First claim the territory then spread the word via a slick PR operation, then launch a currency.
That is exactly what The Islamic State of Iraq and Levant has done by minting its own ‘Islamic Dinar.’
Anti-ISIL activist Abu Abu Ibrahim Raqqawi, the founder of Raqqa is Being Slaughtered Silently, displayed the gold dinar on social media and said it would come into circulation soon.
Last November the group expressed a desire to reintroduce the gold dinar and silver dirham as the means of exchange within its self-proclaimed caliphate..
In a sulphureous statement ISIL said it wanted to free Muslims from the yoke of a “satanic global economic system.’
The gold coin is reported to be worth €124 and is based on the original tender of the Caliphate of Uthman, a key figure in early Sunni Islam.
The five dinar coin carries the inscription “The Islamic State-A caliphate based on the doctrine of the prophet,” on its obverse (heads) and a map of the world on its reverse (tails.)
The one dinar coin is different from the five dinar coin as it pictures seven wheat stalks, a Quranic reference to “the blessing of spending the money in the way of Allah.”
ISIL says they are inflation-proof and inspired by divine law.
To mint such coins ISIL will need vast amounts of precious metals and how it will get them is up for debate.
ISIL is reportedly doing a roaring trade in Iraqi and Syrian antiquities, they control oil reserves and run profitable extortion rackets.
Analysts believe ISIL is sitting on $2 billion in assets, which earns around $5m a day in interest.
ISIL claims existing currencies are behind their “enslavement and impoverishment,” and makes them “prey in the hands of the Jews and Crusaders.”