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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001337851-07-000010.txt : 20070321
<SEC-HEADER>0001337851-07-000010.hdr.sgml : 20070321
<ACCEPTANCE-DATETIME>20070321113150
ACCESSION NUMBER:		0001337851-07-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070320
FILED AS OF DATE:		20070321
DATE AS OF CHANGE:		20070321

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL MONETARY SYSTEMS LTD /WI/
		CENTRAL INDEX KEY:			0001097430
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				391924096
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		16901 WEST GLENDALE DR
		CITY:			NEW BERLIN
		STATE:			WI
		ZIP:			53151
		BUSINESS PHONE:		2627803640

	MAIL ADDRESS:	
		STREET 1:		16901 WEST GLENDALE DR
		CITY:			WEST BERLIN
		STATE:			WI
		ZIP:			53151

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Praetorian Capital Management LLC
		CENTRAL INDEX KEY:			0001337851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30853
		FILM NUMBER:		07708220

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE
		STREET 2:		SUITE 600
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		305-938-2800

	MAIL ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE
		STREET 2:		SUITE 600
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-03-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001097430</issuerCik>
        <issuerName>INTERNATIONAL MONETARY SYSTEMS LTD /WI/</issuerName>
        <issuerTradingSymbol>INLM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001337851</rptOwnerCik>
            <rptOwnerName>Praetorian Capital Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>119 WASHINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 600</rptOwnerStreet2>
            <rptOwnerCity>MIAMI BEACH</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33139</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2007-03-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>750000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.55</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12425000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes 1 and 2</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase Common Stock, par value $0.0001</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.55</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-03-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>750000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.55</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-05-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.0001</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>750000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2750000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes 1 and 2</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is being filed by Praetorian Capital Management LLC, a Delaware Limited Liability Company (the &quot;Management Company&quot;) which serves as investment manager or advisor to Praetorian Offshore Ltd. (the &quot;Fund&quot;) with respect to the shares identified in this filing.  The Management Company makes the investment and voting decisions on behalf of the Fund but owns no direct investments in the securities of the Issuer.  The Fund directly owns the shares of the Common Stock of the Issuer but does not make any decisions as to voting or buying or selling shares of the Issuer.</footnote>
        <footnote id="F2">Reporting Person exercised a portion of its Warrant to purchase Common Stock.  The exercise was for 750,000 shares of Common Stock, at an exercise price of $0.55 per share.  Reporting Person continues to hold the balance of the Warrant to purchae 2,750,000 shares of Common Stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Harris B. Kupperman</signatureName>
        <signatureDate>2007-03-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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