Equalness required when trading the same currency or gold

Question:-

1. I wanted to find out the ruling with regard to selling currency coins/ notes.

Some people have R5 coins which look different from the normal R5 coin. They keep these coins in the hope of selling it in the future, for a profit, because of how rare they are. (For example: they will sell a R5 coin for R20)

Someone has told me that this is not permissible. This person told me that, if one wishes to sell the R5 coin at a higher price, then they should sell it for dollars, in which case the the transaction will be permissible.

Also, is there a difference in the ruling if the coins in question are no longer in circulation.

2. I have also heard that one cannot swop a gold item for another gold item except with equalness. For example, I have a gold bangle (which is 5g in weight) with a fancy design. I cannot swop or exchange it for another gold bangle of 10g which is not a fancy design, even if the person I am doing the deal with is fully knowledgeable of the the details, values etc.

Answer:-

We assume that the ‘R5’ coin that you are referring to is the ‘R5’ that is still in circulation and legal tender in South Africa. The only difference is that this ‘R5’ coin has been minted differently in that it probably has a different picture on the face of the coin, or some writing which other coins do not depict. Since the coin is still in circulation, it cannot be sold for more than its value if sold in lieu of South African Rands.

Yes, if it is sold in lieu of another currency such as the U.S. Dollar or British Pound etc. then it may be sold for more than its actual value, as long both parties agree upon the price.

If the coins are no longer in circulation and it is only worth the metal content (as in its not even accepted by the reserve bank), then there is no harm in selling the coin at any price which the two transactors may agree upon.

ويجوز بيع الفلس بالفلسين بأعيانهما عند أبي حنيفة وأبي يوسف – رحمهما الله -: وقال محمد – رَحِمَهُ اللَّهُ -: لا يجوز لأن الثمنية ثبت باصطلاح الكل فلا تبطل باصطلاحهما (الهداية ص85 ج3)

أَخْبَرَنَا مَعْمَرٌ، عَنْ حَمَّادٍ، عَنْ إِبْرَاهِيمَ، وَأَخْبَرَنَا الثَّوْرِيُّ، عَنْ مُغِيرَةَ، عَنْ إِبْرَاهِيمَ كَانَ لَا يَرَى بَأْسًا بِالثَّوْبِ، بِالثَّوْبَيْنِ نَسِيئَةً إِذَا اخْتَلَفَا، وَيَكْرَهُهُ مِنْ شَيْءٍ وَاحِدٍ ” قَالَ الثَّوْرِيُّ: عَنْ مُغِيرَةَ: «لَا بَأْسَ بِالنَّسْمَةِ بِالنَّسْمَتَيْنِ إِذَا اخْتَلَفَتَا (المصنف لعبد الرزاق ص35 ج8 رقم : 14197)

وَإِذَا عُدِمَ الْوَصْفَانِ الْجِنْسُ وَالْمَعْنَى الْمَضْمُومُ إلَيْهِ حَلَّ التَّفَاضُلُ وَالنَّسَاءُ لِعَدَمِ الْعِلَّةِ الْمُحَرِّمَةِ وَالْأَصْلُ فِيهِ الْإِبَاحَةُ  (العناية شرح الهداية ص10 ج7)

ایک ہی ملک کی کرنسی ہونے کی صورت میں ایک روپیہ کے پچاس پیسے کے دس سکے لینا جائز نہیں ، لیکن اگر ملکی کرنسی الگ الگ ہو مثلا پاکستانی روپیہ اور ہندوستانی سکہ یا ہندوستانی روپیہ اور  پاکستانی سکہ تو اب ایسی رضامندی سے کمی بیشی کی اجازت ہے ، اس لئے کہ ہر ملک کی کرنسی الگ الگ جنس کے درجہ میں ہے ۔ (کتاب النوازل ص۸۷ ْ- ۸۸ ج۱۱)

2. When trading gold for gold, or silver for silver, then the weight of the gold on both sides should be equal. The quality or design of the jewellery or gold will not be taken into consideration. If the weight (of the gold) on one side is more than the weight of the gold on the other side, then it will be considered as Riba, which is impermissible.

An easy way of overcoming the issue is as follows:

Person ‘A’ sells his gold to person ‘B’ for a stipulated or fixed amount of money. Person ‘B’ pays person ‘A’ for the gold using cash. Person ‘A’ then purchases the gold from person ‘B’ at a fixed price that both parties agree upon using cash. In this instance, the requirement of equalness on both sides will not be necessary as two transactions were enacted and concluded in cash.

ALLAH TA’ALA KNOWS BEST!

ANSWERED BY:

Mufti Mohammed Desai

Date: 09 Rabi-ul-Aakhir 1444 / 04 November 2022