Get more Mail & Guardian
Subscribe or Login

Got change for a million?

Got change for a million? Canada does: the world’s biggest pure gold coin at 100kg.

Already, three buyers have shelled out for one of the one-million Canadian dollar coins introduced last week.

The Royal Canadian mint made the coins — 50cm in diameter and 3cm thick — mostly to seize the bragging rights from Austria, which had the record with a 31,75kg, 38cm wide â,¬100 000 coin.

”They’re not doing this because there is huge demand for 100kg gold coins,” Bret Evans, editor of Canadian Coin News said on Saturday. ”They’re doing it because it gives them some bragging rights in having the largest purest gold coin in the world.”

”They’ll kick the Austrians out of the Guinness World Book of Records,” he said.

Listed as 99,999% pure gold bullion, the coin features Queen Elizabeth II on one side and Canada’s national symbol — the maple leaf — on the other.

It takes about six weeks to make and has a face value of one-million Canadian dollars ($903 628), though it sells for approximately $2,7-million depending on the market value of gold.

The coins will give the mint a higher international profile.

”We wanted to raise the bar so that we could say the government of Canada, or the Royal Canadian Mint, produced the purest gold coins in the world,” said David Madge, the mint’s director of bullion and refinery services.

Evans said the Canadian mint recently lost some market share as mints in Australia, Austria, China and the United States pushed their own high-quality gold coins.

What does one do with a 100kg gold coin? Evans said bullion dealers use it as a promotional tool. A Japanese dealer, he said, puts one of the Austrian coins in public venues to draw people’s attention.

”And while they’re looking at that, they are being exposed to the idea of buying one ounce or half-ounce gold coins,” he said. – Sapa-AP

Subscribe for R500/year

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and get a 57% discount in your first year.

Related stories

WELCOME TO YOUR M&G

If you’re reading this, you clearly have great taste

If you haven’t already, you can subscribe to the Mail & Guardian for less than the cost of a cup of coffee a week, and get more great reads.

Already a subscriber? Sign in here

Advertising

Subscribers only

Capitec Bank flies high above Viceroy’s arrow

The bank took a knock after being labelled a loan shark by the short seller, but this has not stymied its growth

Zondo may miss chief justice cut

The deputy chief justice is said to top Ramaphosa’s list but his position as head of the state capture commission is seen as too politically fraught

More top stories

Council wants Hawks, SIU probe into BAT’s Zimbabwe scandal

The cigarette maker has been accused of giving up to $500 000 in bribes and spying on competitors

How Alpha Condé overthrew Alpha Condé

Since the coup d’état, Guinea’s head of state has been in the custody of the military officers. But it was the president who was the primary architect of his own downfall

‘The Making of Mount Edgecombe’: A view of history from...

Indian indentured labourers’ lives are celebrated in a new book, Sugar Mill Barracks: The Making of Mount Edgecombe

Case of men arrested with 19 rhino horns is postponed

Alleged rhino kingpin and a Mpumalanga businessman appeared in court on charges of the illegal possession and selling of rhino horns
Advertising

press releases

Loading latest Press Releases…
×