Talk about extremes. A couple of weeks or so ago I was talking about the dear little penny. Well, about as far away from that as you can get is the million dollar coin. Yep, turns out the Royal Canadian Mint made five of these gigantic coins in May 2007. And the reason this is in the news again is because one of the five is up for sale again. “The coin had been on loan to the Kunsthistorisches Museum in Vienna, but will be auctioned off June 25, 2010” by the Dorotheum auction house. The auction house told Canwest News Service that the current owner of the coin, an Austrian financial services and real estate company was now insolvent and forced to sell the coin.
In the Guinness Book of Records as the largest coin in the world, it weighs 100 kilograms (220 lbs), is 53cm (almost 21 inches) in diameter, and also has the largest official portrait of Queen Elizabeth II that’s in solid gold. But in a release a week ago by the Vienna-based auction house, “the most remarkable thing about this impressive coin, which cannot even be lifted by two men, is that it is made exclusively of the purest, finest and most refined gold: 999.99/1000 gold.”
This means the $1 million face value of this massive coin is actually way below it’s actual worth in terms of gold content. Forget picking the thing up at auction for face value. In fact, the starting bid will be based on the daily gold rate, currently making it worth a staggering $4 million. We are talking about 3,215 troy ounces of gold after all.
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Forget a penny for your thoughts. Why not go large scale? This one coin alone could cover the thoughts of 100,000,000 people. Or four times that if we’re talking market rates…
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