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The Islamic Gold Dinar

The Gold Dinar is a very rare and valuable coin

Among many of the gold bullion coins available, the Islamic gold dinar is one of the few minted in an attempt to resurrect an ancient type of currency once used in the old world. There are actually two types of coins involved, the dinar and the dirham. The dinar is a gold bullion coin while the dirham is a silver variation.

Gold Dinar Characteristics

Under Islamic rules and law, the dinar is supposed to represent a value of a particular weight of food. In actual modern measurement, a properly minted dinar will weigh in as a range of gold, from 4.25 grants to as much as 4.45 grams of the precious metal. The dinar does not follow the Troy ounce method minting commonly utilized by Western countries.

The quality of coin is minted as 22 karat gold, so the value is fairly high. While it is not a completely pure version of the precious metal, the coins do come close to a 24 karat valuation.

Gold Dinar Modern History

A number of religious groups in the Middle East have tried to revive the dinar as an Islamic government form of currency in an attempt to restore old financial practices with the coin. Indonesia, however, produced its own version of a gold dinar in 2000. At the same time, the country’s institutions also created an online buying system for gold dinars known as Dinarfirst. Malaysia followed two years later with its own dinar currency standard. Eight years later, the United Arab Emirates became a relied upon mint for gold dinars for other countries wanting to adopt the currency.

However, to this day, the gold dinars issued are intended for private buyers and collectors and are not exchanged for any governmental money value.

However, in Malaysia many still use the gold dinar for a number of purposes. In some cases it is accepted as a currency for purchasing. Others use the gold coin as means of saving money or collateral. Finally, many Malaysian Muslims also utilize the coin to purchase zakat or dower consistent with proper treatment under Islamic religious code.

Where to Buy the Gold Dinar

Gold dinars are not the easiest coins to find in the West much less in the Middle East. They are somewhat rare and as a result generate a bit of collector’s value premium on top of the gold value of the coin.

GovMint.com, The London Mint Office and the Australian Perth Mint all provide a good selection of gold bullion coins from around the world and many times carry gold dinar stock for sale to customers. These are reliable vendors with a good number of years under their belt providing customers quality gold bullion coins at competitive pricing. All three stores have an easily searchable Internet website presence with the latest inventory available.