (i.e. the 1,000; 5,000; 10,000 & 25,000 IQD Notes) and removing them from the Iraqi Economy! That's it! Nothing More!
HERE IS AN EXAMPLE WE ALL CAN RELATE TO
In the United States, several years back, when the Federal Reserve wanted to roll out our "new" currency with the "large" pictures on them to better fight counterfeiting (humm, sound familiar?), what did The Fed Reserve do? The Fed Reserve told all the Banks to "delete" the "old" US currency (i.e. "small" pictures) from our US Economy! Right? And, note this, the Fed Reserve told our Banks to "delete" the "old" US currency, but it is still valuable, you can still spend it, right???!!!
So, how are the US based Banks able to "Delete" the "old" US Currency?
Simple, whenever the Banks receive an "old" currency note they hold it, then send it to the Fed Reserve, where the Fed Reserve will destroy those "old" notes.
DOES THIS NOW MAKE SENSE?
Comparing what the United State's Fed Reserve is still doing with "deleting" our "old" (small pictures) currency to that which Iraq's Central Bank (www.CBI.iq) is essentially going to do with the process of "deleting" their "old" (three-zeros) currency to replace it with the "new" currency, does this now make sense to you? Because it made sense to me when I heard it explained.
Think about this also, the head of the CBI, Dr. Shabibi has said that this will be a process which will take two years. He has also said in a very recent News Article as posted on TheIQDTeam.com website and read on one of their recent conference calls, the CBI plans to honor all of the "old" (three-zero) currency notes for at least 10 years!
After knowing this, now you can feel safe in knowing the truth of the process!!! And not what you may have heard or read on an "Intel" or "Rum-tel" site. There is no need to panic. Think about it, if you still are holding on to "old" US Currency, you can still use it - right?
ANOTHER THING TO CONSIDER IS THIS...
Why did Dr. Shabibi tell the world in several News Articles that the IQD's "old" (three-zero) currency will be valuable for at least 10 years? Was he saying this to his people of Iraq? Was he saying this to you and me? NO!!! Well then why???!!!
Here is why! Dr. Shabibi was telling this to the US Treasury and to most of the Governments around the world that currently hold IQD in their Foreign Currency Reserves! Governments will NOT tolerate these "old" (three-zero) currency to suddenly be valued as "worthless"!!!! Right!!!??? Can you say WAR!!!???
Do yourself a favor if you are new to the IQD "Investment" or if this issue still confuses you or worries you. Please take a little time and read the Article "The Future of Iraq Project" (especially the last section 20 on the Banking system) Here is the direct download link: http://www.theiqdteam.com/future-of-iraq-project--other-links.html
Hopefully you now better understand these two terms "LOP" and "DELETING ZEROS" of the Iraqi Dinar and are no longer confused by them when you hear them or read them.
You now know that these two terms are nothing more than a badly translated expression that is being used for the well planned process of removing the "old" (three-zeros) IQD currency from the Iraqi Economy by the Iraqi Banks. This will be done over a specific time and it has absolutely NOTHING to do with the IQD currency's actual value!
As most of us Dinarians have already figured out, there are a LOT of RUMORS out there and "Gurus" that seem to purposefully (for whatever reason) want to float "bad" information on the Dinarian Boards, Chat Rooms and Conference Calls.
If you have questions about the Iraqi Currency, or you saw a post that the IQD has "RV'd" and you want to verify it for yourself, then the very first place to check before calling or emailing anyone is check the www.CBI.iq website. The CBI.iq website is your ONLY RELIABLE SOURCE OF INFORMATION as to the ACCURACY of the Current IQD Exchange Rate!
THANKS FROM THE IQD TEAM
Revaluation In 5 Easy Steps
25,000 Iraqi Dinar notes are currently available.
They are worth about $20 USD.
New 25 Dinar notes will be introduced in the future.
1000 of these new 25 Dinar notes will equate to 1 of the existing 25,000 dinar notes.
A revaluation will then take place.
1 Dinar may go from 0.00086 USD to say $1.00 USD (or $2.00 USD or $3.00 USD)
Now The low denomination notes will be worth the paper they are printed on.
So smaller notes of 1, 5 10 Dinar will also be introduced along with the coins (fills).
The 000 notes will then be removed from circulation.
Within Iraq a Dinar will still be a Dinar, but now one of them will buy a loaf of bread, whereas it used to take 1000 Dinar.
Outside Iraq we will then be able to trade in our 25,000 Dinar note for $25,000 USD.
(or 50,000 USD if revalued at 2 USD per Dinar or 75,000 USD if revalued at 3 USD per Dinar)
Reminder of the Revaluation Phases
Phase 1 of the revaluation: Printing of the new currency (This will include digital money preparations).
Phase 2 of the revaluation: Coexistence of both low and new denominations.
Phase 3 of the revaluation: The removal of the higher denominations from circulation.
With kindest regards,
__Yearly Average Currency Exchange Rates Translating foreign currency into U.S. dollars You must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. The only exception relates to some qualified business units (QBUs) which are generally allowed to use the currency of a foreign country.
Currency exchange rates The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently.
When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances. For example, if you have a single transaction such as the sale of a business that occurred on a single day, use the exchange rate for that day. However, if you receive income evenly throughout the tax year, you may translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year.
Yearly average currency exchange rates The table below includes yearly average exchange rates for prior years. It was revised on November 1, 2011, to reflect the typical cash exchange rates for the listed countries and years. For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates.
To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below.
How to read the date on your dinar
This will help you find the date on your dinar notes.
Thanks to Johnny for sending this