The Iraqi dinar has become a bit of an interesting area of collectable currency in the past couple of decades. Though you will not get very much if you try to convert dinars to US dollars, some people are investing in the hopes that the dinar will gain value in the coming years. In spite of the fact that you will be hard pressed to find a financial advisor who will suggest investing in Iraqi Dinar right now, here are a few facts about the currency that you should know.
1. The dinar was first introduced into circulation in 1932 when it replaced the Indian rupee as the currency of the country. The rupee was the official currency up until the British occupation of the country in World War I. In the past 80 or so years, the dinar has gone through a lot of changes depending upon who was in charge of the country.
2. Special banknotes that were issued between 1990 and October 2003 that had an idealized engraving of former Iraqi President Saddam Hussein. These have since been phased out and a whole host of new denominations in a variety of colors have since been released.
3. One of the main reasons that people tend to look into the Iraqi dinar is as a collectors item. The currency is not at a point where it is able to provide a return on investment, but the collectibility is a bit more promising. There are a wide variety of denominations including a new 500 dinar note that was issued in October of 2004.
4. The Iraqi dinar exchange rate history has not been an exciting one, though it has gone up a bit in the past couple of years. The currency does not look to be providing a return on investment any time soon, however in order to convert dinars to US dollars, you need 1,260 Iraqi dinar for every one dollar. In site of what you might think, this is a rather high level for the currency and is a level not been reached since last year. Continue reading here: www.gidassociates.com