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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">PR of an estate has ended up with lots of Iraqi dinars in crisp 25,000 dinar bills. Neither Chase nor Bank of America will exchange them. Does anyone have any knowledge
how to liquidate dinars? There is a website that looks promising (<a href="https://currencyliquidator.com/iraqi-dinar-security-features/"><span style="color:windowtext;text-decoration:none">https://currencyliquidator.com/iraqi-dinar-security-features/</span></a>),
but the estate does not want to be scammed, of course. At the same time, the estate needs liquidity.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Here is some information from Wikipedia:
<o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">Since Iraq has few exports other than oil, which is sold in dollars, there is little demand for dinars, resulting in an extremely high <a href="https://en.wikipedia.org/wiki/Exchange_rate" title="Exchange rate"><span style="color:black;text-decoration:none">exchange
rate</span></a> compared with other currencies: on 2 March 2019, the Central Bank’s indicative exchange rate was 1,190 dinars for one dollar, or 1,355 dinars for one euro.<sup id="cite_ref-cbi_4-0"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-cbi-4"><span style="color:black;text-decoration:none">[4]</span></a></sup></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white;line-height:inherit;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">However, the downfall of <a href="https://en.wikipedia.org/wiki/Saddam_Hussein" title="Saddam Hussein"><span style="color:black;text-decoration:none">Saddam Hussein</span></a> resulted
in the development of a multi million-dollar industry involving the sale of dinars to speculators. Such <a href="https://en.wikipedia.org/wiki/Bureau_de_change" title="Bureau de change"><span style="color:black;text-decoration:none">exchange services</span></a> and
companies sell dinar at an inflated price, pushing the idea that the dinar would sharply <a href="https://en.wikipedia.org/wiki/Deflation" title="Deflation"><span style="color:black;text-decoration:none">increase in value</span></a> to a profitable exchange
rate some time in the future, instead of being <a href="https://en.wikipedia.org/wiki/Redenomination" title="Redenomination"><span style="color:black;text-decoration:none">redenominated</span></a>. This activity can be either a legitimate service to <a href="https://en.wikipedia.org/wiki/Market_speculation" title="Market speculation"><span style="color:black;text-decoration:none">currency
speculators</span></a>, or <a href="https://en.wikipedia.org/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud"><span style="color:black;text-decoration:none">foreign exchange fraud</span></a>: at least one major such currency exchange provider was
convicted of fraud involving the dinar.<sup id="cite_ref-5"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-5"><span style="color:black;text-decoration:none">[5]</span></a></sup> The phenomenon re-surged following the election of <a href="https://en.wikipedia.org/wiki/Donald_Trump" title="Donald Trump"><span style="color:black;text-decoration:none">Donald
Trump</span></a> in November 2016, with many buyers believing that Trump would cause value of the dinar to sharply increase.<sup id="cite_ref-6"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-6"><span style="color:black;text-decoration:none">[6]</span></a></sup></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white;line-height:inherit;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">In 2014, Keith Woodwell (director of the Utah Division of Securities) and Mike Rothschild (writer for <i><a href="https://en.wikipedia.org/wiki/Skeptoid" title="Skeptoid"><span style="color:black;text-decoration:none">Skeptoid</span></a></i> blog)
stated that the speculation over the Iraqi dinar originated from a misunderstanding of why the value of the <a href="https://en.wikipedia.org/wiki/Kuwaiti_dinar" title="Kuwaiti dinar"><span style="color:black;text-decoration:none">Kuwaiti dinar</span></a> recovered
after the <a href="https://en.wikipedia.org/wiki/First_Gulf_War" title="First Gulf War"><span style="color:black;text-decoration:none">first Gulf War</span></a>, leading to an assumption that the Iraqi dinar would follow suit after the fall of Saddam: Woodwell
and Rothschild noted substantial differences with the economic and political stability of Iraq and Kuwait, with Iraq facing pervasive sectarian violence amid near-total reliance on oil exports.<sup id="cite_ref-7"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-7"><span style="color:black;text-decoration:none">[7]</span></a><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-8"><span style="color:black;text-decoration:none">[8]</span></a></sup></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white;line-height:inherit;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">In response to the growing concerns with <a href="https://en.wikipedia.org/wiki/List_of_confidence_tricks#Iraqi_Dinar" title="List of confidence tricks"><span style="color:black;text-decoration:none">fraud
and scams</span></a> related to investment in the Iraqi dinar, State agencies such as the Washington state,<sup id="cite_ref-9"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-9"><span style="color:black;text-decoration:none">[9]</span></a></sup> Utah,<sup id="cite_ref-10"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-10"><span style="color:black;text-decoration:none">[10]</span></a></sup> Oklahoma,<sup id="cite_ref-11"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-11"><span style="color:black;text-decoration:none">[11]</span></a></sup> Alabama<sup id="cite_ref-12"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-12"><span style="color:black;text-decoration:none">[12]</span></a></sup> and
others have issued statements and releases warning potential investors. Further alerts have been issued by news agencies.<sup id="cite_ref-13"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-13"><span style="color:black;text-decoration:none">[13]</span></a></sup></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white;line-height:inherit;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">These alerts usually warn potential investors that there is no place outside Iraq to exchange the dinar, that they are typically sold by dealers at inflated prices, and that there
is little evidence to substantiate the claims of significant appreciation of their investment due to revaluation of the currency.</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p style="mso-margin-top-alt:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;background:white;line-height:inherit;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">In February 2014, the <a href="https://en.wikipedia.org/wiki/Better_Business_Bureau" title="Better Business Bureau"><span style="color:black;text-decoration:none">Better Business
Bureau</span></a> included investing in the dinar as one of the ten most notable scams in 2013:<sup id="cite_ref-14"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-14"><span style="color:black;text-decoration:none">[14]</span></a></sup> There
has also been a book written on the subject.<sup id="cite_ref-15"><a href="https://en.wikipedia.org/wiki/Iraqi_dinar#cite_note-15"><span style="color:black;text-decoration:none">[15]</span></a></sup></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p style="mso-margin-top-alt:.25in;margin-right:0in;margin-bottom:.25in;margin-left:0in;line-height:18.0pt;background:white">
<span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">In 2011, the Washington Department of Financial institutions wrote this: “</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#282828">What consumers
are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they
want to sell and buy back the Dinars. These dealers often register with the U.S. Treasury as a Money Services Business (MSB). An MSB registration is nothing more than a form they file; it does not reflect any experience in trading currency nor entail any
qualifications on the part of the dealer, other than basic anti-money laundering requirements. The reason dealers seek this registration is to lend legitimacy to their scam and avoid more stringent regulation. In addition, most of these websites are operating
illegally in Washington State, without a currency exchange or money transmission license issued by the Washington State Department of Financial Institutions. Make sure you only deal with licensed, legitimate companies when making financial decisions.”<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Thank you.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Karl<o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-family:"Times New Roman",serif;color:#0F243E"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Times New Roman",serif;color:#0F243E">F</span></i><i><span style="font-size:8.0pt;font-family:"Times New Roman",serif;color:#0F243E">LACCUS</span></i><i><span style="font-family:"Times New Roman",serif;color:#0F243E">
L</span></i><i><span style="font-size:9.0pt;font-family:"Times New Roman",serif;color:#0F243E">A</span></i><i><span style="font-size:8.0pt;font-family:"Times New Roman",serif;color:#0F243E">W</span></i><i><span style="font-family:"Times New Roman",serif;color:#0F243E"><o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Times New Roman",serif;color:#0F243E">7010 35th Ave. N.E.<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Times New Roman",serif;color:#0F243E">Seattle, Washington 98115<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Times New Roman",serif;color:#0F243E">206 523-0297</span></i><span style="color:#0F243E"><o:p></o:p></span></p>
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