Breaking News: 50 Iraqi Dinar Notes To Be Removed From Circulation – Central Bank of Iraq
The 50 Iraqi Dinar Banknotes will cease to be used after April 30, 2015. The banknotes are only worth about four cents U.S. ($0.04) and even coins cost about that much to make, so at this time, the CBI says they are doing away with this currency. Sure they can be used as a collectors item, but if you have them, with the intent on making money, better sell them on eBay. Alternatively, you can contact a dealer and see if they will allow you to sell them back. It’s not hard to figure this one out. Check my news page in case anything important happens.
The full article I wrote along with a translated CBI document is here:
If you just need the document, it’s here:
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Here is an excerpt from my article from Dinar RV News:
Why Is The Central Bank of Iraq Removing the 50 Dinar Note?
There are several reasons for this withdraw of a series that dates back to 2003. The main reasons the C.B.I. is removing these bills are:
- Practicality – the 50 Iraqi Dinar banknotes have a value of less than four cents U.S. ($0.04), due to dealer markups, the value is diminished even further.
- Portability – these notes do not have much purchasing power and carrying many around can be very discouraging.
- Revaluation – the C.B.I. has no plans to revalue it’s currency, and plans to no longer use lower denomination notes such as the 50 Iraqi Dinar banknote.
It is possible that, in the near future, a statement may be released from the C.B.I. stating that they will be removing the following notes:
- 250 IQD – Current value (as of 3/1/2015 $0.21)
- 500 IQD – Current value (as of 3/1/2015 $0.42)
- 1000 IQD – Current value (as of 3/1/2015 $0.84)
- 5000 IQD – Current value (as of 3/1/2015 $4.20)