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what are the chances of the currency changing or the notes changing, then becoming invalid?
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Not impossible, but very unlikely.
The point of this investment is that the investment itself is minimal, so ok you could loose a couple of hundred quid if the currency gets dropped, but isn't that worth it when you compare it to the gains you could make if it DID float? We are talking 5-6 figure returns if the currency floats (if you invest in a million dinars, which cost about £560 at the moment).
Come on, we all buy lotto tickets, even though the chances of hittin are 1 in millions. I'm sure the odds of the Iraqi currency going up in value are a LOT bigger then the chances of you winning the lotto with your ticket. The point is that its an investment, so naturally there is a risk you could loose money (which is only going to be a small bearable amount anyway) if it doesn't pay off, but if it DOES, you'll be laughing all the way to the bank.