Islamic State Reportedly Planning to Mint Caliphate-Inspired Gold and Silver Coins

Following reports earlier this year that the Islamic State group was printing paper currency in one Iraqi province, the militant group is now planning to produce gold and silver coins to replace Iraqi dinars in the territories it controls, according to Al Arabiya.

Gold Dinar of Umayyad Caliph Abd al-Malik ibn Marwan minted in Syria in the late 7th century. (Photo: Wikipedia)

The Middle East news site reported Wednesday that militant leaders announced the plan in mosques in Mosul and other parts of Iraq’s Ninevah province.

Al Arabiya noted that the use of gold and silver dinars dates back to the seventh century under the caliphate ruling at the time. The Islamic State has proclaimed a caliphate across Iraq and Syria.

According to the Bibliotheca Alexandria, an Egyptian library that specializes in Middle Eastern antiquities, Ummayad Caliphate-era gold coins were engraved with quotes from the Muslim creed on the oneness of Allah and Muhammad as his prophet.

The original gold dinars read: “There is no god but Allah” and "Muhammad is the prophet of Allah sent by Allah to guide, the religion of truth to show to the whole world."

The Islamic State is currently the world's wealthiest terrorist organization according to the Israeli edition of Forbes, which estimated its annual revenue at more than $2 billion annually.

Most of its income is made through the sale of oil produced in the areas it controls, earning the group an estimated $3 million per day.