The terror group Islamic State some time ago declared itself to be a caliphate. Now to attempt to legitimize this claim, they have begun to mint their own money. They have produced seven coins in gold, silver and copper. They say that the coins will be worth the market price of the coins' metal.
Islamic State to mint 'dinar' coins
The jihadist terrorist group Islamic
State (IS) announced plans late on Thursday to begin minting its own
gold, silver and copper coins, which will be used in areas under IS
control in Syria and Iraq, often referred to as a "caliphate."
The statement, published on jihadist
forums, said the aim of the jihadist monetary system was to counter
the widely-used US dollar and replace "the tyrannical currency
system that was imposed on the Muslims and leads to their
oppression." The coins would free Muslims from "profiteering,
satanical economic oppression," the statement added.
Pictures released of the coin designs
show the words "Islamic State" and "a caliphate
following the model of the Prophet (Mohammed)" engraved on one
side, as well as the value and weight of the coin. On the other side
of the coins various symbols are used. A world map appears on the
gold five-dinar coin, while the al-Aqsa mosque in Jerusalem where the
Prophet prayed is detailed on the silver 10-dirham. The copper coins
portray the crescent moon and three palm trees, which are also
significant symbols in Islam.
Unlike the modern form of the dinar,
used today in some Muslim countries, the Islamic dinar would, like
the ancient dinar, be made of pure gold and silver. It currently
remains unclear, however, as to how IS intend to obtain the precious
metals to make the coins. Experts believe IS is financed
predominantly through crude oil sales, ransoms for kidnappings and
the extortion of local populations under IS control.
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