Old Crazy Thread.

[ErelisLT]

Understand what your reading.

Of course - you can always do a search yourself if your not satisfied.

On a polite sidenote - you really do not have to type quite so largely - we can all read.



PS - Link no longer works - don't know why - it used to.

I am sorry, I meant that the link doesn't work. But thank you for your input.

[cigarman]

Neno, I bet your in a good mood since Texas won today and the kicker of becoming a grandpa again. Congradulations.

[Seaview]

I am sorry, I meant that the link doesn't work. But thank you for your input.

Here you go - the entire article for you - best I can do for now.


Why the urgency? There were various longstanding problems with the old-style currency, but the most pressing was the shortage of banknotes. “There were basically two denominations in use – 250s and 10,000s – because the note issue was overwhelmingly composed of them” says Karen Triggs, a UK civil servant who was seconded to the Iraqi Currency Exchange team. “Inflation had eroded the value of the other lower denomination notes, so they were more inconvenient to use”.

“A note issue with two denominations is inconvenient – particularly when one note is worth 40 times the other. People either found it hard to get change, if they had 10,000s, or they had to carry around a stack of notes – a sight that’s familiar from countries with hyperinflation, although this wasn’t the case in Iraq.”

The primitive de facto structuring of the Saddam currency meant that planners also needed to consider the denominational structure – though as the Bank of England’s Andrew Bailey notes (see page 10), planning could not be very sophisticated, given the timescale and lack of information.

Printing the new notes was a task of jawdropping proportions. Banknotes with a value approaching 4.5 trillion (million million) dinars had to be printed in total – equivalent to US$3 billion – of which a sizeable proportion had to be in place for exchange to begin on October 15.

The job was entrusted to a global consortium of paper manufacturers and security printers. De La Rue led the consortium, co-ordinated the highly complex global operation and provided vital expertise. It also printed the majority of the new banknotes at plants in Malta, Sri Lanka, Kenya and the UK.

For the company’s staff it was a huge undertaking, requiring seven-day working and the cancellation of the traditional summer closure period in many locations. Paper for the new banknotes had to be ready within 10 days of receiving the order. Design amendments, a new high-value denomination and origination material were produced in a matter of weeks – along with millions of metres of security thread.

Staff had to find technical solutions to the problems caused by different equipment used by partner companies. Despite the scale of the project and its very tight timescale, people on the Iraqi Currency Exchange team (codename Operation ICE) were in no doubt that the banknotes would be ready on time. Their confidence was justified.

Just 10 weeks after the order was placed, a consignment of 30 million new Iraqi dinars was flown into Baghdad. The exchange process was ready to begin. Operation ICE By the time the first cargo of notes arrived in Baghdad, around a dozen specialists – economists, security advisers, bankers and logisticians – had been working closely with the Central Bank of Iraq (CBI) for nearly two months, and the public education campaign was in full swing.

In the volatile environment of post-conflict Iraq, the security of the banknotes during their transportation to banks and exchange centres was an obvious issue. 500 Fijian ex-soldiers travelled all over Iraq with convoys delivering the new dinars and picking up old ones. Around 4000 Iraqis provided security at bank branches.

Given the fears about security, the number of incidents was surprisingly small. During November there were five successive attacks in Samarra, culminating in two ambushes which led to fierce fighting. However, convoys managed to deliver and pick up from banks during lulls in firing. During the process as a whole, there were no deaths and only a small number of injuries among the Iraqi Currency Exchange (ICE) team.
No currency was lost.

Once exchange started, officials were relieved to see that queues were orderly and calm. Banknotes arrived in huge quantities; people carried them in trailers, or arrived dragging boxes or large bags. After each exchange the old notes were dipped in red ink and sent off to Baghdad for verification and eventual destruction by the Central Bank of Iraq.

[ahill]

Isn't Area 51 in Nevada?







Originally Posted by michaeljordan View Post
"IF" it revals at, let's say, 1:1, then they better have the small denoms ready let me put it that way to ya. However, my take is that they will introduce smaller denoms as they slowly change the rate. Although it would be a big conspiracy if there were loads of small bills in a vault somewhere. Just to think, the USA has Area 51 in Roswell. So why can't Iraq have lots of small bills in a vault that "NOBODY" knows about.

[Mike5200]

Where is your answer or point in that scene? I am also asking about smaller than 1 dinar denoms.

OK, during the 80's I believe there were 1/2 Dinar and 1/4 Dinar notes Perhaps these were part of what Delarue has printed but not yet released. A few weeks back Mike OSW had a theory that perhaps these notes and other smaller ones (1,5,10,etc.) along with the fils (1000 fils to the Dinar) Were gathered up and are still being held by the banks to be re-used after a reval because they did not have Sadaams image on them. He was such an egomaniac that he only put his image on the large denomination notes (I could be wrong on this - have not researched this) Anyway if you use the search feature in the history thread with typing in the right words you can learn more. Last week I believe we saw an article where the Iraqis were calling for someone to mint the fils again.

Thanks
Mike

[bob1940]

I Am not siding with anyone here. Just making a suggestion. Each, and every person here that Has problems with another person should take the problem to the crazy forum or to the MODS, and save the super Mods, and Mods a little time. because that is where these family squables should be held, and monitored. times are tense right now, and everyone is getting on everyones nerves. Why not Just chill out, and wait for the DINAR to RV. None of US KNOW the Date WHEN or IF, and ONLY the Iraqis in Charge will Make that desision. Bashing people for voiceing thier opinions while providing us with Information, IS CHILDISH. Sunday at midnight Starts a NEW YEAR. lets all try to Keep matters here civil. and Think POSITIVE. THE DINAR WILL RV. and all will be well. Have a HAPPY NEW YEAR.

[ronbo]

Isn't Area 51 in Nevada?

I thought it was in New Mexico

[ErelisLT]

Here you go - the entire article for you - best I can do for now.


Why the urgency? There were various longstanding problems with the old-style currency, but the most pressing was the shortage of banknotes. “There were basically two denominations in use – 250s and 10,000s – because the note issue was overwhelmingly composed of them” says Karen Triggs, a UK civil servant who was seconded to the Iraqi Currency Exchange team. “Inflation had eroded the value of the other lower denomination notes, so they were more inconvenient to use”.

“A note issue with two denominations is inconvenient – particularly when one note is worth 40 times the other. People either found it hard to get change, if they had 10,000s, or they had to carry around a stack of notes – a sight that’s familiar from countries with hyperinflation, although this wasn’t the case in Iraq.”

The primitive de facto structuring of the Saddam currency meant that planners also needed to consider the denominational structure – though as the Bank of England’s Andrew Bailey notes (see page 10), planning could not be very sophisticated, given the timescale and lack of information.

Printing the new notes was a task of jawdropping proportions. Banknotes with a value approaching 4.5 trillion (million million) dinars had to be printed in total – equivalent to US$3 billion – of which a sizeable proportion had to be in place for exchange to begin on October 15.

The job was entrusted to a global consortium of paper manufacturers and security printers. De La Rue led the consortium, co-ordinated the highly complex global operation and provided vital expertise. It also printed the majority of the new banknotes at plants in Malta, Sri Lanka, Kenya and the UK.

For the company’s staff it was a huge undertaking, requiring seven-day working and the cancellation of the traditional summer closure period in many locations. Paper for the new banknotes had to be ready within 10 days of receiving the order. Design amendments, a new high-value denomination and origination material were produced in a matter of weeks – along with millions of metres of security thread.

Staff had to find technical solutions to the problems caused by different equipment used by partner companies. Despite the scale of the project and its very tight timescale, people on the Iraqi Currency Exchange team (codename Operation ICE) were in no doubt that the banknotes would be ready on time. Their confidence was justified.

Just 10 weeks after the order was placed, a consignment of 30 million new Iraqi dinars was flown into Baghdad. The exchange process was ready to begin. Operation ICE By the time the first cargo of notes arrived in Baghdad, around a dozen specialists – economists, security advisers, bankers and logisticians – had been working closely with the Central Bank of Iraq (CBI) for nearly two months, and the public education campaign was in full swing.

In the volatile environment of post-conflict Iraq, the security of the banknotes during their transportation to banks and exchange centres was an obvious issue. 500 Fijian ex-soldiers travelled all over Iraq with convoys delivering the new dinars and picking up old ones. Around 4000 Iraqis provided security at bank branches.

Given the fears about security, the number of incidents was surprisingly small. During November there were five successive attacks in Samarra, culminating in two ambushes which led to fierce fighting. However, convoys managed to deliver and pick up from banks during lulls in firing. During the process as a whole, there were no deaths and only a small number of injuries among the Iraqi Currency Exchange (ICE) team.
No currency was lost.

Once exchange started, officials were relieved to see that queues were orderly and calm. Banknotes arrived in huge quantities; people carried them in trailers, or arrived dragging boxes or large bags. After each exchange the old notes were dipped in red ink and sent off to Baghdad for verification and eventual destruction by the Central Bank of Iraq.

Thanks a lot for this finding. Just a quick Q, the denoms that people were turning in (in this article) were they Saddam dinars, or new dinars just too small of a value?

[shotgunsusie]

That's not the point of me literally seeing them, I just want to 'hear' that they exist. Maybe see it on a webpage or something. But that's only during RV day. And if they did exist, I think we would know by now.

there was an article that came out august 2005 which told about 14 denominations being printed of the new dinar. there are only 9 printed and being shown to us at present. that leaves 5 denominations of currency unaccounted for. if you do a search at the ignorant investors fighting (iif) you will find that article in question or if you ask dang she can whip it up in a snap coz shes goooooooooooooooood.

[ahill]

ronbo,

Roswell is in New Mexico.

Area 51 is in Nevada - not far from Las Vegas.