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.
Though most of the Dinar we sell is in uncirculated condition we do occasionally run specials on circulated Dinar. We are frequently asked what is the value of circulated Dinar versus uncirculated Dinar? Is uncirculated Dinar worth more? The answer to that question is yes and no.
First let's explain the difference. Uncirculated Dinar is Dinar which has never been in circulation, it hasn't been used at stores or markets and it is in pristine new mint condition. The notes are crisp and have no bends, no folds, no pen marks or other imperfections.
Circulated Dinar on the other hand is Dinar which may have been used in the streets and markets in Iraq. These bills may look like bills you have in your wallet which may have bends, folds, soft corners or soft edges, pen or pencil marks, etc. Circulated Dinar can also be Dinar which has never been used for commerce but has been bent, folded, written on or is no longer in pristine mint condition.
So what is the difference in value between these two types of Dinar? To a bank Dinar is Dinar the same way a Dollar is a Dollar. If you go to do a bank deposit at your local bank they aren't going to give you any more money for a crisp $100 bill than they would for a wrinkled and written on $100 bill. Money is money. In that sense circulated Dinar is worth no less than uncirculated Dinar. As long as the circulated notes are in passable condition ie. not ripped into pieces, no excessive writing, etc the notes will be accepted and bought in by a bank who deals with Dinar.
When selling your Dinar to a Dinar seller or dealer however you may be paid a bit more for your Dinar if they are in new uncirculated condition. You may receive anywhere from $20 to as much as $100 more for notes which are uncirculated. That said you aren't really gaining anything since you probably also paid a premium price to buy uncirculated Dinar in the first place so, though you get more when you sell it, you also paid more for it upfront so you don't really come out ahead.
So, though uncirculated Dinar may fetch a slightly higher price with a delaer, at a bank, or in the grand scheme of things uncirculated Dinar is worth no more than circulated Dinar. That beckons the question why is uncirculated Dinar sold for more? Typically because it costs sellers more. Typically uncirculated Dinar is purchased from brokers who buy the notes at auction from the Central Bank of Iraq. Circulated notes on the other hand are often bought in by dealers from individuals at a lower cost. Dealers then pass along those savings to buyers.
So which should you buy? Many people prefer uncirculated notes. They like that the notes are crisp and new. They appreciate the beauty of these intersting notes and the nuismatic qualities. Others however want to get the most bang for their buck and if they can get an extra 100,000 Dinar or so by purchasing circulated instead of uncirculated they will opt for that. It's all personal preference.
If you buy or have bought Iraqi Dinar, or if you ever research Iraqi Dinar online you may come across the terms brick, bundle, and strap. Well what do these terms mean?
We frequently field calls and e-mails from customers inquiring what these terms mean so in this post we are going to tell you guys about what a bundle is. What a brick is, and what a strap is. These terms are typically used to refer to smaller denomination notes like the 50, 250, 500, and 1,000 notes, however it can really be used to describe any notes.
A bundle is 100 notes. If you were to purchase a bundle of 1,000 denomination notes you would receive 100 notes for a total of 100,000 Iraqi Dinar in 1,000 denomination notes.
A brick is 10 bundles, which happens to be 1,000 notes total. If you bought a brick of 1,000 denomination notes you would have a total of 1,000 of the 1,000 denomination notes for a total of 1 Million Dinar.
The last term is strap. This is a more generic term. Though often times it may be referring to a bundle, many people will refer to any amount of notes in a paper strap as being a strap.
Hope this clears up any confusion regarding the terms brick and bundle. If you are interested in purchasing a brick or bundle of smaller notes you can click the links below.
Bundle/Brick 50 Notes
Bundle/Brick 250 Notes
Bundle/Brick 500 Notes
Bundle/Brick 1,000 Notes