In Gaza, where the economy is struggling and the currency is unstable, many people prefer to save their money in gold. However, gold is expensive and not everyone can afford to buy it. That’s why a Gaza dentist has come up with a novel idea: making gold coins in small weights that are affordable to the low-income residents.
Ahmed Hamdan, the dentist who developed the coins, said he wanted to make gold available to everyone, regardless of their income level. He said he was inspired by the community’s need to own gold amid the difficult living conditions they live in.
The coins are made of 21-carat gold and bear the image of the Dome of the Rock shrine in Jerusalem on one side, with the word Palestine underneath. They range in weight from half a gram to 10 grams, and cost between $35 and $700, depending on the market price of gold.’
Not a currency, but a way of saving
The gold coins are not legal tender and cannot be used as a medium of exchange. They are only meant to be a way of saving and preserving wealth. Osama Nofal, the head of policy at Gaza Economy Ministry, said the coins were licensed and stamped by the ministry, but they were not a future currency.
He said the coins were no more than a way of saving, and that people should not interpret them as if they were a national currency. He added that Gaza has no currency of its own and uses the euro, US dollar, Israeli shekel, and Jordanian dinar in their daily lives.
Nofal also said that the ministry was working on developing a digital currency for Gaza, which would be based on blockchain technology and would be compatible with international standards.
A safer haven than other currencies
Many people in Gaza have welcomed the idea of buying gold coins as a form of saving. They see gold as a safer haven than other currencies, which are subject to fluctuations and devaluation.
Adel Al-Rafati, a public servant, said he bought 3.5 grams of gold coins over the past three months and was happy with his investment. He said he could not buy heavy grams, but these tiny grams were easier to get. He said he felt more secure with gold than with other currencies.
Gold is widely used as a store of value and a hedge against inflation in many parts of the Middle East. It is also seen as a symbol of status and prestige. However, buying gold in large quantities can be risky and cumbersome, especially in places like Gaza, where there are restrictions on movement and trade.
Hamdan said he hoped his gold coins would help people save their money in a convenient and accessible way. He said he planned to expand his business and produce more coins in different designs and sizes.
