Islamic State Plans Minting Of Own Coins

The Islamic State (IS) terrorist organisation is planning to start minting its own coins of gold, silver and copper and call them the Islamic Dinar, reports USA Today.

A website affiliated with the group posted the order late Thursday, saying Islamic State leader Abu Bakr al-Baghdadi instructed his followers to mint the coins to "change the tyrannical monetary system" modeled on Western economies that "enslaved Muslims."

It's unclear where the IS group intends to get the gold, silver and copper for the coins. It said the dinar's purchasing power would be its weight in gold, silver or copper.

According to the Financial Times, the currency will consist of seven types of coins – two golden, three silver and two copper. The most expensive coin – five dinars – will be minted of 21.25 grams of 21 carat gold. The value of the gold in the coin is around USD 694 at current prices.

The cheapest coin – 10 feloos – will be made of 10 grams of copper, at value of around USD 0.07. The silver dirham will have values between USD 0.45 – 4.5 at current prices of silver.

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