Buying Iraqi Dinar - Beware of ads promising big return on Iraq's currency

I love these Kinds of stories, if you are one of these people who thinks that if you plop down 300 bucks you will have $300,000 next week, get real. In the short time I have had mine it has gone up 40%. The big pay off may come years later after rebuilding. You can still get it relatively cheap, it may not always be so. A coin shop owner is their currency expert? Right...





Go ask a desert storm veteran who heard about buyinf Kuwaiti Dinar and listened to the doom sayers who said it was a scam.

-I've talked to a few, they sound pretty regretful to me...


Beware of ads promising big return on Iraq's currency

Reported by: Joe Ducey

Email: jducey@abc15.com

Produced by: Quita Jackson

Last Update: 8/21 8:06 pm

As Iraq becomes more and more stable, more people are investing in their currency, the Dinar. Some ads claim you may be able to double or triple your money in a just a few weeks if you buy right now. So is it worth considering?

Look online and you'll find dozens of vendors selling the Dinar.

They are so cheap -- more than a thousand to one dollar -- Americans are snatching them up.

"My business partner's friend gave us a tip that the Iraqi money would be converted into American money and when that happened the Iraqi money would soar in value," says Michael Loos.


He says it sounded too good to pass up. So Loos invested a modest $268. But a few weeks later, when he checked the value, it was down to $216.50.

Fred Hammond owns a coin shop. He says he's not surprised.

"I've had a couple of people ask me about that and I don’t give them a very pretty picture," says Hammond. He says its hard to make money trading foreign currency.


While the Iraqi Dinar currently has gone up, vendors can charge up to 50 percent commission. Even banks charge currency transaction fees and without significant appreciation, you will lose money buying and selling back.


If you decide to buy, do it through a legitimate US-based financial institution, never a company based outside the US.

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