Analysis of Legal Status of Metal Coins with Specific Reference to its Similarities and Differences with Paper Currency

الفلوس: حقيقتها وتاريخها وحكمها وأوجه التشابه والخلاف بينها وبين الورق النقدي

Abstract

Metal coins have played the role of supporting currency with gold and silver, and have been disagreed over among the jurists in terms of legal status. Some jurists opined that the metal coins are just like gold and silver, while some were of the view that it has a special character other than that of gold and silver. This disagreement simultaneously reflects in paper currency as well, as most of the contemporary scholars conceived it similar to gold and silver, and thus it attracts all the rules regarding of homogeneous and heterogeneous exchange of gold and silver, while some other held that it is like metal coins. This work traces the history of metal coins and then discusses its legal status. It also would highlight similarities and differences between metal coins and paper currency that might be useful in grasping their nature and legal status.