The Islamic State (ISIS/ISIL) has begun circulating its own currency dubbed the “Golden Dinar,” hoping it will collapse the U.S. dollar, reports The Foreign Desk.
Last year, supporters of the jihadist group, considered the world’s wealthiest terrorist organization, began circulating on social media images of gold coins allegedly minted within ISIS strongholds.
— Zaid Benjamin (@zaidbenjamin) June 23, 2015
The coins are reportedly modeled after the dinar currency of the Caliphate of Uthman printed around 650 AD.
The currency has engravings bearing the words “Islamic State,” notes The Foreign Desk.
Citing reports on jihadi online forums, the news outlet adds, “The coins, currently being released in limited quantity, are to primarily be used by traders in the oil industry in areas under Islamic State control.”
“Activists in Deir ez-Zor, Syria reported oil traders have been ordered to use the new Dinar when purchasing from ISIS-held oil fields,” also reports The Foreign Desk.
The London-based Arabic daily Al-Quds Al-Arabi reportedly notes that the “Golden Dinar” is being circulated to replace the U.S. dollar.
“A German jihadi boasted that even as the U.S. and her allies continue to hound the Islamic State, the group has shown resiliency, rolling out the new currency in past days,” adds The Foreign Desk, citing an online forum.
“Golden Dinars” will “bring about the collapse of the U.S. dollar” and the “demise of the U.S.,” declared the German jihadi.
“The Golden Dinar is reportedly made of 4.25 grams of 21 karat gold, or approximately $163 USD at today’s exchange rate,” notes The Foreign Desk.
According to the images circulated late last month, there are two designs of the golden coins — one with a map of the world engraved, and another with sheaths of wheat, a Koranic reference.
The coins reportedly read, in Arabic, “The Islamic State” and “A caliphate based on the doctrine of the prophet.”
ISIS announced plans for a news currency in November, arguing that the new Islamic State dinar would liberate the Muslim world from the “satanic global economic system.”
The coins represent “a comprehensive project, by the grace of Allah, to mint a currency based on the inherent value of the metals gold and silver,” mentioned a statement allegedly from ISIS’s “treasury department.”
An ISIS currency would protect Muslims from becoming “easy prey in the hands of the Jews and Crusaders,” it added.
The Foreign Desk notes:
In a 2015 video release entitled “Dark Rise of Banknotes and The Return of the Gold Dinar,” the terror group laid out its manifesto for the Gold Dinar in a 55-minute video, envisioning its rise would herald the death of the “oppressive banknote,” bringing the U.S. “to her knees.”
The rationale behind their prediction relies on all global oil sales transactions being paid for with gold instead of dollars.