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Circulated v Uncirculated (for Iraqi Dinar Only) FAQs

Circulated v Uncirculated (for Iraqi Dinar Only)

Q: What is the difference between circulated and uncirculated notes?
A: Uncirculated notes are in near mint condition, they are perfectly clean, the ink is bright and the notes lay perfectly flat. Uncirculated notes have no bends, creases or folds. When stacked, the edges of uncirculated notes meet perfectly in such a way that the appearance is that of a single, solid, absolutely clean edge. View examples of uncirculated notes.

Circulated notes sound like what they are, they have been handled and have imperfections that keep them from being considered uncirculated. See pictures of circulated notes.
Q: Why do you charge more for uncirculated notes than you do for circulated?
A: We have to pay a premium to acquire uncirculated notes when we purchase them.
Q: Am I guaranteed to receive the most recently minted notes if I buy uncirculated notes?
A: No. We do not segregate notes by the year they were issued.
Q: What are reasons for buying Uncirculated notes over circulated notes?
A: The only reason that you should consider paying more for uncirculated quality notes is that you want the note quality to be in perfect condition - gift giving, framing or just personal preference are a few reasons. There is no difference in the intrinsic value between a circulated note and an uncirculated note.
Q: Are uncirculated notes worth more than circulated notes?
A: No. Your circulated note has the exact same buying power and intrinsic value at an Iraqi bank, car dealership or fast food restaurant as a brand new, mint condition banknote does. It is only in this US market where there has been a demand for uncirculated notes that mint condition notes may command a higher rate.
Q: Should I buy uncirculated notes and expect that I will be paid more for them (then circulated notes) when I go to sell them?
A: No. Again, there is no difference in the intrinsic value between a circulated note and an uncirculated note. You will find that most banks that exchange the IQD do not pay different rates depending on condition. As an example, at the time of this writing a major US bank that buys and sells IQD has an offer rate of $641.70/million with no separate distinction for the quality. Dealers like will continue to pay a premium for uncirculated notes so long as a market for them exists.
Q: What types of things can affect the condition of a banknote?
A: Improper storage, excessive handling/counting, folding, paper clips, rubber bands, even temperature, light and humidity can affect a banknote’s condition in a negative way.
Q: Can I buy all types of currency in either circulated or uncirculated grade or is it just limited to the Dinar?
A: Of the more than 70 currencies that we exchange, the Iraqi Dinar is the only currency that we acquire and segregate notes by their quality.
Q: I have IQD banknotes that I would like to sell back but I am concerned that I will not be paid the uncirculated quality rate. What advice would you offer?
A: We believe that our systems and processes for receiving and grading banknotes is second to none. We use a professional armored services company to receive and grade the banknotes. The staff that reviews and receives the banknotes have years of experience in handling and grading notes. Having said that we know that not everyone is an expert. We suggest the following:
  • Try selling a small quantity of the notes back to see how the process goes and that the grading processes meets your expectations.
  • While we never like to lose a potential customer, banknotes are bearer instruments meaning you should be able sell them wherever IQD is exchanged. It is possible that another dealer may not have the same grading standards as We would caution you to make certain that you are dealing with a reputable dealer before you send them your currency.
Q: Can I change my mind after my notes have been received and graded?
A: No. The transaction is final once your notes have been received at our facility.
Q: What process do you use for grading the notes that are sold back to
  • The notes are received and graded by trained, experienced representatives of the armored company that we contract with.
  • Every package is opened and every note is received under security cameras.
  • The receiving representative reviews each note, characterizing it as circulated or uncirculated.
  • The decision of the representatives who receive the notes is final.
Q: How can I keep track of the rates that you pay for circulated v uncirculated IQD?
A: Our live, updated rates are posted on the homepage of our website. We also offer a proprietary, customizable (and free) alert tool that will send you an email when the rate crosses a particular threshold that you set. Or you can set it to send you an email every time the rate changes. Set up an exchange rate alert.
Q: Why does the price of uncirculated notes go up and down even when the official rate or sometimes even the circulated rate, has not changed?
A: Our rates are determined by an algorithm that takes in a number of different factors including but not limited to: supply, demand, the official rate, the cost to resupply, overhead and profit. Many of these elements change daily, independent of the official rate.