The self-declared Islamic State is issuing its own currency, and some of the coins supposedly are worth as much as $139.
The first images of the ISIS coins were shared online by an anti-ISIS activist in Syria. It was Abu Ibrahim al-Raqqawi who shared the images on Twitter. The pseudonymous activist is the founder of Raqqa is Being Slaughtered Silently. He said ISIS militants were going to use the coins soon.
The Mirror reported that the coin in the photograph had seven wheat stalks on one side and Arabic script on the other. The Arabic inscriptions mean “The Islamic State” and “A caliphate based on the doctrine of the prophet.”
The coin in the photograph is said to be worth five dinars. The ISIS coin has a world map on one of its side.
It was in November 2014 that ISIS announced it would issue copper, silver and gold coins and released the first designs. The militant group said that it would use silver dirham and gold dinar.
The photographs shared online look quite similar to the designs shared earlier. Al Arabiya reported that the design of the coin is based on original dinar coins of the Caliphate of Uthman from about 650. The extremist forces claimed in 2014 that the coins were going to free the Muslim world from the “satanic global economic system.”
ISIS controls a significant part of Iraq and Syria. It has managed to acquire a huge amount of wealth after taking control of oil fields. That may be the reason why its currency comes with a lofty price. According to ISIS exchange rates, one silver dirham is equal to $1 while one gold dinar is equal to $139.
The Independent reported that the coins were unlikely to be used frequently even if they are real. Moreover, there is no internationally accepted exchange rate for a currency which is “unrecognized.” The weight of the metal is also not very clear so it makes the valuation almost impossible.