R. Richard
Literotica Guru
- Joined
- Jul 24, 2003
- Posts
- 10,382
OK, here it is, a must have item for the well to do Literotica person. Not only is it a good amount of mad money, but carrying it around will keep you in shape. Comment?
Mint plans 100-kilogram gold coin worth $2 million
OTTAWA (CP) - You could never flip it, pop it into a vending machine or jangle it in your pocket.
The Royal Canadian Mint's newest coin will weigh 100 kilograms - that's 220 pounds, or nearly as much as a linebacker - and will be the size of a party pizza.
The non-circulating, pure gold coin will have a face value of $1 million, but at current bullion prices will be worth a staggering $2 million.
Rumours of the new coin, which would be the highest denomination in the world, have been circulating since early this month when cabinet approved the project in a short announcement.
But the mint had been keeping mum on details of its plans until Wednesday, when it posted a regulatory notice on a government website.
The coin, which has no name yet, will be sold as a limited time offer and will be made to order so there'll be no inventory to carry or to melt down if there's unsold stock.
No word yet on how many are expected to be struck, but the mint has already begun to make the die.
The website does note that the monster coin "will not impact the vending industry" and will not be noticeable to the general public.
Since 1979, the mint has pioneered high-purity Maple Leaf bullion coins, selling about 20 million ounces' worth around the world.
But it acknowledges that it has "lost some of its competitive edge," as mints in Australia, Austria, China and the United States push their own high-quality gold coins.
Austria, in particular, has had success with its 100,000-euro gold coin, worth about C$153,000, which will be trumped by the new Canadian offering. The Austrian coin is 37 centimetres across and weighs 31 kilograms.
The mint says the new coin will have a purity of 99.999 per cent gold. That extra nine makes it slightly purer than the 99.99 per cent gold coins offered by its competitors.
The project is partly a marketing ploy to give the mint a higher international profile.
"This coin would create market visibility and excitement .-.-. and would be used by the Royal Canadian Mint for advertising and promotional purposes at national and international events related to the bullion and investment industry," said the notice Wednesday.
"It's about bragging rights," said Bret Evans, editor of Canadian Coin News in St. Catharines, Ont. "It's about being able to boast about having the biggest, purest."
Evans said the coin will appeal mostly to gold bullion dealers, who would use it to promote their business of selling investment-grade gold coins to precious-metal speculators.
"It's going to sell, absolutely," Evans said. "If they make 12 to 15, they'll sell them, and they'll sell them fairly quickly."
He predicts the mint will offer the coins for about $2.25 million a piece, for a quick profit of $250,000 each - much better than the thin margins usually earned on bullion coins.
Mint spokesman Alex Reeves was quoted this month as saying that the new coin is "not something that's in the cards for 2007."
Evans said he never heard of any mint stamping a coin the size of a large pizza. "Not on any coin press that I've ever seen."
Mint plans 100-kilogram gold coin worth $2 million
OTTAWA (CP) - You could never flip it, pop it into a vending machine or jangle it in your pocket.
The Royal Canadian Mint's newest coin will weigh 100 kilograms - that's 220 pounds, or nearly as much as a linebacker - and will be the size of a party pizza.
The non-circulating, pure gold coin will have a face value of $1 million, but at current bullion prices will be worth a staggering $2 million.
Rumours of the new coin, which would be the highest denomination in the world, have been circulating since early this month when cabinet approved the project in a short announcement.
But the mint had been keeping mum on details of its plans until Wednesday, when it posted a regulatory notice on a government website.
The coin, which has no name yet, will be sold as a limited time offer and will be made to order so there'll be no inventory to carry or to melt down if there's unsold stock.
No word yet on how many are expected to be struck, but the mint has already begun to make the die.
The website does note that the monster coin "will not impact the vending industry" and will not be noticeable to the general public.
Since 1979, the mint has pioneered high-purity Maple Leaf bullion coins, selling about 20 million ounces' worth around the world.
But it acknowledges that it has "lost some of its competitive edge," as mints in Australia, Austria, China and the United States push their own high-quality gold coins.
Austria, in particular, has had success with its 100,000-euro gold coin, worth about C$153,000, which will be trumped by the new Canadian offering. The Austrian coin is 37 centimetres across and weighs 31 kilograms.
The mint says the new coin will have a purity of 99.999 per cent gold. That extra nine makes it slightly purer than the 99.99 per cent gold coins offered by its competitors.
The project is partly a marketing ploy to give the mint a higher international profile.
"This coin would create market visibility and excitement .-.-. and would be used by the Royal Canadian Mint for advertising and promotional purposes at national and international events related to the bullion and investment industry," said the notice Wednesday.
"It's about bragging rights," said Bret Evans, editor of Canadian Coin News in St. Catharines, Ont. "It's about being able to boast about having the biggest, purest."
Evans said the coin will appeal mostly to gold bullion dealers, who would use it to promote their business of selling investment-grade gold coins to precious-metal speculators.
"It's going to sell, absolutely," Evans said. "If they make 12 to 15, they'll sell them, and they'll sell them fairly quickly."
He predicts the mint will offer the coins for about $2.25 million a piece, for a quick profit of $250,000 each - much better than the thin margins usually earned on bullion coins.
Mint spokesman Alex Reeves was quoted this month as saying that the new coin is "not something that's in the cards for 2007."
Evans said he never heard of any mint stamping a coin the size of a large pizza. "Not on any coin press that I've ever seen."
