Is it permissible to pay Zakat in monetary value?

Scholars have differed on the permissibility of paying the value (money) for Zakat. The Hanafis, Al-Awza'i, and Al-Thawri permitted it absolutely. The Hanbalis and Malikis permitted it on condition that it be of the same type as currency. Some Malikis permitted it only for livestock Zakat, though with disfavor. The wisdom behind Zakat is to fulfill the needs of the poor, which is why scholars permitted deputizing (someone to pay it on one's behalf). The most preponderant opinion is the permissibility of paying the value if it is more beneficial for the poor than the in-kind (item itself). They based this on the action of Mu'adh ibn Jabal with the people of Yemen, and it is likely that the Prophet, peace and blessings be upon him, was aware of this and approved it.