Question:
If someone has a rare coin, is he allowed to sell at a higher price?
The Fatwa
In the Name of Allah, the Most Gracious, the Most Merciful
The Answer
It is permissible to exchange collectible coins or notes for more than their face value on condition that they are not treated as money and are not legal tender.
The Fiqh of the Answer
‘Allāmah Ibn Nujaym Al Miṣrī (d.970 AH), Imam al-Haskafi (d.1088 AH) , Ibn Abidin (d.1252 AH) and Shaykhi Zada (d.1078 AH) have all discussed that Fulūs (medieval copper coins) that are not legal tender, no longer hold the status of a being a default medium of exchange and currency (thaman), rather they become ordinary commodities (sil’ah).
Fiat currencies are in the ruling of Fulūs according to the contemporary Hanafi jurists. Historically, Fals (single unit of copper money) used to be a locally restricted currency for small transactions. Fiat currencies share a feature of Fulūs in that they are not weighed nor measured in volume but counted. Gold and silver money were weighed; their intrinsic value and extrinsic value were in sync; their weights reflected their face value. However, Fulūs were different; the intrinsic worth of the metal in Fulūs did not reflect the external face value. That is exactly how fiat currencies operate; their external face value of say £50 does not reflect the value of the materials used in the notes or coins. Additionally, fiat currencies bear much resemblance with Fulūs as both relied on government decree to attain moneyness and operate as a medium of exchange. It is for such reasons that Fiat currencies are deemed in the ruling of Fulūs in Fiqh matters.
According to principles of Fiqh al-Mu’amalāt (transactions), if a coin or note has become a collector’s item, is out of circulation and is not recognised as legal tender, then one is permitted to trade such coins for more than their face value. This is because the item’s value is no longer tied to its denomination that was declared by the authorities and government, but rather to supply and demand. When such a collectible coin loses its moneyness, then it is no longer susceptible to Riba.
For completeness to the discussion, if an individual has an acceptable reason to pursue a particular coin or note that is recognised as legal tender, is currency but also a collectible and falls under memorabilia coins, they may do so by exchanging the coin or note for another currency at a mutually agreed upon rate, as long as the transaction is settled immediately with no deferral. If, however, the settlement from one side is delayed, then the contemporary jurists like Muftī Muhammad Taqī ‘Uthmānī (hafiẓahullāh) in his book, Fiqh al-Buyū’, state that the exchange must be priced at the current market rate. This is because such deferred transactions can be orchestrated as a stratagem (Hīla) for Riba-based financing.
When engaging in trade, it is crucial to exercise extreme caution as the warnings against Ribā are severe. The Qur’an and the Sunnah state:
Almighty Allah states:
“O you who believe! Remain conscious of Allah, and give up all outstanding gains from usury, if you are [truly] believers; for if you do it not, then know that you are at war with Allah and His Messenger. But if you repent, then you shall be entitled to [the return of] your principal. You will do no wrong, and neither will you be wronged.” [Surat Al-Baqarah, 278-279]
The Prophet Muhammad (Ṣalallāhu ‘Alayhi Wasallam) is also reported to have said:
“Cursed is the one who takes interest, and the one who pays it, the one who records it, and the two who (accept to be the) witnesses for signing it.” [Muslim]
And Almighty Allah Alone Knows Best
Maulana Ammar Y Badat
Trainee Mufti
Reviewed and approved by
Mufti Faraz Adam
Darul Iftaa Muadh ibn Jabal
www.fatwa-centre.com | www.darulfiqh.com
DISCLAIMER:
The views and opinions expressed in this answer belong only to the author and do not in any way represent or reflect the views of any institutions to which he may be affiliated.
Arguments and ideas propounded in this answer are based on the juristic interpretations and reasoning of the author. Given that contemporary issues and interpretations of contemporary issues are subjective in nature, another Mufti may reach different conclusions to the one expressed by the author. Whilst every effort has been taken to ensure total accuracy and soundness from a Shari’ah perspective, the author is open to any correction or juristic guidance. On the event of any juristic shortcomings, the author will retract any or all of the conclusions expressed within this answer.
The Shari’ah ruling given herein is based specifically on the scenario in question. The author bears no responsibility towards any party that acts or does not act on this answer and is exempted from any and all forms of loss or damage. This answer may not be used as evidence in any court of law without prior written consent from the author. Consideration is only given and is restricted to the specific links provided, the author does not endorse nor approve of any other content the website may contain.
وَإِنْ اشْتَرَى خَاتَمَ فِضَّةٍ أَوْ خَاتَمَ ذَهَبٍ فِيهِ فَصٌّ، أَوْ لَيْسَ فِيهِ فَصٌّ بِكَذَا فَلْسًا، وَلَيْسَتْ الْفُلُوسُ عِنْدَهُ فَهُوَ جَائِزٌ إنْ تَقَابَضَا قَبْلَ التَّفَرُّقِ أَوْ لَمْ يَتَقَابَضَا؛ لِأَنَّ هَذَا بَيْعٌ، وَلَيْسَ بِصَرْفٍ فَإِنَّمَا افْتَرَقَا عَنْ عَيْنٍ بِدَيْنٍ؛ لِأَنَّ الْخَاتَمَ يَتَعَيَّنُ بِالتَّعَيُّنِ بِخِلَافِ مَا سَبَقَ فَإِنَّ الدَّرَاهِمَ وَالدَّنَانِيرَ لَا تَتَعَيَّنُ بِالتَّعْيِينِ؛ فَلِهَذَا شُرِطَ هُنَاكَ قَبْضُ أَحَدِ الْبَدَلَيْنِ فِي الْمَجْلِسِ، وَلَمْ يُشْتَرَطْ هُنَا، وَكَذَلِكَ مَا اشْتَرَى مِنْ الْعُرُوضِ بِالْفُلُوسِ لَوْ اشْتَرَى بِهَا فَاكِهَةً أَوْ لَحْمًا أَوْ غَيْرَ ذَلِكَ بَعْدَ أَنْ يَكُونَ الْمَبِيعُ بِعَيْنِهِ؛ لِأَنَّ الْفُلُوسَ ثَمَنٌ كَالدَّرَاهِمِ. (المبسوط للسرخسي)
ظَهَرَ أَنَّ الْأَمْوَالَ ثَلَاثَةٌ ثَمَنٌ بِكُلِّ حَالٍ وَهُوَ النَّقْدَانِ صَحِبَهُ الْبَاءُ أَوْ لَا قُوبِلَ بِجِنْسِهِ أَوْ لَا وَمَبِيعٌ بِكُلِّ حَالٍ كَالثِّيَابِ وَالدَّوَابِّ وَثَمَنٌ مِنْ وَجْهٍ مَبِيعٌ مِنْ وَجْهٍ كَالْمِثْلِيَّاتِ غَيْرِ النَّقْدَيْنِ مِنْ الْمَكِيلِ وَالْمَوْزُونِ فَإِنْ كَانَ مُعَيَّنًا فِي الْعَقْدِ كَانَ مَبِيعًا وَإِلَّا وَصَحِبَهُ الْبَاءُ وَقُوبِلَ بِمَبِيعٍ فَهُوَ ثَمَنٌ وَثَمَنٌ بِاصْطِلَاحٍ وَهُوَ سِلْعَةٌ فِي الْأَصْلِ كَالْفُلُوسِ فَإِنْ كَانَتْ رَائِجَةً فَهِيَ ثَمَنٌ وَإِلَّا فَسِلْعَةٌ وَمِنْ حُكْمِ الثَّمَنِ عَدَمُ اشْتِرَاطِ وُجُودِهِ فِي مِلْكِ الْعَاقِدِ عِنْدَ الْعَقْدِ وَلَا يَبْطُلُ بِهَلَاكِهِ وَيَصِحُّ الِاسْتِبْدَالُ بِهِ فِي غَيْرِ الصَّرْفِ وَالسَّلَمِ وَحُكْمُ الْمَبِيعِ خِلَافُهُ فِي الْكُلِّ وَمِنْ حُكْمِهَا وُجُوبُ التَّسَاوِي عِنْدَ الْمُقَابَلَةِ بِالْجِنْسِ فِي الْمُقَدَّرَاتِ إلَى آخِرِ مَا قَدَّمْنَاهُ فِي بَابِ الرِّبَا، وَاَللَّهُ سُبْحَانَهُ تَعَالَى أَعْلَمُ بِالصَّوَابِ. (البحر الرائق)
وَبَيْعُ فَلْسٍ بِغَيْرِ عَيْنِهِ بِفَلْسَيْنِ بِأَعْيَانِهِمَا …. فَجَوَّزَهُ أَبُو حَنِيفَةَ وَأَبُو يُوسُفَ رَحِمَهُمَا اللَّهُ. وَقَالَ مُحَمَّدٌ – رَحِمَهُ اللَّهُ -: لَا يَجُوزُ؛ لِأَنَّ الثَّمَنِيَّةَ فِي الْفَلْسِ تَثْبُتُ بِاصْطِلَاحِ الْكُلِّ، وَمَا يَثْبُتُ بِاصْطِلَاحِ الْكُلِّ لَا يَبْطُلُ بِاصْطِلَاحِهِمَا لِعَدَمِ وِلَايَتِهِمَا عَلَى غَيْرِهِمَا فَبَقِيَتْ أَثْمَانًا وَهِيَ لَا تَتَعَيَّنُ بِالِاتِّفَاقِ، فَلَا فَرْقَ بَيْنَهُ وَبَيْنَ مَا إذَا كَانَا بِغَيْرِ أَعْيَانِهِمَا وَصَارَ كَبَيْعِ الدِّرْهَمِ بِالدِّرْهَمَيْنِ. وَبِهَذَا يَتَبَيَّنُ أَنَّ الْفُلُوسَ الرَّائِجَةَ مَا دَامَتْ رَائِجَةً لَا تَتَعَيَّنُ بِالتَّعْيِينِ حَتَّى لَوْ قُوبِلَتْ بِخِلَافِ جِنْسِهَا (العناية شرح الهداية)
أما على الموقف الثالث الذي رجحته ورجحه كثير من علماء شبه القارة الهندية، والذي ذكرت أدلته فيما سبق على مذهب الإمام محمد رحمه الله تعالى، فإنه يجوز شراء خلي الذهب والفضة بالنقود الورقية نسيئة، بشرط أن يكون بسعر يوم العقد، ولا يُشترط فيه التقابض، بل لا يُشترط قبض الخلي الحقيقي، وإنما يكفى تعيين الحلي، لأن النقود الورقية في حكم الفلوس في أحكام الصرف فقط، وشراء الحلي بالفلوس لا يُشترط فيه التقابض عند الحنفية، بل يكفى تعيين الخلي. (فقه البيوع للعثماني حفظه الله)
لَكِنْ فِي الفَتْحِ جَوابٌ فَحاصِلُهُ لا فَرْقَ بَيْنَ كَسادِ المَغْشُوشَةِ وكَسادِ الفُلُوسِ، إذْ كُلٌّ مِنهُما سِلْعَةٌ بِحَسَبِ الأصْلِ ثَمَنٌ بِالِاصْطِلاحِ، فَإنَّ غالِبَةَ الغِشِّ الحُكْمُ فِيها لِلْغالِبِ وهُوَ النُّحاسُ مَثَلًا فَلَوْ لَمْ يَنُصَّ عَلى الخِلافِ فِي الفُلُوسِ وجَبَ الحُكْمُ بِهِ. (مجمع الأنهر)
وأمّا الفُلُوسُ فَإنْ رائِجَةً فَكَثَمَنٍ وإلّا فَكَسِلَعٍ (الدر المختار)
(قَوْلُهُ: وأمّا الفُلُوسُ الرّائِجَةُ) يُسْتَفادُ مِن البَحْرِ أنَّها قِسْمٌ رابِعٌ حَيْثُ قالَ: وثَمَنٌ بِالِاصْطِلاحِ، وهُوَ سِلْعَةٌ فِي الأصْلِ كالفُلُوسِ، فَإنْ كانَتْ رائِجَةً فَهِيَ ثَمَنٌ وإلّا فَسِلْعَةٌ اهـ ط. (حاشية ابن عابدين)