What is the Purpose of a Certificate of Authenticity? January 10 2015
There's a lot of rumors and misconceptions out there on the internet in regards to Certificate's of Authenticity so in this post we are going to set the record straight on what a Certificate of Authenticity or "COA" is, what that it's purpose is.
We issue a Certificate of Authenticity with every order. Why do we do this? We do this to show we stand behind our product and gurantee all products and currencies sold by us are 100% authentic. It's also a nice keepsake and novelty along with your Dinar.
As far as the practical value of a COA, there really isn't a practical value for a Certificate of Authenticity. For example, say you decide to sell your Iraqi Dinar and contact us to sell it. You send in your Dinar along with a Certificate of Authenticity from another dealer.
Do you think we are just going to take the word of another dealer and their Certificate? No, we are going to check and verify the notes for ourselves. I would imagine other dealer or banks would do the same. For that reason a COA doesn't really have practical value because it doesn't prove the authenticity of anything.
So this brings up the question, will you need a Certificate of Authenticity to sell your Dinar down the road? The answer to that is yes and no. Should you sell your Dinar or other currencies down the road to a bank, they will not care if you have a Certificate of Authenticity or not. That said if you sell to another dealer down the road many dealers do require you have a COA in order to get their highest posted buying price. Should you decide to sell your Dinar on your own on eBay down the road; though a Certificate of Authenticity is not required; you may be able to squeeze a few bucks out of the auction and offer a bit of extra buyer confidence if you have a COA to offer with your notes.
One other flaw our Certificate, and other Certificates have, is that they typically do not tie a particular set of Iraqi Dinar banknotes to a particular Certificate of Authenticity. This means any Certificate could be paired with any set of notes whether they are real or not or were issued with that Certificate of not.
This is not to take away from the importance of Certificates of Authenticity. COA's are important in the sense a dealer who issues them is sending a strong message that they stand behind their service and all their products. It's also a nice novelty and a keepsake.
That should clear up the confusion about COA's. Though they don't necessarily offer much practical value in that most people are going to want to verify notes themselves and not take the word of a piece of paper, however, a dealer who issues a Certificate of Authenticity is at least saying strongly that they stand behind their products and services and the authenticity of their notes. It's also a nice keepsake to get along with your Dinar. So though it's not a requirement, you're better off buying from a dealer who offers a COA whether it's us, or another dealer.