Zakaat on graded Mandela coins
Question
I have a few graded Mandela R5 coins (year 2000 and 2008) that I have acquired. They are legal tender, but because of their demand and rarity, I bought them for a few thousand rands. I purchased them with an investment intention. How do I pay zakaat on them? The coins have no gold or silver in them.
Answer
If the Mandela coin is exclusively a collector’s item, and it was purchased with the intention of resale, Zakaat will be paid on its current value in the collectors market.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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