YFinder's - If I may use our currency as an example: But first, let me say that we only see 100.00 bills as the largest, in-circulation currency.
We used to print of $500, $1,000, $5,000 and $10,000 bills, but they were mainly used for bank transfer payments and are no longer needed in our digital age.. I quote " While these notes are legal tender and may still be found in circulation today, the Federal Reserve Banks remove them from circulation and destroy them as they are received."
Think of the LOP as the same thing... right now with 1 IQD = .0008xx USD, you MUST use a 10K bill or greater to pay for things becaues it takes SO MANY DINAR to do it. Japanese Yin, Lira, etc... (all before they did the same thing.) I personally remember being in italy and a meal costing several thousand Lira... lol... but it only cost us a few dollars USD.
So, as you can see... IF someone makes a mistake and tenders you a 1000.00 bill (that could still be in circulation and has escaped recovery by the treasury.) It is legal tender and you will be one very lucky person.
It's as I said before; their govt will 'capture' these bills as they are turned in and slowly remove them from circulation. Your's will still retain face value... The real question is at what exchange rate? 2:1, 2.6:1, <Gasp> 3.x:1?
If they did NOT take these out of circulation, who could make change for them anyway? it's hard enough here in the US to get change for 100.00 bills let alone a 1,000.00 bill.
here is the link to OUR treasury department and It's my hope that our past will make our IQD future easier to understand. The money we HOLD will not change, but simply be replaced as it's 'cashed in.'
Go Dinar - Soar like an eagle on the wings of Freadom!
U.S. Treasury FAQ's
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