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The E-Sylum: Volume 7, Number 17, April 25, 2004, Article 13 SPECULATION IN IRAQI DINARS A page one article in the April 23, 2004 Wall Street Journal describes a thriving secondary market for the new Iraqi currency. "Plenty of amateur investors -- policemen, construction workers, a dentist, even a college student -- are taking the dinar plunge. As tension rises in Iraq, these people are making a bet most professional currency traders wouldn't touch -- that the dinar will appreciate." "For Mr. Rodinec and hundreds of others, Mr. Burbank is the dinar man. A 48-year-old former Navy SEAL with a middle linebacker's physique, Mr. Burbank says he has sold more than $500,000 in dinar since he started his business in October. The recent violence in Iraq caused the currency's value to fall modestly but hasn't hurt sales, he adds. "I never thought of myself as a currency trader," says Mr. Burbank, who still works three days a week as a fireman in San Diego. "But I called the smartest people I know -- a corporate lawyer, a Wall Street guy -- and they said it sounds pretty viable." Today, he sells dinar on his Web site, Daystartrading.com. Prices are negotiable, depending on the size of the order and whether payment is in cash or check. But Mr. Burbank generally hands over about 500 dinar in exchange for one dollar. He gets his dinars from three Middle Eastern suppliers." "Mr. Burbank's interest began last year when he bought 1.25 million dinar for $3,000 on eBay. He struck up a relationship with the Jordanian who auctioned the new currency and began buying directly from him. Several competitors have sprung up in recent weeks, outfits with names such as dinarsforless.com and IraqDinarInvestment.com. Some post photos of the new currency. The red-tinged 25,000 dinar note features a Kurdish farmer on the front and a drawing of Hammurabi, ruler of Babylon from around 1792 to 1750 B.C., on the back. Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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