How Common are Counterfeit Iraqi Dinars? April 21 2016
How Common is Counterfeit Dinar?
A lot of buyers of Iraqi Dinar and other exotic currencies are concerned when purchasing currency that the banknotes they are buying are authentic. You may be wondering however, how common is counterfeit Iraqi Dinar?
Though it's understandable to be concerned about getting authentic currency, honestly counterfeit Dinar is not that significant a problem. You may hear second hand stories on forums and websites about people purchasing counterfeit Dinar, but it's really not that widespread of a problem for a number of reasons.
First, the Dinar is one of the least valuable currencies in the world at current value. It's also one of the most secure currencies in the world in terms of all the security features. From a common sense standpoint, why would a counterfeiter spend their time and energy trying to fake one of the most difficult currencies to fake, with the least amount of return as well. It doesn't really make sense for someone to do, and that is one of the reasons the Dinar is not a currency which is counterfeited that often.
The second reason why counterfeit Dinar is not a significant problem is because there's a relatively small market for it. Unlike most other currencies which are pegged or traded and sold by banks and currency exchanges, the Iraqi Dinar is really only sold by a handful of currency dealers and brokers in the US.
If someone were to counterfeit Euros for example they could go to any bank in the world or any currency exchange in the world and sell the fake notes. The Dinar on the other hand has a very limited amount of places where a counterfeiter could dump their currency. There's probably less than a dozen Dinar dealers out there whom they could dump their counterfeit notes on. It wouldn't take long for this handful of sellers to figure out who is dumping counterfeit Dinar on them
We have had literally billions upon billions of Iraqi Dinar pass through our hands and counting machines and we have still yet to come across a single fake Iraqi Dinar note. Though we are diligent about checking our notes and though we encourage you to be as well, you can rest a bit easier knowing counterfeit Dinar is not a significant problem.