Friday, October 14, 2016

New 10 Rupees Coin


Regular Circulating Coin
10 Rupees (October 24, 2016)
Dimension - 25.5 mm, Weight - 5.5 gms
Material - Nickel Brass (Copper 79%, Zinc 20% & Nickel 1%)

Coin Grading

Coin grading is the method used to determine the grade or condition of a coin. The early grading system just showed whether a coin was ‘new’ or ‘used’. Then came the letter grading system that decided if a coin was in basal state (PO) , Fair (Fr), About or Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), Almost or About Uncirculated (AU), Uncirculated (Unc) and up to Brilliant Uncirculated (BU). In 1948, Dr. William Herbert Sheldon created a numerical grading system called the Sheldon grading system. The Sheldon scale graded coins between 1 and 70.

The current grading systems use a mix of the letter grading and the Sheldon scale. The circulated coins are usually graded from 1-Poor to 58-Choice about Uncirculated. The uncirculated coins are considered to be in Mint state condition (i.e. fresh out of the mint!) and are graded Mint State-60 to Mint State-70 (MS-60 to MS-70). The Proof coins Pr60 to Pr70 are similar to uncirculated coins and are graded from 60 to 70. The under 60 grades are called ‘Impaired Proofs’.

A grading scale is used to describe a coin’s condition. Historically, a variety of descriptive adjectives were used to relate the appearance or condition of a coin. A 70-point numerical scale that correlated to the most commonly used adjectives was first employed in the late 1940s. Numerical grades eventually became the preferred method to describe a coin’s condition.

NGC grades coins on a numerical scale from 1 to 70, with 70 being the highest grade assigned.

Prefix

Numerical Grade

Adjectival Description
MS

60–70

Mint State (Uncirculated)
AU

50, 53, 55, 58

About Uncirculated
XF 

40, 45

Extremely Fine
VF

20, 25, 30, 35

Very Fine
F  

12, 15

Fine
VG 

8, 10

Very Good

4, 6

Good
AG

3

About Good
FA

2

Fair
PR

1

Poor

Proof issues incorporate the same grades. Proof coins will be so noted with the use of the prefix PF for all grades 1 through 70. Less commonly, but where appropriate, coins displaying proof characteristics indicative of special handling that are not true proofs are described with the grade prefix PL, proof like, or SP, specimen. 

There are four major coin grading companies in the USA. They are all suitable to quote in listings as they can confirm certification of coins against the Third Party Grading database (TPG). These companies are:
  • The Professional Coin Grading Service (PCGS)
  • The Numismatic Guaranty Corporation (NGC)
  • Independent Coin Graders (ICG)
  • American Numismatic Association Certification Service (ANACS)



Monday, April 18, 2016

Zakat Calculations

 According to Islamic Law…

The Islamic Dinar is a specific weight of 22k gold (917.) equivalent to 4.25 grams, and Dirham is a specific weight of pure silver equivalent to 2.975 grams.


Umar Ibn al-Khattab established the known standard relationship between them based on their weights: “7 dinars must be equivalent to 10 dirhams”.

“The Revelation undertook to mention them and attached many judgements to them, for example Zakat, Marriage and Hudud etc., therefore within the Revelation they have  a reality and specific measure for assessment [of Zakat, etc.] upon which its judgement may be based rather than on the non-shari’i coins”.

Know that there is consensus [ijma] since the beginning of Islam and the age of the Companions and the Followers that the dirham of the shari’ah is that of which ten weigh seven mithqals [weight of the dinar] of gold… The weight of a mithqal of gold is seventy-two grains of barley, so that the dirham which is seven-tenths of it is fifty and two-fifths grains. All these measurements are firmly established by consensus. Ibn Khaldum, Al-Muqaddimah.

Zakat
The literal meaning of Zakat is ‘to cleanse’ or ‘purification’. In the Islamic faith, Zakat means purifying your wealth for the will of Allah SWT; to acknowledge that everything we own belongs to Allah SWT and to work towards the betterment of the Muslim Ummah. According to Islamic regulations, Zakat is 2.5% of one year’s total cumulative wealth. This amount is then distributed to the poor. Prophet Mohammad (PBUH) has said “Whoever pays the zakat on his wealth will have its evil removed from him”

Sayyidina Ali ibn Abi Talib (karam-Allah Wajhu) reported that Rasul-Allah (sallallahu alaihi wasallam) said: “There is nothing due upon you in gold, until it reaches twenty dinars. Thus, if you have twenty dinars at the end of the lunar year, then there is half a dinar levied on it [as Zakat] and if you have two hundred dirhams and a year passes, then five dirhams are due upon it. Any additional amount will be calculated in this manner. There is no Zakat on property until it has been owned for one year.” (Hadith related by Ahmad, Abu Dawud, and al-Baihaqi).

0.5 dinar / 20 dinars = 0.5/20 * 100 = 2.5%

5 dirhams / 200 dirhams = 5/200 * 100 = 2.5%

Nisab
To be liable for zakat, one’s wealth must amount to more than a threshold figure, termed the “nisab”.

Nisab for Zakat (according to Dinar & Dirham concept)
Gold
20 Dinars (20 * 4.25) = 85 grams (85 / 28.3495231) = 2.99828 Oz = 3 Oz
85 * 3,884/- = Rs. 330,140/- (as of April 18, 2016)
Silver
200 Dirhams (200 * 2.975) = 595 grams (595 / 28.3495231) = 20.9880 Oz = 21 Oz
595 * 57/- = Rs. 33,915/- (as of April 18, 2016)
Cash
equivalent to gold or silver whichever is less

Nisab for Zakat (according to tola concept)
Early dinars were struck of 4.4 grams of gold and 20 dinars equals to approx. 7.5 Tola, and early dirhams were struck of 3.0615 grams of silver and 200 dirhams equals to approx. 52.5 Tola.

Gold
7.5 Tola (7.5 * 11.6638038) = 87.47 grams (87.47 / 28.3495231) = 3.08 Oz
87.47 * 3,884/- = Rs. 339,734/- (as of April 18, 2016)
Silver
52.5 Tola (52.5 * 11.6638038) = 612.35 grams (612.35 / 28.3495231) = 21.60 Oz
612.35 * 57/- = Rs. 34,904/- (as of April 18, 2016)
Cash
equivalent to gold or silver whichever is less


Notes
1 Oz = 28.3495231 grams
1 Tola = 11.6638038 grams


Tuesday, January 05, 2016

Monuments on Currency Notes - Rupees 100

6th Series banknote, issued on July 12th, 1976 with no tagline. 7th Series banknote, issued on January 20th, 1982 with tagline "Rizq-e-Halal Ain Ibadat Hai". 8th Series banknote, issued on February 8th, 1984 with tagline "Hasool-e-Rizq Halal Ibadat Hai".


Monday, January 04, 2016

Monuments on Currency Notes - Rupees 50

6th Series banknote, issued on December 29th, 1977 with no tagline. 7th Series banknote, issued on January 20th, 1982 with tagline "Rizq-e-Halal Ain Ibadat Hai". 8th Series banknote, issued on February 8th, 1984 with tagline "Hasool-e-Rizq Halal Ibadat Hai".


Saturday, January 02, 2016

Monuments on Currency Notes - Rupees 10

6th Series banknote, issued on July 12th, 1976 with no tagline. 7th Series banknote, issued on January 20th, 1982 with tagline "Rizq-e-Halal Ain Ibadat Hai". 8th Series banknote, issued on February 8th, 1984 with tagline "Hasool-e-Rizq Halal Ibadat Hai".


Friday, January 01, 2016

Monuments on Currency Notes - Rupees 5

6th Series banknote, issued on July 12th, 1976 with no tagline. 7th Series banknote, issued on January 20th, 1982 with tagline "Rizq-e-Halal Ain Ibadat Hai". 8th Series banknote, issued on February 8th, 1984 with tagline "Hasool-e-Rizq Halal Ibadat Hai".