Authenticating NID notes is irrelevant if you hold your dinars in a bank account. If you buy them from a dealer you must ensure that no counterfeit notes fall into your hands. So you need to make sure that the seller verifies the notes as legitimate before you make your purchase.
Authenticating NID notes is often done by a De La Rue machine. Some dealers own these machines and if they don't, their suppliers normally do. Just remember that dinar dealers who own a De La Rue machine often charge more than those who don't. This is how dinar dealers can guarantee the authenticity of your dinars. If you have no guarantee that your dinars are authentic then DON'T buy! To make sure you avoid counterfeits you must find a trusted supplier or instead open up a dinar bank account at an Iraqi bank or an international bank that deals with dinars.
Click below to find out how to pick a trusted dinar supplier.
So far, counterfeit dinar has not really been a problem apart from one case that was reported in 2004 in Bulgaria. However, as the dinar is released in larger volumes and begins circulating around the Middle East there is a danger that counterfeiters will begin flooding the markets with their versions targeting foreign investors. This will not be easy as the new iraqi dinar notes are of very high quality and durability and include many anti-fraud features providing protection against counterfeiting. They were printed in England by the Hampshire-based Company "Del La Rue" using a state-of-the art technology to make it very hard for those who wish to create fake dinars.
The one reported case of counterfeit dinars happened in the summer of 2004 where the Bulgarian police discovered an organisation based in Sofia creating fake notes. The police seized the counterfeit dinars leaving future investors with doubts about buying currency from dealers and suppliers. These concerns are growing as internet sales of the dinar is growing in such incredible rates making it easy for fakes to be liquidated via the internet.
Right now, no-one really knows exactly how many fake dinars exist so it is important to follow some of the suggestions mentioned in this website before you purchase dinars. Authenticating NID notes is important if you choose to physically keep your dinars with you at home. An alternative is to open up a dinar acount with a trustworthy bank to avoid this problem altogether. Imagine buying your dinars without guarantees and after waiting a few years after the currency is appreciated to find out that they are worth NOTHING!!!
Even though Iraq is not as yet a world economy counterfeiters can still target its currency. The reason? The demand of the new iraqi dinar by investors and speculators is growing at enormous rates and this makes them targets for counterfeiters who can liquidate dinars easily through the internet. Many of the investors do not have access to currency experts or the knowledge needed to identify fake notes and therefore they become easy targets. This is why this site will help you gain some confidence before your purchase by giving you all the information necessary to make the process of buying dinars as safe as possible.
How to spot counterfeit dinars.
A fake dinar might not have:
- a security thread
- raised letters
- a watermark
- metallic ink
- the ability to glow under an ultra violet light
These features can be checked by:
- A black light bulb that is sold in any hardware store and is used to test for watermarks such as the horse head.
- A special pen that can be found in office supply stores and is used to detect fake notes with changing color.
- Holding the 25,000 and 10,000 notes (who are the most popular) against the light titling it back and forth to check for the hologram.
One of the main processes of authenticating NID notes is shown in the picture below.
