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707-708 AD dinar of Umayyad caliph al Walid. He didn't know it, but soon his deputies in North Africa would be on the warpath to Iberia. Struck in Damascus, Syria. This is the lease commonly certified date of al Walid's reign (so far, at NGC), with six examples and none higher than this coin. There is another MS-65 and then two MS-63 coins, with another two in lower grades.
In 711, a few years after this coin, the local governor and a general from North Africa would make exploratory raids that turned into a conquest across the Straits of Gibralter. Spain was overrun by Muslim armies and the Visigoths displaced. Then, al Walid pretended he was upset about this and recalled the conquerors to Damascus where they were punished. Al Walid and the Ummayids still kept Spain, of course.
This is the second caliph to issue these gold dinars, which were started by his predecessor Abd al Malik, starting in year 76 AH (695-696 AD). These coins are dated, and so they can be placed in history with precision. An example from the first year of issue (76 AH) sold recently at a Morton & Eden auction for $4 million.
These coins were "innovated" in order to compete with the circulating solidii of the Byzantine Empire, which, for the first time ever under Emperor Justinian II, featured a portrait of Jesus. Before this, Islamic coins had mimicked circulating solidii except they left the cross uncrossed.
As part of his policy to unify the various regions under Islamic rule, Abd al-Malik ibn Marwan (685-705CE) introduced the first Umayyad gold coins at a time of discord between the Umayyads and Byzantines over the merits of Islam and Christianity. The early coins were struck either in 691 or 692; the Byzantine emperor was angry and refused to accept the new Arab gold currency, renewing the war between the Arabs and the Byzantines.
Ibn al-Athir (a medieval Arab historian) recounts the first striking of Post-Reform Islamic coinage as follows:
"In this year 'Abd al-Malik b. Marwan Struck Dinars and Dirhams and he was the first to innovate them in an Islamic manner and that benefited people. The reason for this innovation was that he ['Abd al-Malik] ordered that paper shipments to the Romans be stamped with [a Koranic Aya] "qul huwa Allahu Ahad" and that mention the Prophet PBUH be made with the date.
That displeased the Roman King [Emperor Justinian II] who wrote back: "You have made certain innovations which if you don't rescind, you will find our Dinars struck with a mention of your prophet that will displease you." That was a threat that 'Abd al-Malik would not accept. He sent for Khalid bin Yazid bin Muawiyah to consult him. Khalid's council was: "Forbid their Dinars and strike a new coinage which mentions Allah". And thus the Dinars and [silver] Dirhams were struck.
It was also said that Mis'ab bin Zubayr struck a few Islamic coins during the reign of his brother 'Abd Allah bin Zubayr and that these were taken out of circulation during the reign of 'Abd al-Malik, but the truth is that 'Abd al-Malik was the first to strike Islamic coins."