ISIS is now issuing its own currency referred to as the ‘Golden Dinar,’ with engravings bearing the words “Islamic State.”
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, according to reports on jihadi online forums.
Activists in Deir ez-Zor, Syria reported oil traders have been ordered to use the new Dinar when purchasing from ISIS-held oil fields.
Reports from the Iraqi city of Mosul have indicated the Golden Dinar is being introduced to the currency market as part of a serious attempt to replace the dollar, London-based Arabic daily Al-Quds Al-Arabi said.
In an online forum post seen and translated by The Foreign Desk, 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.
The jihadi posts what he says are 1,2, and 5 Golden Dinars and hopes this currency will ‘bring about the collapse of the U.S. dollar’ and the ‘demise of the U.S.’
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.
A report in February claimed ISIS currently does most of its trade, including paying fighters’ salaries, in U.S. dollars.
The Golden Dinar is reportedly made of 4.25 grams of 21 karat gold, or approximately $163 USD at today’s exchange rate.