Monday, December 12, 2016
Wednesday, November 30, 2016
Wednesday, November 16, 2016
Sunday, November 06, 2016
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
|
|
G
|
|
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
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
Sunday, April 17, 2016
Tuesday, January 26, 2016
Friday, January 22, 2016
Thursday, January 21, 2016
Tuesday, January 19, 2016
Saturday, January 16, 2016
Thursday, January 14, 2016
Tuesday, January 12, 2016
Monday, January 11, 2016
Sunday, January 10, 2016
Saturday, January 09, 2016
Thursday, January 07, 2016
Wednesday, January 06, 2016
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".
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