Isis to mint own Islamic dinar coins in gold, silver and copper

[bigjarofwasps]

http://www.theguardian.com/world/2014/nov/14/isis-gold-silver-copper-islamic-dinar-coins

[Paul R]

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!

[bigjarofwasps]

I entirely agree Paul. Will be interesting to see if they ever come into existence.

[bigjarofwasps]

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

[bigjarofwasps]

http://www.middleeasteye.net/news/islamic-state-militants-start-minting-own-currency-1372300945

[paul wood]

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

[bigjarofwasps]

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

[bigjarofwasps]

"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!!!

[Paul R]

The article would not open up. What were the penalties for coin collectors?

[bigjarofwasps]

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.

[Paul R]

Yep- not worth it. Again, I would only take one if "liberated" by a friendly combatant. Buying one would contribute to their economy.

[bigjarofwasps]

I agree Paul.

Will be interesting to see if there ever minted!

[paul wood]

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

[bigjarofwasps]

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?

[paul wood]

Do they contain chocolate?

Paul

[bigjarofwasps]

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/

[Mervyn Mitton]

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 ?

[bigjarofwasps]

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......

[bigjarofwasps]

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