The Daily Mail is reporting that Islamic leaders in Mosul and Iraq’s Ninevah province have stated that there are plans to reintroduce the ancient Islamic currency known as the Dinar.
The original Dinar consisted of only gold and silver coins. Iraq uses a form of the Dinar today, but those coins are made of copper, brass, and steel. ISIS is understood to be returning to the original minting metals.
The ancient Dinar was 4.3 grams of gold and the silver Dirham weighed 3 grams.
ISIS allegedly wants its own gold-backed currency as part of an effort to legitimize and support the caliphate. The Daily Mail was unable to directly confirm if the rumors were true, but religious leaders in Iraq have stated it during services.
There have been many reports in recent months of ISIS selling its own oil for currencies other than the petrodollar, at discount prices. It is believed that most of this oil is going to Turkey and some estimate that the group is making up to a million dollars a day from these sales.
There was another report in June that ISIS had taken over the bank in Mosul and made off with more than 425 million dollars, much of it in gold. Other sources of income for the group have come from criminal and terrorist activities.