181 INR 11 (2016): 181–203 The Coinage of the Islamic State david J. W asserstein Vanderbilt University david.wasserstein@vanderbilt.edu Abstract The Islamic State announced in late 2014 that it would issue coins. Made of both precious metals (gold and silver) and base metal, they were to replace the “worthless” paper currencies of Syria and Iraq and the U.S. dollar. This article studies the Islamic background to this proposed new currency, the justifcation for the use of precious metals, and the designs of the new coins themselves and the messages that they are intended to propagate. INTRODUCTION The Islamic State (IS) announced in mid-November 2014 that it would issue its own coins. 1 The new coins were to replace local currencies as well as the U.S. dollar in the territories controlled by IS. 2 The announcement was striking in several 1 The announcement is archived at https://ia802609.us.archive.org/21/items/ bayan_201411/bayan.pdf (accessed on November 14, 2014). This website seems no longer (in January 2016) to be available. However, www.isis-coins.com has at least parts of the original announcement, in a variety of languages (English, Arabic, Russian, German, Spanish and French), together with pictures and offers to sell sets of the coins for U.S.$950 (payment to be effected via Paypal). The Daily Caller, a conservative website based in Washington, published a story, “ISIS’ New Gold Coins Aren’t Even Real,” by Ivan Plis, on September 4, 2015, asserting that the ‘dinars’ available in Mosul are “metal coins that are merely plated with 21-carat gold” — it is not clear whether these ‘dinars’ are actually IS dinars bearing the design announced by IS or other, older coins with a gold covering, or simply empty fans with a gold sheen. (See http://dailycaller.com/2015/09/04/isis-new-gold-coins-arent-even-real/ accessed January 7, 2016); the story is further sourced to Marwan Jabbar, “Gold at End of Extremist Rainbow: Islamic State release their own ‘fake’ currency,” published on September 3, 2015, at Niqash, a website based in Berlin in English, Arabic and Kurdish (see http://www.niqash.org/en/articles/economy/5097/Islamic-State-Release-Their- Own-‘Fake’-Currency.htm, accessed January 7, 2016). For news reports about the initial announcement see, e.g., http://www.bloomberg.com/news/2014-11-13/islamic- state-says-to-issue-coins-on-baghdadi-s-orders.html ‘Islamic State Mints Coins as Jihadis Develop Trappings of Power’; http://www.dw.de/islamic-state-to-mint-dinar- coins/a-18063560 (accessed on 14 November 2014). There are many others. 2 See also Archive, Specimen 9C, of 13 Dhu al-Hijjah 1436 = September 27, 2015, DAVID J. WASSERSTEIN COINAGE OF THE ISLAMIC STATE