Interested in speculating on the future of Iraq? Why not buy the Iraqi dinar as an investment? Iraq has the world’s third largest oil reserves and now that the price of oil is increasing and companies are making deals with the Iraqi government to explore for that oil, the future of the country seems brighter than it has been in years.
While it is a risky investment it may pay off very well. Many speculators are buying bundles of Iraqi dinars as an investment but what is the safest way to buy the Iraqi dinar?
If you want to take physical possession of the banknotes you have the option of buying from an online currency dealer or a site like eBay. There are dozens of sites selling Iraqi dinar banknotes on the internet. To choose a safe way to buy dinars you should look for these things
1. Use a seller with a physical address
2. Use a seller that takes credit cards. (Not debit cards)
3. Use a seller that uses a De La Rue Counting machine. (see why below)
4. Buy only large bills, such as 10,000 and 25,000 dinars notes.
5. Inspect the money for signs of counterfeiting when it arrives.
6. Order quantities of less than $5000 USD worth at a time.
Why should you choose a seller that uses a De La Rue counting machine? The official printer of the Iraqi dinar, and about 150 other currencies, is the UK based company De La Rue. They also make currency counting machines that can detect counterfeit dinar notes. A good currency dealer will use this type of counter.
If you buy bundles of dinar notes avoid worn and smaller bills. In the bundles of smaller bills may be notes that are too torn to be accepted. The bundle may also contain old dinar notes which are now useless. Stick to large denomination bills such as the 25,000 dinar note.
Beware Of Shipping Charges and Premiums
Online currency dealers will charge shipping and handling fees plus a premuim or percentage above the market value of the currency. Be sure to check and see how much of an upcharge the dealer is hitting you with and how it compares to other online currency dealers.
You may also purchase Iraqi dinar notes safely on eBay if you choose a dealer that has many transactions and no negative feedback. Be careful about shipping fees and always choose to insure your shipment.
For more on how to spot fake Iraqi dinar bills see: How To Recognize A Fake Iraqi Dinar
Remember that buying the Iraqi dinar his a highly speculative investment. Any number of things can cause the dinar to fall even further. Currency trading is very risky and there are other less risky currencies that are openly traded on Forex.
