Zakaat Question - Are decomissioned foreign currency coins zakatable?

Everyday Islamic Finance Personal and Family Finance
#1

I have a silver coin collection of old decommissioned European currencies that are no longer used.

The collective weight of these silver coins amount to 530 grams. Do I have to pay zakat on these ? If so would I have to multiply 530 grams by price of silver per gram and then take 2.5% of that ?

Looking forward to hearing back from you.

Kind Regards,

Kariem Elimy

#2

Wasalam

May Allah bless you.

Silver in itself is zakatable, for that reason you will have to pay zakat on the value of the silver. The calculation method you’ve mentioned is correct i.e. 530grams times the current market price of the silver. You will pay 2.5% zakat on the total.

And Allah knows best!