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The Daily

ISIS Begins Minting Own Currency

Chris Gaetano
Published Date:
Jun 25, 2015
IISISCoinSIS has begun to mint its own gold and silver coins for use within its conquered territories, with a design based off the Caliphate of Uthman from the year 634, according to the Independent. Denominations include, at its largest, a five dinar coin that the armed group is trying to value at $694 U.S. dollars, followed by a one gold dinar coin allegedly valued at $139, followed by three silver dirhams that are meant to be valued between $1 and $9, and finally two copper coins claimed to be valued at a few cents each, according to the Independent. The reason for all these qualifiers in their value is that no one recognizes the currency as legitimate, and so there is no official exchange rate. Further, while they are supposedly made from precious metals, their weight is unverified, and so their value on that end is also unknown. Further, since gold, silver and copper are not mined in any of the areas the armed group currently controls, it is unlikely that they would be able to actually mint enough of them to replace the national currencies used within its territory, said the Independent.