The World Federation One Stop Fiqh

Ruling 1915

Zakat on gold and silver becomes obligatory in the event that it is minted and used prevalently in transactions (muʿāmalāt). And if the stamped effects have been effaced but it is still used prevalently in transactions, zakat on it must be paid. However, if it is no longer used prevalently, it is not liable for zakat even if its stamped effects remain.