MILLION-DOLLAR GOLD COIN
Jul 31st, 2007 by capitaladmin
There have been at least a few takers for the massive new Royal Canadian Mint
gold coin: “The Royal Canadian Mint has sold five of its $1-million gold collector coins, and at least four of them are headed where the money is – to the West Coast.
‘But as the mint and the dealers disclosed, a million bucks is just the face value of the 100-kilogram, 99.999-per-cent-pure gold coins. “The mint sold them for at least $2.3 million apiece based on market values…
“But J & M Jewellery Ltd. of Vancouver confirmed it did purchase one – after paying the mint $175,000 down – but has already sold it to a wealthy buyer who remains anonymous.
“An official with A-Mark Precious Metals Inc. of Santa Monica, Calif., confirmed his firm bought three of the coins, but he would not discuss their fate.”
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The Royal Canadian Mint unveiled the world’s first 100-kilogram (220.5-pound) pure gold bullion coin Thursday, worth one million Canadian dollars (850,000 US), breaking a record for value.
But the loonie, a sobriquet given to Canadian one-dollar coins, will not go into circulation, mint spokeswoman Alex Reeves told AFP.
“It’s a new denomination for us and required an amendment to the Canadian currency act,” he said, adding that three of the coins were produced only after interested buyers came forward.
It is 21 inches (53 centimeters) in diameter and 1.2 inches (three centimeters) thick.
Like all Canadian coins, it features on one side a likeness of Britain’s Queen Elizabeth II, also Canada’s head of state, by celebrated Canadian portrait artist Susanna Blunt.
The other side bears an elegant maple leaf designed by Mint artist and senior engraver Stan Witten.
Transport Minister Lawrence Cannon, who is also responsible for the Mint, said in a statement the coin “takes Canada’s reputation in the gold bullion industry to an unprecedented level.”
Starting in two weeks, one of the coins will tour Canada and the United States, with tours under consideration in Europe and Asia.
Reeves said each coin takes up to eight weeks to craft by hand. As such, more of them would only be minted on demand for collectors and niche investors.
The last time such a special coin was minted, in Austria, all 15 — worth 100,000 euro (130,000 US) each — sold out in less than a month.
