Brothers and Sisters I need some help in finding out the ruling of selling and maybe buying old coins.
Someone told me that if I were to sell an old 5 cent coin for lets say 5 dollars that would be ribaa'.
Sis Al-Zaara, she meant that if she sells an old coin, lets say from 1930, for a higher price than that coin because it is valuable, is that Riba?
Aleykum selam we rahmetallahu we berekathu,
Yes sister - Serene -, I understood her question but couldn't find a fatwa that answered exactly that matter. I was about to ask on a fatawa-site, but it said I couldn't do it for today so will try tomorrow inshaAllah. I don't dare to speculate at all how I think it could be, I may say something wrong astagfirullah.
“If only I had checked myself”
—
Guy who wrecked himself
True leaders don't create followers...
.... They create new leaders.
Sis Al-Zaara, she meant that if she sells an old coin, lets say from 1930, for a higher price than that coin because it is valuable, is that Riba?
Maybe it would depend on whether or not it is still in circulation? After all, if you sold an ancient Egyptian coin, I am pretty sure you can set your own price for that.
Old coins if its made of Gold and you will sell it with GOLD or if its silver and you want to sell it with silver then it must be of the same wieght and the selling process must be in the same meeting ..which means that the person who will buy this gold coin (lets say a golden coin) he must pay the equivalent wieght of gold in the same meeting. for the Hadith of the prophet : (peace and blessings of Allah be upon him) said, "The gold for the gold, the silver for the silver, wheat for wheat, barley for barley, date for date, salt for salt, similar for the like, and hand in hand. So whoever adds or seeks to add, then he has used riba. The recipient and the giver of the transaction are the same". (Reported by Muslim, #1584.)
BUT if the coin was made of anything other than GOLD and silver like if it was made of copper or iron or anything else than silver or gold then its OK to sell it by any price as far as the seller and the buyer agree.. because the reason of ribaa isn't here in this case because these old coins are not considered currency nowadays
AL-Sheikh ebn Othaymeen has answered a similar question and also AL-shiekh al munajjed...
Arabic sources are available if needed?
Wa/ Assalamu alaykum wa rahmatullahi wa barakatuh.
Last edited by Makky; 07-18-2008 at 01:10 PM.
Atheists this is you situation now:
the Unbelievers say: "These are nothing but tales of the ancients." (25) Others they keep away from it and themselves they keep away; but they only destroy their own souls and they perceive it not. (26)(Translation of surat Al'anam)
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