The Islamic State announced Thursday that it will mint its own currency launching an official Islamic State Financial System. The Treasury Department announced that it will mint silver, gold and copper coins.

Launching an independent financial system would free the Islamic state from the standard monetary system.

A statement from the Site Intelligence Group in translation read that having their own system will free the Islamic state from a "tyrannical monetary system that was imposed on the Muslims and was a reason for their enslavement and impoverishment, and the wasting fortunes of the Ummah, the community of Muslims worldwide, making it easy prey in the hands of the Jews and Crusaders."

There will be six different coin denominations of ISIS' currency. According to a statement on a jihadi forum, the dinar or dirham coin will help buy supplies for the reported expanding caliphate.

Abu Bakr al-Baghdadi, the Islamic State's leader, recently issued an audio recording claiming the caliphate had spread to Yemen, Morocco, Tunisia, Algeria and Egypt's Sinai Peninsula. 

The statement did not mention how the currency would convert in other countries.

According to the U.S. Treasury Department, the militant group is among the "best-funded" terror organizations where a large portion of its income comes from selling oil from seized oil fields.

Those living in ISIS-controlled territory currently use the Iraqi dinar or the Syrian pound. For trade purposes they use the U.S. dollar.

ISIS Treasury Department said it would organize everything such as minting, obtaining the money, its value and the relationship between its different categories.

Numerous images of what the coins will look like were circulated through social media.

The ISIS Shura Council in theory has the final say on the group's major decision, according to IBTimes. Among the 9 to 11 members of the council is the head of ISIS Finance Council Muafaq Mohammed al-Karmoush.