Currency of the Caliphate

              

Gold Standard Currency

Gold dinar coin minted by the Ottoman Caliph Uthman bin Mustafa (1168 AH)

The gold standard is a currency which is 100% backed by gold. Nowadays it is impractical to actually use gold coins in transactions, so zinc and copper coins will be minted along with the issuing of paper notes. The notes and coins can be transferred in to gold at any time.

Below is a table of the gold standard currency used by the Islamic State with example notes and coins. These notes and coins are divisible enough to cover payment for a large range of prices.

The gold dinar (4.25g) is the monetary unit of the Islamic State's gold currency and all goods and services like oil will be priced in dinars on the international markets. The dinar is divided in to 1000 fils. Historically fils was the name given to copper coins. Today the name fils will mean gold coins that are divisions of a dinar.

Monetary Unit	Approx value in £ pounds	Note/Coin
1 fils	£0.03	To be updated
2 fils	£0.06
5 fils	£0.15
10 fils	£0.30
20 fils	£0.60
50 fils	£1.64
100 fils	£3.28
500 fils	£16.41
1 Dinar (1000 fils)	£32.81
5 Dinar	£164.05
10 Dinar	£328.10

Silver Standard Currency

Silver 5 Piastres coin from Ottoman Tunisia, Caliph Sultan Abdul Mejid

The silver standard is a currency which is 100% backed by silver. Nowadays it is impractical to actually use silver coins in transactions, so zinc and copper coins will be minted along with the issuing of paper notes. The notes and coins can be transferred in to silver at any time.

Below is a table of the silver standard currency used by the Islamic State with example notes and coins. These notes and coins are divisible enough to cover payment for a large range of prices.

The silver dirham (2.975g) is the monetary unit of the Islamic State's silver currency. The dirham is divided in to 100 Piastres . Historically the Piastres was a silver coin and was used by the Ottoman Islamic State.

Monetary Unit	Approx value in £ pounds	Note/Coin
5 Piastres	£0.02	To be updated
10 Piastres	£0.04
20 Piastres	£0.08
50 Piastres	£0.18
1 Dirham (100 Piastres)	£0.36
5 Dirham	£1.80
10 Dirham	£3.60
20 Dirham	£7.20
50 Dirham	£18.00
100 Dirham	£36.00
1000 Dirham	£360.00