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 Replies: 29 / Views: 5,037 |
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Pillar of the Community
921 Posts |
"Islamic State mints its own 'Islamic Dinar' coins" http://www.telegraph.co.uk/news/wor...r-coins.html"Pictures posted on social media showed a series of gold sovereigns bearing Isil inscriptions, and with a reported value of one gold dinar being with $139 (£89)."  |
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Pillar of the Community
Canada
4227 Posts |
Well, they said they would and it appears they did. Will this get added to everyone's OFEC collection? I wonder what the mintages are/will be?
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Pillar of the Community
United States
2637 Posts |
Classic gold dinar would not have the gold weight of a British sovereign.
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Pillar of the Community
United States
2589 Posts |
I would imagine these would be illegal to own, as their sale would likely result in funds being transfered to the islamic state
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Pillar of the Community
Australia
3831 Posts |
Makes you wonder how much blood has gone into that 'coin'.
If someone goes all their way out to buy one of these - I question their ethics.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Pillar of the Community
United States
1295 Posts |
By minting these coins, ISIS is working on building a nation (and succeeding IMHO), for what is a country without a money system? They are setting themselves up for power; I hear they have colleges, hospitals, and now coins. Quote:
If someone goes all their way out to buy one of these - I question their ethics.
Exactly. The people behind this SHOULD NOT be patronized, as they will just use your money to harm innocent people and damage society as a whole. Edited by Rollsearcher37
06/23/2015 10:21 pm
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Pillar of the Community
United States
1431 Posts |
Quote:
Makes you wonder how much blood has gone into that 'coin'.
If someone goes all their way out to buy one of these - I question their ethics. I think the ethically responsible thing for the prospective collector to do would be to wait until the collapse of the ISIS regime/organization before attempting to acquire a specimen. These coins should be fair game only if one can be sure that the regime or their supporters do not benefit. |
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Valued Member
United States
212 Posts |
collectors in the 30s and 40s likely had the same problem with nazi Germany's coins.
This is something like the same situation. id say, if I wanted one, (which I kinda do) I'd just wait until they collapse, so ISIS/IL don't get benefited by its sale.
By the way, what do you think the coin in the pic is on top of? The stock of an AK 47?
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Moderator
 Australia
16816 Posts |
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
2087 Posts |
IMO ISIL ("MOS": maggots of Satan is a much more accurate name) is brilliantly ignorant in producing a gold coin. Its one more step towards their self made destruction. I think within the region they occupy that coin, if actually struck, will do significant economic damage to them. The reason being is Greshams law. The coin will not circulate. People will accept it and hoard t and they will rely on more normal money to buy their daily needs. Producing the coin will take money away from MOS administrative and military needs.
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Pillar of the Community
United States
2589 Posts |
austrokiwi - I disagree for three reasons. One, I would imagine the islamic state has stocks of gold bullion, seized jewelry, ect that it cannot easily use to pay merchants for goods and its fighters salaries. By turning their stock of "bullion" into coins, it allows them to utilize it for monetary purposes. Secondly, from what I have read it appears the islamic state wants to enact a gold and silver based monetary system for religious purposes, they claim that the koran requires them to use a precious metal backed currency and so will implement one when feasible. A third reason may be that as they control the supply of foodstuffs, fuel, and medicines in the areas they control, creating their own currency and forcing people to convert their USD and local currencies into their own currency in order to use that to purchase grain, fuel, ect allows them to build up their stocks of foreign reserves to utilize for whatever nefarious purposes they wish. Gresham's law becomes meaningless when people cannot use the cheap currency to buy goods they absolutely need on an everyday basis (for example the large scale abandonment of the Zimbabwe dollar by the people of that country prior to the government abandoning it).
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Pillar of the Community
Australia
3831 Posts |
I realized that this has a different design compared to the original proposed design.
The reality is this - if this ever circulate, I am certain counterfeiters will be more than happy to crank up their production line to produce counterfeits despite death penalty. It will take more than the general public to understand the difference between a genuine and a counterfeit. Sounds like the second coming of Operation Bernhard.
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Valued Member
United States
69 Posts |
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Classic gold dinar would not have the gold weight of a British sovereign. LOL I agree with you Arkie! Well said! Edited by tenacious
06/24/2015 02:07 am
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Pillar of the Community
Sweden
1078 Posts |
I find it horrific that they are advancing in establishing themselves, but I can't deny I'm interested in the gold-backed system they are (going to?) use. If I ever get my hands on one of these, I'll make darn sure I'll not pay any premium for these, preferably far under their metal value.
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Pillar of the Community
2087 Posts |
Xaviergreen: that's the gold bugs point of view. Mine is different and is based on the last 800 years of history. Gold based economies stall easily and are very much at the mercy of Gresham's law. Lets wait and see. I think the MOS economic plans for a gold based currency will be about as successful as the US Trade dollar. Iran tried something similar with demanding gold payments for oil and it failed miserably Edited by austrokiwi
06/24/2015 04:05 am
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Pillar of the Community
United States
2637 Posts |
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Iran tried something similar with demanding gold payments for oil and it failed miserably Tell me more. I read in Hurriyet about massive transfers of gold from Turkey to Iran for oil for an extended period of time. |
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Replies: 29 / Views: 5,037 |
Posted 06/23/2015 9:18 pm
