The Islamic State of Iraq and Syria (ISIS) has started minting its own Islamic dinar gold coins in a bid to legitimize its government and state. The photos of the gold coins were shared on social media by an anti-ISIS activist in Syria.
Abu Ibrahim Raqqawi, founder of Raqqa is Being Slaughtered Silently, posted the images of the coins on Twitter.
— Abu Ibrahim Raqqawi (@raqqa_mcr) June 22, 2015
The coins show a design of a map of the world and stalks of wheat. Raqqawi added the radical ISIS will deal with the new coins “soon.” Made of 24-karat gold, the reported value of the gold sovereign dinar is $139. It is reported the extremist Islamic State started minting its gold dinars to commemorate the so-called one-year anniversary of its establishment.
Britain’s Daily Telegraph reports the original dinar issued during the Caliphate of Uthman in 634 was what inspired the ISIS to call its currency the same. Uthman was a friend of Muhammad. He was said to be one of the earliest converts to Islam.
Laith Alkhouri, director of MENA Research and Analysis at Flashpoint Global Partners, told Mashable it is highly impossible the coins will get the acceptance and approval of the global trading market.
Assuming the group can make as many of those gold, silver and copper coins, Alkhouri said the only value “this so-called currency is going to have is the value of the precious metal itself.”
“No country will ever recognize it as legitimate,” Alkhouri added.
But while the ISIS may already have those dinars and is raring to establish a caliphate, competing against state-issued paper money is challenging, Stephen Mihm wrote for Bloomberg View. “The jihadis are certain to discover that the path to freedom from the ‘satanic usury-based global economic system’ is a far more difficult proposition than in the days of the caliphs of the Islamic Empire.”