Isis To Issue Circulating Gold, Silver, Copper Coins? (Pics)

They going to have a heck of a problem making change unless they don't introduced some more gold coins than the one they plan. There would be like a $650 gap from their planned silver coin and their gold coin. So much easier when gold and silver was 1:40.

How much would a dime size gold coin be worth?

But you fail to realize that's a 650 "USD gap". USD means nothing to them, for many reasons. The simplest being, once they monetize the metal in the form of a coin, they can set the Gold-Silver ratio to whatever they want and make their currency the "strongest" in the world. Since at that point, they are not dealing with "gold" and "silver" but are instead dealing with "legal tender" "currency".

Remember, Gaddafi wanted the world to buy Libyan oil with Dinars, not gold, even though the dinars he proposed would have been made of gold. The only way a nation could thus buy oil would be to first obtain the dinars (the monetized gold) at whatever price Gaddafi would have wanted, and then use them to purchase the oil. The same thing could happen here.

A nation (or whatever ISIS is) reintroducing gold and silver as currency has the potential to destroy the entire world economy. Going from hard currency to fiat is easy, the converse isn't...at least without a few casualties (or all the world) along the way.

My conjecture, of course.

Interesting. Can someone provide a link to an actual news article?

I think it is the intention of ISIS to use their coinage system as a single currency across the whole of the islamic world, administered by a single islamic government. It would be an attempt to repeat the coinage system of the early caliphates of the 7th century. Impossible for such a currency to work, on a more than one country basis. Even the Roman Empire had different coinage systems that worked in a practical way.

Their ideal is to have the whole world under islamic control; their version of a one world government.
Those who find that they could not live under such a system would have long since been eliminated.
In THEIR minds, you would then have genuine peace.
Such is impossible; there have been very deep divisions within the islamic world for centuries.

Would I collect ISIS coins?
Possibly.
I already have quite a few early islamic coins in bronze, silver and gold. They are lots of fun, and a difficult challenge for me to fully identify.
There are a few of us here in the CCF that collect Nazi coins with a clear conscience, and the Nazi government did some very evil things under THEIR control.

The whole "killing people right now" comment...what about Soviet Russia? More people were killed by and under Stalin than Hitler. Stalin was our ally. How many people does the US kill? Google the drone strikes and child deaths. The numbers are astounding.

ISIS is making millions daily from oil sales on the black market. If they are allowed to conquer, they will (over time) become a recognized nation. Look at history and conquering barbarians and what became of them. ISIS can buy, right now, all the bullion they want from their oil sales. They can expand into Kuwait and Saudi Arabia (albeit with push-back from the Kuwaitis and Saudis) and if successful can one-by-one conquer the oil producing nations we import from and then they are in the international marketplace (since there'd be no real alternative).

All I know is that if they do mint coinage, they will be exercising the most sovereign of all rights and will cease being a "terrorist organization" or a "quasi-state" and be a true State. Even if it is of a terrorist nature.

Interesting thought:
Could our friends the Chinese, get their fakes to circulate as counterfeits, within the ISIS coinage system?

Libertad, my Arabic is rudimentary but I believe the center is the denomination and the outside script is the decleration of faith, transliterated it says "LA illaha illa Allah Mohammed rasulu Allah" which means that there is no God but God and Mohammed was his messenger.

Don't leave it to me, actual Arabic speakers just laugh when I attempt my from-first-principles translations. But here's my best efforts at offering a translation, of the 5 dinars obverse. I'm not quite sure of the last word of the bottom line; it's not one of the traditional titles of the old Caliphate, as far as I can tell.



As for the entire concept, I'll repeat what I've said on other forums: I have yet to see any evidence that these "coins" are anything other than a gimmick being proposed by a sympathiser living outside of the territory ISIS controls. Much like the "Kurdistan" coins issued a few years ago by an American citizen of Kurdish descent. As far as making circulation coins, I'd believe it when I see it.

Still, it is no surprise to me that ISIS (or people purporting to speak on their behalf) are making such suggestions, for ideological reasons. The weight and fineness of the gold "dinar" and silver "dirham" are laid down in Sharia law. And this particular branch of Islam also teaches that zakat, the obligatory almsgiving of 2.5% of your wealth per year, cannot be given using credit cards, IOUs or other forms of debt - and modern pieces of paper money are considered such forms of debt. Under this strict interpretation, zakat must only be rendered either using "good money" (Sharia-legal dinars and dirhams) or in kind.

I suspect that if the starry-eyed zealots of ISIS actually try to implement a bullion-only monetary system, they would very quickly learn the impossibility of attempting to issue "good money" in the middle of a warzone. Gresham's Law will trump Sharia Law, every time. It's why the original Caliphate stopped issuing legal dinars and dirhams hundreds of years ago.