Islamic State militants have announced on jihadi websites that IS has plans to mint its own currency. Early last year, IS seized large portions of Iraqi and Syrian territory. The group plans to issue the currency in the IS-controlled areas throughout Syria and Iraq. The militant group is reportedly acquiring gold, silver and other precious metals.
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ISIS Using Precious Metals for Currency
Seigniorage: How Much Profit is the Government Making off Coins?
Seigniorage is a convenient source of revenue for some governments when the money that is created is worth more than the production cost. The revenue is commonly used by governments to finance some of their expenditures instead of collecting taxes. For example, if it costs the U.S. government 5 cents to produce...
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