This coin represents a defining point in Islamic history: when images of leaders on coins were replaced by text from the Qu'ran. The first coins issued by Caliph Abd al-Malik showed the figure of a ruler. This followed earlier traditions when pictorial images appeared on coins. He later removed the ruler's image and used only texts from the Qu'ran. Replacing images of rulers with Qu'ranic verses emphasised that the Islamic Empire was ruled by God and not by mortal men.
Who was Caliph Abd al-Malik?
The ninth caliph, Abd al-Malik issued this coin. As caliph he was both the religious and political leader of the early Islamic Empire. He consolidated a string of conquests, which included half of the early Christian world and the former Persian Empire. This new Islamic Empire became a model for Islamic states for over 1000 years. One of his many reforms was the creation of a successful Islamic coinage. He is arguably the most important early Muslim leader after the Prophet Muhammad.
Source: http://www.bbc.co.uk/ahistoryoftheworld/