bigjarofwasps Posted November 18, 2014 Share Posted November 18, 2014 http://www.theguardian.com/world/2014/nov/14/isis-gold-silver-copper-islamic-dinar-coins Link to comment Share on other sites More sharing options...
Paul R Posted November 19, 2014 Share Posted November 19, 2014 I would love to have one, but I do not want to contribute to their economy. Maybe once they are all killed off, we can sell their currency! Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 19, 2014 Author Share Posted November 19, 2014 I entirely agree Paul. Will be interesting to see if they ever come into existence. Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 19, 2014 Author Share Posted November 19, 2014 (edited) I would assume that the 5 Dinar gold coin will be tiny, otherwise it runs the risk of containing a greater value in gold than it's face value. I seem to recall some years ago a similar thing happened in India, when their small change coins were worth more in scrape than the face value of the coins themselves. Edited November 19, 2014 by bigjarofwasps Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 19, 2014 Author Share Posted November 19, 2014 http://www.middleeasteye.net/news/islamic-state-militants-start-minting-own-currency-1372300945 Link to comment Share on other sites More sharing options...
paul wood Posted November 19, 2014 Share Posted November 19, 2014 If they are minting them to the standard of the early Umayyad Caliphate (1st century AH, around 700AD) then a gold dinar will weigh around 4.25g and a silver dirham around 2.8g, if they are using the original Cufic they better know someone proficient in it as a slight mistake could turn the affirmation of the Islamic faith into something rather blasphemous.Paul Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 19, 2014 Author Share Posted November 19, 2014 (edited) This link makes interesting reading, with regards to how their currency system works and the legal implications for coin collectors. http://blogs.wsj.com/moneybeat/2014/11/14/islamic-state-to-mint-gold-coins/ Edited November 19, 2014 by bigjarofwasps Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 19, 2014 Author Share Posted November 19, 2014 "The ISIS proposed currency will have seven coins called Dinars – two gold, three silver and two copper. The largest value coin will be the five dinar which will contain 21.25g of gold (valued at £525.30 at the time of writing). The lowest value coin will be a 10g copper coin worth about five pence." 5 dinar gold coin worth £525? Can't see there being to many of them in circulation and they will seem to be of little use? What would you use them for? I imagine a packet of cigarettes costs around 5 dinar and not £500!!! Unless of course their going to completely ignore Western gold prices. If a 5 dinar coin will come into circulation with a 5 dinar value, they'll soon disappear!!! Link to comment Share on other sites More sharing options...
Paul R Posted November 20, 2014 Share Posted November 20, 2014 The article would not open up. What were the penalties for coin collectors? Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 20, 2014 Author Share Posted November 20, 2014 And coin collectors in the U.S., take note: Owning one of the new gold coins would put you in legally dubious territory. “Legally speaking you’d have a pretty good case that’s transacting in ISIL currency would be prohibited as engaging in transactions in which a designating terrorist organization has a controlling interest,” said Mr. Poncy. Link to comment Share on other sites More sharing options...
Paul R Posted November 20, 2014 Share Posted November 20, 2014 Yep- not worth it. Again, I would only take one if "liberated" by a friendly combatant. Buying one would contribute to their economy. Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 21, 2014 Author Share Posted November 21, 2014 I agree Paul. Will be interesting to see if there ever minted! Link to comment Share on other sites More sharing options...
paul wood Posted November 21, 2014 Share Posted November 21, 2014 I suspect Isis will be instrumental in trying to put large numbers of early Islamic coins from the Syrian and Iraqi mints and artefacts (don't forget the early Caliphate was based in Damascus)which have happened to emerge from bomb sites in the area. These will be consigned to various European auction houses and dealers through runners who will appear to have no connection whatsoever with them. Given that some early Islamic coins, especially from the Umayyad and Abbasid can realise many thousands of pounds and so could provide funding for the Satanic State.Paul Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 21, 2014 Author Share Posted November 21, 2014 Not 100% convinced myself, but this photograph and news report I found on the internet would suggest they've already started to mint them, if only first striking prototypes? Link to comment Share on other sites More sharing options...
paul wood Posted November 21, 2014 Share Posted November 21, 2014 Do they contain chocolate?Paul Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 25, 2014 Author Share Posted November 25, 2014 This article makes interesting reading on the subject............ http://21stcenturywire.com/2014/11/22/isis-coin-islamic-state-steal-gaddafi-plan-to-mint-gold-dinar/ Link to comment Share on other sites More sharing options...
Mervyn Mitton Posted November 28, 2014 Share Posted November 28, 2014 Some very unpleasant comments at the end - makes you realise the intolerance of people. The plan to mint their own coins has little merit apart from the propaganda for them. Gold is at a severe low at present and shows little sign of recovery. History shows us that in times of crisis gold is bought-up as a safeguard and increases in value. This has not been the case in recent years and whilst it remains a desireable safeguard in case of trouble, the Middle East seems to have lost interest in it - perhaps they have so much stored away they don't need any more. Perhaps the IT era with immediate transfers of large amounts in seconds , has done away with the need for large amounts of gold ? Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 28, 2014 Author Share Posted November 28, 2014 I entirely agree. It will be very interesting to see if these coins ever come into existence. I'm not convinced that they'll be anything more than an historical oddity for collectors to be honest. I hear that Gaddafi was planning the same sort of thing just before NATO bombed the country to bits...... Link to comment Share on other sites More sharing options...
bigjarofwasps Posted November 3, 2015 Author Share Posted November 3, 2015 Islamic State: Turkey arrests six people suspected of producing a new currency for insurgent group. Police in Turkey have arrested six people suspected of illegally minting coins to be used as currency in areas controlled by Islamic State (IS) militants. http://www.abc.net.au/news/2015-10-08/turkey-arrests-six-on-charges-of-illegally-minting-coins-for-is/6838410 ISIS release pictures of their new gold coins they say will 'break capitalist enslavement' - so why are they still paying their deranged gunmen in US dollars? http://www.dailymail.co.uk/news/article-3215910/ISIS-release-pictures-new-gold-coins-say-break-capitalist-enslavement-paying-deranged-gunmen-dollars.html Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now