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Islamic State dinar
Islamic State dinar
Islamic State dinar
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Gold dinar
دينار ذهبي (Arabic)
Dinar coins from an ISIL propaganda video, 2015[1]
Denominations
BanknotesNone
Coins1, 5 dinars
1, 5, 10 dirhams
10, 20 fulûs
Demographics
Replaced byIraqi dinar and Syrian pound
User(s)Islamic State
Issuance
Central bankDiwan Bayt al-Mal[2]
This infobox shows the latest status before this currency was rendered obsolete.

The Islamic State dinar (Arabic: دينار الدولة الإسلامية), or simply the gold dinar,[1] was the official currency of the Islamic State from 2014 to 2019. Subdivided into dirhams and fulûs, it was modelled after the historical gold dinar that was first introduced in the Muslim world during the time of the Umayyad Caliphate. In 2016, one Islamic State dinar had an effective exchange rate of US$190 or £91, though it did not gain traction outside of the Middle East due to the Islamic State conflict, as the international community did not recognize the Islamic State's sovereignty and designated it as a terrorist organization.[3][4]

Background

[edit]

The Islamic State of Iraq (ISI) establishing itself in 2013 as the Islamic State of Iraq and Syria (or the Levant), and then simply as the Islamic State in June 2014.[5] By 2015, it controlled a large amount of territory in both countries, declaring itself as a caliphate and planning to absorb other territories of the Muslim world. However, none of the United Nations member states recognized the Islamic State's sovereignty; it was instead widely designated as a terrorist organization by the international community.

Minting and distribution

[edit]

In a 2014 issue of the online IS magazine Dabiq, the organization announced that it was preparing to mint an independent currency based on the one used in the historical caliphates.[6] A design of coins made of gold, silver, and copper was subsequently published. In the 2015 video The Rise of the Khilafah and the Return of the Gold Dinar, IS announced that these coins were set for release.[1][7] The planned exchange rate to the United States dollar was approximately US$139. A number of analysts stated that the organization was motivated to produce such a currency for pan-Islamic propaganda purposes or for emphasizing the sovereign statehood of the so-called IS caliphate, or both.[8] According to IS media, however, the organization's intent behind the coinage was to allow the Muslim world to be economically independent, particularly with regard to the financial influence of the Western world.[9] In 2015, Turkish authorities discovered an underground IS minting facility in Şahinbey, a town near Gaziantep, close to the Syrian border.[10][11][12]

Despite the extensive promotion of the IS gold dinar, the currency saw limited circulation. It was almost exclusively used in those parts of IS-controlled territory where it was forbidden to use other currencies.[13] By 2019, as the IS quasi-state collapsed, the gold dinar was replaced by the Iraqi dinar and the Syrian pound.[14]

Coinage

[edit]

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

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

Characteristics

[edit]
Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge Obverse Reverse
5 dinars 39 2.3 21.25 Gold Reeded Inscription and issuer World map; value; year of minting
1 dinar 19 1.15 4.25 7 ears of wheat; value; year of minting
10 dirhams 38 2.4 20 Silver Al-Aqsa Mosque of Jerusalem; value; year of minting
5 dirhams 26 1 10 Umayyad Mosque of Damascus; value; year of minting
1 dirhams 18 1 2 Spear and shield; value; year of minting
20 fulûs 37 2.6 20 Copper Smooth 3 date palms; value; year of minting
10 fulûs 29 3 10 Islamic crescent; value; year of minting

See also

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Islamic State dinar

View on Grokipedia
from Grokipedia
The dinar encompassed the gold, silver, and coins minted by the () as its purported official from late 2014 until the group's territorial collapse around 2019. Announced in November 2014 through the group's Dabiq publication, these coins aimed to revive a precious-metal standard inspired by early Islamic monetary practices, rejecting fiat currencies as tools of economic enslavement by rejecting () and promoting asset-backed exchange. Denominations included s of 1 and 5 units, silver dirhams of 1, 2, and 5 units, and fulûs of 5 and 25 units, with the 1-dinar coin weighing 4.25 grams at approximately 91.58% purity (22 carats). Minting occurred in at least two phases starting around mid-2015 in locations such as in and sites in like , using presses likely sourced externally, though production volumes remained low and exact quantities undocumented. Silver dirhams achieved near-99.9% purity, while copper fulûs approached 99.5%, aligning with the group's ideological emphasis on unadulterated metals to facilitate transactions free from inflationary manipulation. Despite propaganda videos depicting their use for wages, taxes, and dowries, empirical reports indicate limited practical circulation, with U.S. dollars and local fiat currencies persisting due to liquidity constraints and distrust over potential counterfeits, including gold-plated fakes. The dinar's defining characteristic lay in its role as a symbol of and compliance, intended to legitimize the caliphate's amid territorial control over oil-rich areas, yet its economic impact was marginal, serving more as ideological reinforcement than a viable . Analyses of recovered specimens via spectrometry confirm the authenticity of genuine issues, underscoring rudimentary but functional minting capabilities, though the initiative ultimately faltered with the caliphate's military defeats, leaving the coins as numismatic artifacts of jihadist aspirations.

Historical and Ideological Foundations

Roots in Classical Islamic Coinage

The classical Islamic coinage system, which the Islamic State's sought to emulate, originated in the CE following the Arab conquests, when Muslim rulers initially adopted and adapted Byzantine gold solidi (termed ) and Sasanian silver drachms () for circulation, often overstriking them with inscriptions or countermarks to assert Islamic authority. This pragmatic continuity reflected the vast territorial expansion under the and early Umayyad caliphs, where pre-existing currencies facilitated trade across diverse regions, but it also sowed tensions over monetary symbolism and sovereignty, as foreign iconography—such as Christian crosses or Zoroastrian fire altars—clashed with emerging Islamic . A pivotal reform occurred under Umayyad Caliph Abd al-Malik ibn Marwan in 77 AH (696–697 CE), introducing the first purely epigraphic coins devoid of human or animal figures, featuring Kufic script with religious content like the Shahada ("There is no deity but God; Muhammad is the Messenger of God"), Qur'anic verses, the ruler's laqab (honorific), mint name, and Hijri date. The gold dinar was standardized at 4.25 grams of nearly pure gold (22 carats), mirroring the Byzantine solidus's weight but purified of idolatrous imagery, while the silver dirham weighed approximately 2.975 grams, with an exchange ratio often set at 1 dinar to 10–15 dirhams based on market silver-gold values. This tri-metallic framework extended to copper fulus (or fals) for minor transactions, emphasizing intrinsic metallic value over fiat, in line with Islamic jurisprudence's aversion to riba (usury) and gharar (uncertainty), thereby tying currency to tangible commodities as a hedge against debasement seen in predecessor empires. Subsequent Abbasid caliphs (from 132 AH/750 CE) refined this system, maintaining the dinar-dirham standard amid expansions into and , where regional mints like those in and produced variants with consistent weights and inscriptions to ensure interoperability across the dar al-Islam. The Islamic State's dinar explicitly referenced this Umayyad reform as its historical archetype, framing its 2014–2015 issuance as a revival of caliphal monetary purity against perceived Western financial domination, though its execution prioritized ideological symbolism over the sustained of classical precedents.

ISIS's Rationale for a Precious Metal Currency

ISIS articulated its adoption of a precious metal-based currency as a fulfillment of religious obligations under , reverting to the gold and silver as the intrinsic-value mediums of exchange used in the Prophet Muhammad's era and standardized by early caliphs like during the Umayyad reforms of 696 CE. This system, ISIS claimed, avoided the innovations () of fiat paper money, which lacked tangible backing and facilitated (usury) through debt-based economies. In announcements from its Beit al-Mal (House of Finance), the group positioned the coins as a purification effort aligned with Salafi interpretations, rejecting modern currencies as corrupt tools that perpetuated economic subjugation. Central to the rationale was opposition to Western-dominated systems, which ISIS described as a "tyrannical " imposed on , causing "enslavement and impoverishment" via , , and control by non-believers. Propaganda materials, such as those in Dabiq magazine (Issue 5), emphasized that precious metals provided stability and divine sanction, free from the interest-bearing manipulations of global banking that contravened Qur'anic prohibitions. By minting coins inscribed with the and Qur'anic verses—mirroring seventh-century Islamic designs—ISIS sought to embody caliphal authority and exit the "corrupt, interest-based ." The initiative also served ideological purposes of and apocalyptic legitimacy, signaling the prophesied restoration of the with sovereign economic institutions independent of powers. viewed the currency as a symbolic break from reliance on dollars or other fiat notes circulating in its territories, promoting self-sufficiency and reinforcing narratives of (monotheistic unity) in governance. This rationale, disseminated through videos like "The Rise of the Khilafah and the Return of the Gold ," framed the dinar not merely as but as a tool for jihadist revivalism against perceived crusader economic hegemony.

Development and Announcement

Proclamation in 2014

On November 13, 2014, the Islamic State announced plans to mint its own currency, consisting of gold dinars, silver dirhams, and copper fulus, as legal tender within territories under its control. The proclamation came hours after an audio message from leader Abu Bakr al-Baghdadi urging expansion of the self-declared caliphate, and was disseminated through the group's propaganda channels, including social media. ISIS specified standardized weights for the coins, with two denominations in gold, three in silver, and two in copper, aiming to revive seventh-century caliphal monetary practices based on precious metals. The group released images of proposed coin designs, such as a world map encircled by the phrase "Islamic State" on the 5-dinar gold piece, the al-Aqsa Mosque on the 10-dirham silver coin, and a crescent moon with palm trees on copper fulus. These elements underscored ISIS's ideological framing of the currency as a means to establish a sharia-compliant economy free from riba (usury) and fiat money. The announcement emphasized rejection of the U.S. dollar and Western financial systems, which ISIS described as a "tyrannical currency system" imposed on Muslims to enable "satanic economic oppression" and profiteering. ISIS positioned the dinar as a tool to "enslave" no longer by breaking dependence on global banking, with values tied to metal markets rather than arbitrary . The proclamation aligned with the group's June 2014 declaration, portraying the as essential for territorial and ideological purity, though production required securing minting facilities and raw materials. No immediate minting occurred, but the announcement served to project state-like functionality amid ongoing territorial expansion in and .

Design Specifications and Denominations

The coins adhered to an aniconistic design, featuring no depictions of living beings, in line with the group's interpretation of Islamic prohibitions on imagery. Obverses typically bore the ("There is no god but ; is the Messenger of ") encircled by additional Quranic phrases or declarations of faith. Reverses included inscriptions such as "The , on the Path of Prophethood," the mint location (e.g., , , or al-Fallujah), the Hegira year, and the denomination in . Gold dinars were intended as high-value units, struck from purportedly pure gold to evoke Umayyad-era standards, with the 1 dinar equivalent to 4.25 grams of gold. The series comprised two denominations: 1 dinar and 5 dinars. Silver dirhams, also claimed to be pure silver, followed historical weights of approximately 2.975 grams per dirham, with three denominations: 1, 5, and 10 dirhams. Copper fulus served as fractional currency for minor transactions, issued in 10 and 20 fulus denominations, completing a seven-coin set announced for circulation. These specifications were publicized by the in November 2014 through propaganda channels, emphasizing a return to commodity-backed money independent of systems. Actual minted coins from 2015 onward, analyzed in numismatic studies, confirmed adherence to these designs across facilities in controlled territories, though production quality varied due to rudimentary minting techniques.
MetalDenominationHistorical Weight Standard (grams)
Gold1 4.25
Gold5 21.25
Silver1 2.975
Silver5 14.875
Silver10 29.75
Copper10 FulusVariable (low )
Copper20 FulusVariable (low )

Production Process

Minting Facilities and Methods

The established minting workshops in territories under its control and adjacent areas, including in during 2015, Sahinbey district in southeastern in October 2015, in post-2015, and Hasrat near in as late as March 2018. These facilities were often relocated for security reasons amid territorial losses and military pressures, with evidence suggesting the use of at least two distinct sets of minting equipment, one possibly sourced from . Coin production occurred in two main phases: an initial cycle from spring to autumn 2015 using basic designs, followed by a second cycle starting winter 2015 with refined engravings and higher metal purities. Methods involved striking blanks with engraved coin dies under hydraulic or manual presses to imprint motifs drawn from classical Islamic coinage, such as the , Qur'anic verses, sheaves, and minarets, avoiding or animal imagery per Salafi interpretations. Press molds and dies seized in the Sahinbey raid confirmed mechanical striking techniques, while equipment photographed in Hasrat indicated semi-industrial setups adapted from local or captured machinery. Technical constraints included inconsistent metal sourcing, leading to early frauds like gold-plated counterfeits, and limited output due to wartime disruptions; spectrometric tests verified gold dinars at approximately 91.58% purity (22 carats), silver dirhams at 99.9%, and copper fulus at 99.48%, though overall production volumes remained low relative to announced ambitions. These operations relied on improvised workshops rather than state-level mints, reflecting the group's resource scarcity and ideological focus on symbolic rather than scalable .

Output Volumes and Technical Constraints

The production of Islamic State dinars and dirhams occurred in limited batches, constrained by the group's improvised minting operations in contested territories such as Raqqa and Mosul, where access to industrial-scale equipment was unavailable due to ongoing conflict and international sanctions. Minting began in mid-2015 following the November 2014 announcement, with documented phases including an initial modest cycle and a subsequent larger one in winter 2015, utilizing distinct coin dies for each. Precise output volumes are not publicly quantified in available analyses, but the scale remained small—insufficient for supplanting fiat currencies like the U.S. dollar in daily transactions—and primarily aligned with symbolic rather than economic imperatives, as evidenced by post-2017 sales of residual coins through illicit channels. Technical limitations stemmed from rudimentary methods, including manual or semi-mechanized striking rather than automated coining presses, which restricted throughput to hundreds or low thousands per type across denominations. Sourcing precious metals posed further challenges; for dinars was derived from looted or smuggled reserves, often with impurities from inadequate , yielding specimens at approximately 91.6% purity—higher than initially claimed but below modern standards, potentially complicating verifiability and acceptance. Silver dirhams and fulûs faced similar hurdles, with silver purity undocumented but likely variable due to reliance on regional scrap, exacerbating risks in a low-trust environment. Logistical disruptions, including airstrikes on supply lines and facilities, further curtailed sustained output, rendering the more a tool for ideological signaling than practical . These constraints highlighted the impracticality of reviving classical metallic standards amid modern warfare's disruptions, as the group's inability to achieve or consistent quality undermined any ambition for economic sovereignty. By 2016, local reports indicated negligible circulation beyond distributions, with transactions reverting to dollars or due to the dinar's and handling inefficiencies for small values.

Circulation and Economic Integration

Distribution Within Territories

The Islamic State enforced the use of its minted gold dinars and silver dirhams as compulsory currency within territories under its control, particularly in northern and eastern , starting in mid-2015. This affected an estimated 10 million civilians across urban centers like and , where the group sought to replace existing fiat currencies such as the and through decrees from its economic committees. Distribution mechanisms included direct allocation to fighters and officials as salaries or rewards, often in higher-denomination gold pieces valued at approximately 4.25 grams each, alongside mandates for merchants to dispense coins as change in markets. A primary channel for internal dissemination was the group's oil economy, which peaked at around 150,000 barrels per day in ; sales to local traders and intermediaries required payment in dinars, with the coins retailed at a markup yielding about $30 profit per against a market gold value of roughly $160. Informal exchange points emerged in controlled areas to convert dinars back to usable , but enforcement relied on hisbah (morality police) patrols to penalize non-compliance, such as fines or confiscations for using prohibited currencies. Despite these efforts, circulation remained uneven, as silver dirhams proved impractical for everyday purchases due to their bulk and low intrinsic usability compared to paper notes. Acceptance varied by locale and transaction type; in Raqqa, the de facto capital, dinars saw limited uptake in state-run services like taxation or collections, where the group converted extorted funds into coins for redistribution. In , larger gold dinars were occasionally used for high-value exchanges among loyalists, but widespread trader resistance—stemming from the coins' overvaluation and lack of —led to barter systems and shortages of goods by 2016. Reports indicate that many coins were hoarded or melted for , undermining sustained distribution, as the denominations (e.g., 1 and 5 dinar pieces) exceeded typical daily needs in a low-wage . This enforced but faltering rollout highlighted the currency's role more as a tool for ideological control and than efficient economic circulation.

Usage in Transactions and Parallel Economy

The Islamic State sought to establish a parallel economy through its gold dinars and silver dirhams, promoting them as a sharia-compliant alternative to fiat currencies like the U.S. dollar, , and , which it deemed un-Islamic due to their association with (usury) and Western dominance. Announced in the November 2014 issue of Dabiq, the currency was intended for everyday transactions, taxation, and trade within controlled territories, aiming to symbolize and ideological purity by reviving Umayyad-era standards backed by precious metals. In practice, however, implementation was symbolic and uneven, with the coins coexisting alongside preferred fiat options rather than supplanting them. Evidence of usage includes sporadic acceptance for (religious tithe) payments, petrol purchases, and small-scale trades in areas like and , where locals reportedly used dirhams for low-value exchanges and dinars for higher ones, such as dowries or wages distributed by the group. By late 2015, ISIS propaganda videos claimed compulsory adoption across territories affecting up to 10 million people, with change offices facilitating exchanges and enforcement through hisba (morality police) raids on non-compliant traders. Initial integration occurred in oil transactions, where the group produced around 150,000 barrels per day—generating $60 million monthly—and sought to settle sales in dinars to undermine the petrodollar system, though this required conversions back to dollars for international buyers. Despite these efforts, practical circulation remained limited by low production volumes—estimated in modest quantities from mints in and other sites during 2015–2016 phases—and logistical constraints, including the coins' weight (e.g., 4.25 grams per ) rendering them unsuitable for micro-transactions. Traders often rejected them due to lack of external demand, liquidity shortages, and rumors of debasement, preferring U.S. dollars for taxes and fees even in ISIS-administered areas. The parallel system faltered further after 2016 U.S.-led airstrikes on oil infrastructure eroded revenues, causing dinar values to plummet below production costs and prompting melting or resale of coins. By the caliphate's collapse in 2019, the currency had minimal economic footprint, with seized stocks valued at $2.1 billion highlighting its role more as a tool than a functional .

Reception and Controversies

Ideological Endorsements and Propaganda Value

The ideologically justified the dinar as a restoration of the gold and silver-based monetary system mandated by early Islamic tradition, viewing fiat currencies as innovations () that enable () and economic subjugation by non-Muslim powers. This endorsement aligned with the group's salafi-jihadist interpretation of , which emphasized to embody and reject modern banking systems associated with the West. The caliphate's leadership, under , integrated the currency into its state-building narrative, presenting it as fulfillment of prophetic hadiths on gold dinars and silver dirhams as lawful tender. In propaganda, the dinar served to project an image of sovereign functionality and ideological purity, countering perceptions of ISIS as mere insurgents by demonstrating administrative capacity akin to historical caliphates. A key example was the al-Hayat Media Center's 55-minute video "The Return of the Gold Dinar," released on August 29, 2015, which depicted minting processes and claimed the currency would undermine U.S. dollar hegemony by freeing Muslims from "financial enslavement." The video, distributed via social media and Dabiq magazine, framed the dinar as a tool for global jihad, with the one-dinar gold coin valued at approximately $139 based on its 4.25 grams of 21-karat gold content. This messaging amplified recruitment among sympathizers disillusioned with Western economics, portraying the caliphate as a viable alternative state with ethical, sharia-compliant finances. Endorsements extended to claims of impending worldwide adoption, as articulated in the asserting the dinar's role in dismantling capitalist systems. However, the emphasis on over practicality—evident in limited actual circulation—highlighted the dinar's primary utility as rather than economic instrument, bolstering morale amid territorial losses by 2015.

Practical Criticisms and Economic Shortcomings

The Islamic State's faced significant practical challenges in usability, as its denominations—typically valued at around $100–$200 per coin based on content—rendered it unsuitable for everyday micro-transactions such as purchasing food or basic goods in a low-income, war-ravaged . Physical handling of heavy metal coins also posed logistical difficulties, including risks of theft, loss, and the absence of secure storage or fractional divisibility without specialized tools, exacerbating inconveniences in daily commerce. Economically, the dinar's tie to gold's intrinsic value limited monetary flexibility, preventing the issuance of additional to match territorial expansion or revenue needs, which contributed to shortages amid declining sales and taxation inefficiencies. The system's reliance on physical assets without modern banking failed to support extension or , as the absence of enforceable rights and predictable fiscal policies deterred economic activity and fostered black-market preferences for more stable foreign currencies like the U.S. dollar. Credibility deficits compounded these issues, with the dinar's association to a designated terrorist entity invoking that barred legal external trade and verification, while internal enforcement relied on coercion rather than voluntary adoption, leading to hoarding and circumvention. Production constraints and potential counterfeiting vulnerabilities further eroded trust, as limited minting output—insufficient to supplant existing currencies—highlighted the currency's role more as propaganda than functional medium, ultimately accelerating fiscal strain through salary cuts and .

Impact and Aftermath

Effects on ISIS Governance and Finances

The introduction of the Islamic State dinar in November aimed to underpin governance by establishing a sharia-compliant , rejecting currencies as tools of "infidel" economies tainted by . This ideological framing supported administrative structures, such as diwans (bureaucratic departments) for economic oversight, by enabling symbolic enforcement of (religious tithes) and transaction standardization within controlled territories. However, practical implementation was hampered by inconsistent acceptance; residents and fighters predominantly continued using U.S. dollars, Iraqi dinars, and Syrian pounds for daily exchanges due to familiarity and liquidity, limiting the dinar's role to minor, localized propaganda-driven uses like official payments or displays. Financially, the dinar yielded negligible benefits and likely imposed net costs. Minting required scarce resources, including imported presses and precious metals, with output confined to small batches—estimated at thousands of coins rather than millions—insufficient to supplant existing currencies or fund operations. ISIS's core revenues, peaking at $80-100 million monthly in 2015 from , , and taxation, showed no measurable uplift attributable to the dinar, as economic analyses of the group's finances omit it as a viable . Instead, the initiative reflected adaptive stress responses to coalition airstrikes disrupting flows since September 2014, functioning more as a mechanism for asset portability and potential laundering via markets than a fiscal enhancer. In governance terms, the currency marginally reinforced coercive control by integrating into extractive policies, such as mandating its use for certain taxes in and , which compelled compliance through threats and bolstered perceptions of among loyalists. Yet, this came at the expense of efficiency; enforcement diverted administrative efforts from revenue maximization, exacerbating and black-market reliance in ISIS-held areas where prices for basics like doubled between 2014 and 2016. Post-2016 territorial losses further eroded any residual utility, with seized stockpiles yielding minimal recoverable value compared to the group's overall $2 billion in amassed funds by .

Post-Caliphate Legacy and Seizures

Following the territorial collapse of the in March 2019 with the fall of Baghuz, the and lost any residual function as currency within former controlled areas. The group's financial strategy pivoted to clandestine methods, including reliance on pre-stashed reserves of cash and gold smuggled out during retreats from in 2017 and other strongholds. U.S. and Iraqi officials assessed that operatives had concealed hundreds of millions of dollars in such assets to sustain post-territorial operations, though specific inclusion of minted dinars remains unconfirmed in public reports. No major public disclosures detail targeted seizures of dinar or dirham coins post-2019, likely attributable to constrained minting output during the caliphate phase, which produced limited quantities primarily for propaganda rather than widespread economic use. Coalition and local forces, including the , prioritized disrupting larger financial networks involving fiat currencies, cryptocurrencies, and systems over recovering symbolic coinage. Surviving coins have transitioned into numismatic artifacts, appearing in international auctions as historical relics of the Islamic State's attempt. For example, gold s minted between 2014 and 2019 have been cataloged and sold by reputable dealers, underscoring their rarity and lack of ongoing illicit circulation. Prior to full defeat, the group itself marketed these coins via online platforms and clearing systems to generate revenue amid fiscal strain, signaling the currency's practical obsolescence even before territorial loss.

References

  1. https://english.religion.info/2018/12/23/the-return-of-the-gold-dinar-an-analysis-of-the-islamic-state-coin-production/
  2. https://www.academia.edu/38044560/The_Return_of_the_Gold_Dinar_An_analysis_of_the_Islamic_State_coin_production
  3. https://www.iranicaonline.org/articles/dinar/
  4. https://www.iranicaonline.org/articles/dirham/
  5. https://www.aramcoworld.com/articles/2015/coins-of-two-realms
  6. https://www.researchgate.net/figure/The-Dinar-and-Dirham-and-Regional-Coin-and-Weight-Standards_tbl2_340342492
  7. https://aucpress.com/wp-content/uploads/2022/06/9781617975202.pdf
  8. https://qz.com/296849/what-the-islamic-states-currency-tells-us-about-the-bloody-origins-of-money
  9. https://www.theguardian.com/world/2014/nov/14/isis-gold-silver-copper-islamic-dinar-coins
  10. https://www.economist.com/the-economist-explains/2015/09/03/why-islamic-states-gold-coins-wont-replace-the-global-banking-system
  11. https://www.dw.com/en/islamic-state-to-mint-dinar-coins/a-18063560
  12. https://www.nytimes.com/2014/11/15/world/middleeast/islamic-state-says-it-plans-to-issue-its-own-currency-.html
  13. https://freebeacon.com/national-security/islamic-state-minting-own-currency-to-break-from-feds-financial-system-of-enslavement/
  14. https://www.cnn.com/2014/11/13/world/gallery/isis-money
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  16. https://www.dailysabah.com/investigations/2015/10/07/6-arrested-for-minting-coins-for-isis-press-moulds-seized-in-southeastern-turkey
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  22. https://www.bloomberg.com/news/articles/2015-08-29/islamic-state-finds-gold-coins-are-a-steal-as-throwback-currency
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  26. https://www.newswise.com/articles/creation-of-coinage-monetary-system-may-signal-isis-under-stress
  27. https://www.brookings.edu/articles/how-isis-uses-oil-to-fund-terror/
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  29. https://www.europarl.europa.eu/RegData/etudes/IDAN/2017/603835/EXPO_IDA%282017%29603835_EN.pdf
  30. https://www.inss.org.il/wp-content/uploads/systemfiles/The%2520Islamic%2520State%2520Rich%2520Organization%2C%2520Poor%2520State%2520%2520Shmuel%2520Even%2520and%2520Carmit%2520Valens132212936.pdf
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  32. https://www.coinarchives.com/w/lotviewer.php?LotID=7664605&AucID=9054&Lot=3227
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