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 Replies: 7 / Views: 1,103 |
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Valued Member
United States
198 Posts |
Has anyone invested in foriegn curreny? I have seen where you can buy the new Iraqi Dinar in bundles (We call them "Bricks") of 50,000 and 100,000.  For 100,000, it cost about $150 to $160 US Any thoughts on rate of return or if this is a good investment?  |
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Pillar of the Community
United States
1415 Posts |
Your guess is as good as mine People do this for a living and they do not get it right?  Trading money is the same as trading stocks - risky at best  |
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Bedrock of the Community
United States
14454 Posts |
I have heard of people buying up bundles of foreign bills but I don't recall hearing how well or poorly they did with the investment (not even sure what country they were buying them from). I am thinking it must have been a pretty bad investment or they would have made sure everyone knew how well they did because they sure didn't mind letting everyone know what they were going to try
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Pillar of the Community
United States
533 Posts |
I am not sure what you mean. Are you thinking about this for collecting? I assume that you are, and that everyone so far has assumed that you are asking about cashing in on the exchange rates. If indeed you are trying to make money trading currency for currency you are doing it all wrong. The exchange rate of currencies changes everyday, usually by less then a cent, sometimes less then a tenth of a cent. People that make money in the FOREX (Foreign Exchange) don't buy bundles of money, either literally or figuratively, because it would take billions of dollars to actually profit from those .05 cent moves. They use derivitives and options like "calls" and "puts" to gain leverage, by doing this they can 'control' millions of dollars while only having a fraction of that amount at their disposal. While this can be extremely profitable, you can also lose your shirt literally over your lunch hour. If they are the old Dinars that have Saddam on them, they could become an interesting piece of history. If they are these dinars, I don't think they have any real value anymore, other then to collectors. Edit: To learn more about the FOREX and any other type of investing go here http://www.investopedia.com/. A really good site to answer any investing questions you might have. Edited by MorganNoob
08/22/2008 3:46 pm
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Rest in Peace
United States
9104 Posts |
Any deals like that are almost guaranteed to be a ripoff unless you have some way to retail them as singles.
Forget published foreign exchange rates on crap like that, because they are official rates. A Whassit from Faroffistan might be worth 10¢, so ten of them would show an exchange rate of $1. If you're foolish enough to go to the bank there, that's what they'll charge.
However, you could walk 20' from your hotel's front door and say "who has Whassits for sale?" And someone will immediately offer you 50 or 100 of them for each dollar, because they know they're all but worthless.
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Rest in Peace
United States
9104 Posts |
Years ago, I had a half dozen basic quarter vending machines. Instead of bubbly gum, I filled them with coins. Typical loads might be three uncirculated foreign coins, three BU or S mint wheats, a foreign note, a Buffalo nickel, IHC, gold tooken or Mercury. Maybe one out of 100 would have a $2 red seal or SC, and one per machine be a token good for a BU silver dollar. Average cost was 6¢ a load. Over the years, we went thru several 5000 count boxes of capsules. Many a kid got bunches of coins cheap, and you'd be amazed how many adults would play them. |
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Bedrock of the Community
United States
20753 Posts |
Every time someone asks that question of is coins or currency a good investment. I always say the same thing. Asking that is like asking who should I marry, what car should I buy, should I buy that house in the swamps, should I get a flu shot this season? When it comes to investing all I think anyone could really tell you to do is invest heavily in any Buggy Whip Companies. With the prices of gasoline today, the horse and buggy just have to make a return.  |
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Valued Member
United States
442 Posts |
Do the research BEFORE buying.
Can you make any money on them now as in RIGHT now?
Eye appeal and diversity are two of the keys.
I have some very appealing Zambian Kwachas I bought years ago. Lost my butt on them too.
Got a few hundred left. Want them cheap?
Bottom line is really know what you're getting into. Then make a decision.
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Replies: 7 / Views: 1,103 |
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Posted 08/22/2008 3:08 pm
