Islamic State has begun minting its own currency, claim activists

Photographs of two gold coins circulating on Twitter appear to show that Islamic State has begun minting its own currency.

Zaid Benjamin, a Syrian anti-IS activist, tweeted what he claimed were the first photographs of "minted Isis coins".

According to the SITE Intelligence Group, which monitors online terrorist activity, IS announced plans to make its own money last November. In a statement from the terrorist group's so-called "Treasury Department", it claimed the new coins would shirk the "tyrannical monetary system" forced on Muslims and avoid them being "easy prey in the hands of the Jews and Crusaders".

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The currency, called the Islamic Dinar and reportedly minted in 24-carat gold, depicts images such as a map of the world, palm trees, prominent mosques and seven wheat stalks. These images all reference some aspect of Islam, the BBC reports. For example, the wheat stalks refer to a passage in the Koran that says: "Those who spend their money in the name of Allah are like a seed that has yielded seven wheat stalks, in each stalk there are a hundred seeds, and Allah multiplies... for whoever He wishes."

The front of the coins says: "The Islamic State – A Caliphate based on the doctrine of the Prophet."

The initial announcement last year sparked excitement among IS supporters, according to the SITE Intelligence Group. One user named Ahaamaj Aladnana tweeted: "Coin currency specific to the Islamic State. The most powerful weapon for the collapse of the global economy."

IS said it would mint seven different coins and planned to make the value of the currency equal to the inherent value of the material from which each coin is made – gold, silver or copper. As such, one gold dinar weighing 4.25g could reportedly be worth up to $139.

The introduction of a currency is not the first move by IS to establish the conventions of a sovereign state. In its base in the Syrian city of Raqqa, the group has established ministries, civil services and "morality police" to enforce its draconian interpretation of Sharia law. According to the LA Times, IS also plans to begin issuing its "citizens" passports.