The World Federation One Stop Fiqh

Ruling 1915

Zakat on gold and silver becomes obligatory in the event that the gold and silver is minted and used prevalently in transactions (muʿāmalāt) [as money]. If the stamped effects [on the gold or silver money] have been effaced but it is still used prevalently in transactions, then zakat  must be given on it. However, if it is no longer used prevalently, it is not liable for zakat even if the stamped effects remain on it. Therefore, at present, when gold and silver are not used in transactions as money, notes and coins that are not made of gold or silver, such as nickel coins, do not come under the rules of gold and silver and it is not obligatory to give zakat on them.