to settle it with a greater amount of the same kind, unlike an increase given without prior stipulation.

On this basis, copper coins in circulation may have a mixed character, with an element outweighing their monetary character. Settling a debt denominated in either of the two precious-metal currencies with these coins is therefore like settling one of those currencies with the other: both operative grounds apply, in light of Ibn Umar’s hadith. It reckons them as two currencies for purposes of the ruling, while stopping short of extending it to monetary media generally. And Allah knows best.

He—may Allah have mercy on him—was asked:

“Copper coins are purchased for immediate payment at a specified price, then sold on deferred payment at a higher price. Is this permissible or not?”

He replied:

Praise be to Allah. There is a well-known disagreement among the scholars concerning this issue: when copper coins in circulation are exchanged for dirhams, must payment be immediate, or may it be deferred?

There are two well-known views, both held within the schools of Abū Hanīfa and Ahmad ibn Hanbal.

The first, which is Ahmad’s explicitly stated position, Mālik’s view, and one of the two reports from Abū Hanīfa, is that it is not permissible. Mālik said, “It is not, however, clearly forbidden.”

The second, which is the view of al-Shāfi'ī and of Abū Hanīfa according to the other report