Islamic State dinar

The Islamic State dinar (Arabic: دينار الدولة الإسلامية), also simply the gold dinar,[1] is the de jure currency of the Islamic State, a terrorist organization and former proto-state from 2014 to 2019. It is subdivided into dirhams and fulûs, and it has its origins in the historical gold dinar. In 2016, one gold dinar was exchanged for US$190 or £91 sterling.[3][4]

This article is about the currency of the Islamic State. For the historic gold dinar, see Gold dinar.
Gold dinar
دينار ذهبي (Arabic)
Dinar coins as seen in a propaganda video[1]
Denominations
BanknotesNone
Coins1, 5 dinars
1, 5, 10 dirhams
10, 20 fulûs
Demographics
User(s)Islamic State Islamic State
Issuance
Central bankDiwan Bayt al-Mal (Islamic State Treasury Department)[2]

Background

The Islamic State is a terrorist organization that split off from al-Qaeda in 2013, establishing itself as the Islamic State of Iraq and Syria, and then the Islamic State in June 2014.[5] By 2015, it controlled a large amount of territory in Iraq and Syria.

IS announced its plans to mint their own currency on a 2014 issue of its magazine, Dabiq.[6] The design of coins made of gold, silver and copper was published. In 2015, a video released by ISIL, The Rise of the Khilafah and the Return of the Gold Dinar where it was announced that these coins were set for release.[1][7] The planned exchange rate to the U.S. dollar was approximately 139 USD to 1 gold dinar. Experts considered 2 options for the emergence of such a currency: for propaganda purposes; or an attempt to emphasize the statehood of the so-called state.[8] According to IS releases - the intent behind the coinage would have allowed states to be independent of the influence of the West on the Islamic world.[9] In 2015, Turkish Police found an underground mint in Şahinbey, a town near Gaziantep, both near the Syrian border.[10][11][12]

De facto, however, the currency saw limited circulation. In the areas where it saw circulation, it was forbidden to use other currencies, sometimes with the exception of the dollar.[13] Other areas saw the use of different types of currencies such as the Syrian pound and the Iraqi dinar.[14]

Coins

A series of coins divided between gold dinars, silver dirhams and copper fulûs were released, seeing limited circulation in Syria, with locals' Syrian pounds were taken away and replaced with the dinar in some occasions.[15]

There have also been reports that indicate that the coinage publicized by the group has differed greatly in its actual circulation.[16][17]

Coins
Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge Obverse Reverse
5 Dinars 29 2.3 21.25 Gold Reeded Inscription and issuer World map, value, year of minting
1 Dinar 19 1.15 4.25 Gold Reeded Inscription and issuer 7 wheat ears, value, year of minting
10 Dirhams 38 2.4 20 Silver Reeded Inscription and issuer Jami'a Al-Aqsa, value, year of minting
5 Dirhams 26 1 10 Silver Reeded Inscription and issuer Umayyad Mosque with Minaret of Isa, value, year of minting
1 Dirhams 18 1 2 Silver Reeded Inscription and issuer Spear and shield, value, year of minting
20 Fulûs 37 2.6 20 Copper Smooth Inscription and issuer 3 palm trees, value, year of minting
10 Fulûs 29 3 10 Copper Smooth Inscription and issuer Crescent, value, year of minting

See also

References
  1. "The Rise of the Khilafah and the Return of the Gold Dinar". Islamic State. 2015.
  2. Sabah, Alexander, Zaid, Caroline (2015-08-29). "Islamic State Flips Gold Coins to Break Fed 'Enslavement". www.bloomberg.com. Retrieved 2021-11-11.{{cite web}}: CS1 maint: multiple names: authors list (link)
  3. "El Estado Islámico ya tiene su propia moneda oficial". Minuto Uno. 2016-07-09.
  4. Staufenberg, Jess (2015-09-02). "Isis shows off currency with gold dinar coins worth £91 each - in quest for 'world domination'". The Independent.
  5. Dearden, Lizzie (2016-09-27). "Isis vs Islamic State vs Isil vs Daesh: What do the different names mean – and why does it matter?". The Independent.
  6. Dabiq. Islamic State of Iraq and the Levant. 2014. p. 19.
  7. Moos, Olivier (2018-12-23). "The Return of the Gold Dinar – An analysis of the Islamic State coin production". Religioscope.
  8. Starck, Jeff (2014-11-17). "Can ISIS issues [sic] its own coins?". Coin World.
  9. "Some coins should be off-limits to collectors". Coin World.
  10. Mortimer, Caroline (2015-10-08). "Secret printing presses making Isis currency seized by Turkish police". The Independent.
  11. Smith, Hannah Lucinda (2015-10-08). "Turkish police raid illicit mint making Isis currency". The Times.
  12. "Turkey arrests six over 'minting coins for ISIS'". The Straits Times. 2015-10-07.
  13. 1NS1DE: Inside the Khilafah (in Arabic). Al-Hayat Media Center. 2017.
  14. "ISIS introduces 'Golden Dinar' currency, Hopes it will collapse U.S. dollar". The Foreign Desk. 6 July 2016. Archived from the original on 7 August 2018. Retrieved 15 October 2016.
  15. "ISIS introduces 'Golden Dinar' currency, Hopes it will collapse U.S. dollar". The Foreign Desk. 6 July 2016. Archived from the original on 7 August 2018. Retrieved 15 October 2016.
  16. "NEW IMAGES OF ISIS COINAGE". Numismatic Bibliomania Society. 2018-02-04.
  17. "AN ANALYSIS OF ISIS COIN PRODUCTION". Numismatic Bibliomania Society. 2018-12-30.
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