First Islamic State Gold Coins Spotted

Islamic State (IS) has begun producing Gold Coins. A Syrian activist fighting Islamic State posted images of the coins on social media earlier this week. The coins represent the current Gold price A value of $139, just over 1/10 troy ounce of gold.

An activist named Abu Ibrahim Raqqawi shows a number of photos of this 'Islamic Dinar' via twitter. The photos are also said to have appeared on various websites that support Islamic State, the Telegraph. The coins depict the different continents and seven stalks of wheat. The coins also bear the text: "Islamic State – A Caliphate Based on the Prophet's Doctrine".

Gold Coins

In November last year, IS announced that it would put new coins into circulation, based on the old money system of the gold dinar. By putting its own coins into circulation in the conquered territories, IS is trying to 'free itself from the diabolical global economic system', in its own words.

In total, IS issued seven different coins, two of which were gold, three silver and two copper. Detailed specifications of the coins are not known. We also do not know whether the coins are traded for gold or face value and how many of these coins have been put into circulation.

#Raqqa the new coins that #ISIS say it will deal with it soon #Syria #IS #ISIL pic.twitter.com/7IdBNQuaOE

— Abu Ibrahim Raqqawi (@raqqa_mcr) June 22, 2015