How painful it is to admit that especially because the price of the Iraqi dinar hasn’t changed much since I bought it. However, I am consoled a bit because my loss wasn’t due to bad negotiation skills or laziness. Rather, it arose from a family emergency which prompted me to liquidate my reserves. I constantly ask myself why I bought Iraqi dinar in the first place and honestly, it was a carefully made decision at the time. I didn’t fall for the spiel of the dinar gurus, it was just obvious to me that the currency would revalue sooner or later. When I bought the currency, Iraq was coming out of its haze and on its way to becoming a world player. Even now that ISIS has gotten a stronghold there, Iraq has its own stock exchange and is holding onto little debt.
The most compelling reason to buy the dinar was the fact that I heard from very reliable sources that there would be a revaluation of the world’s currencies. When this event happens, the value of each currency will be decided on the amount of its country’s natural resources. Since Iraq had a lot of oil it was clear that the dinar had a bright future.
At the time I bought my dinar stash I shopped around on the internet and found a lot of offers to sell at around $2,600. Instead of falling for one of these options I took a train to New York from Pennsylvania and walked over to an exchange center on Avenue of the Americas. That move saved me $400. What’s nice is that they gave me newly printed Iraqi dinars in 25,000 note denominations. The fact that they were crisp and clean was a stroke of luck. Had they been old and wrinkly, the best I could have sold them for would have been $1,000 instead of $1,400. Also, if I had opted for lower denominations it would have been tougher for me to sell my stash in bulk the way I did.
Description of the selling process
You should know that the company I sent my dinars to was hard to find online but they seemed professional and had a great reputation with the Better Business Bureau. The first company that popped up in Google search results had a great looking website but had 9 complaints with the Better Business Bureau. One of the most grievous complaints was they sent a check out from an account that had been closed. Another operation which quickly popped up claimed to be the largest dinar dealer in the US, but was recently raided by the FBI for fraud charges.
Based on the BBB ratings, I made my choice as I bit the bullet and sent my dinar stash to Utah through a 2 day guaranteed delivery service. It was a delicate time for me mixed with emotions of self loathing and relief. But I soothed myself with the fact that the last company I researched would have bought my dinar for only $1000. This leads me to my second point.
Another point I should make is that if you find yourself in a financial bind early enough, you can try to sell your dinars on ebay. There you can do 3 day campaigns selling small lots of dinars for higher prices. If I had had the time I could have sold each 25,000 note for around $23 dollars as opposed to they deal I entered into which was around $17 per 25,000 note. But keep in mind that your dinars must look new.
This experience only solidifies my thinking of what constitutes a safe investment. I believe that putting your time into making videos is the best thing you can do for your future. Whether you upload to Youtube or Udemy, you stand to make a lot of money over time. Your failures won’t keep you up at night because they detract nothing from you and your successes will make you sing. So being disciplined about churning out videos year after year is the smart way to a financially stable future.
I have a friend who’s around 62 and is always in the doldrums because outside of social security he’s got no income. You see, he’s a former contractor who got too old for that line of work. He doesn’t have enough capital to do something adventurous like invest in Iraqi dinar, but he does have a video camera. Last year he told me he would start making videos about construction projects but somehow never got around to it. A year later and a year older, he’s a captive to inactivity while dreading his next bill. Hopefully you can see from this story that time passes by no matter what so you need to take advantage of each day. Building wealth the slow way will reap big rewards in the long term and it’s definitely a lot safer than investing in an exotic currency like the Iraqi dinar.