Chapter on Zakat of Gold

Muhammad ibn Ali ibn Mahbub from Muhammad ibn Isa al-Ubaydi from Hammad ibn Isa from Hariz from Ali ibn Yaqtin from Abu Ibrahim عليه السلام, peace be upon him, who said: I said to Imam عليه السلام: “A large thing of value gathers with me, then it remains for about a year; should we give zakat on it?” Imam عليه السلام said: “No. Everything over which a full year has not passed while it is with you, there is no zakat upon you in it. And everything that is not ‘engraved’ money (rikaz), there is nothing upon you in it.” He (the narrator) said, “I asked: ‘And what is ‘engraved’ money (rikaz)?’” Imam عليه السلام said: “The stamped, non-speaking currency.” - meaning minted gold and silver coinage. Then Imam عليه السلام said: “When you want that, then smelt it down, for there is no zakat on ingots of gold and pieces of silver.”