Fatwa ID: 05803
Answered by: Shaykh Ahmed bin Mohamed Umarji
Question:
Do we have to pay zakat on commemorative gold and silver coins? I am not too sure of its composite 100% whether it is fully gold or silver. Do we pay zakat on the material value of Gold and Silver based upon weight or by the value of the coins?
Examples of coins are as below:
https://www.royalmint.com/our-coins/
In the name of Allah, the Most Gracious, the Most Merciful
Answer:
Imam Quduri Rahimahullah explains “If the overwhelming content is silver, it will be in the ruling of silver, if the overwhelming content is other metals, it will be in the ruling of general merchandise.1
The coins from The Royal Mint are 99.99% pure.2 Based on that zakat will be paid on the material value of Gold or Silver based on weight.
Only Allah knows best
Written by Shaykh Ahmed bin Mohamed Umarji
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
1 Mukhtasar al-Quduri, Page 89, Mustafah Publishers 2016
2 https://www.moneymetals.com/buy/silver/british-coins
