Canada planning $1 million gold coin the size of a pizza
Michigan
Posts: 4,942 ✭
You'd need mighty deep pockets to jingle the new coins planned by the Royal Canadian Mint: Canada's official money-maker wants to stamp out a $1-million coin.
Coin experts say it would likely be made of gold, be the size of a pizza and be extremely heavy. Some numismatists wonder if it would be a good idea.
The federal cabinet passed an order earlier this month at the recommendation of the transport minister allowing the mint to stamp out the non-circulation coins.
The editor of Canadian Coin News, Bret Evans, said if it goes forward it would be the first of its kind in the world, the mint's attempt to create a record-breaking coin.
"The coin becomes an event," Evans said. "It's purely being done to get attention. To throw something on the market, to make a statement which is, 'Here we are.'"
There's no word on how many coins the mint is looking at stamping out. Mint officials acknowledge they have permission to make a $1-million coin, but will not comment beyond that.
Coin experts are talking, though, and among those questioning the project is Regina dealer George Manz, who wonders who would buy the mint's mega-loonie.
"The people that I know, if they're going to go and spend $1 million on a coin, they want something that is extremely rare," he said.
On the other hand, Evans notes that the last time such a special coin was made — €100,000 from Austria — all 15 sold out in less than a month.
The $1-million loonie, he figures, would weigh around 100 kilograms — about the weight of a typical hockey player.
Coin experts say it would likely be made of gold, be the size of a pizza and be extremely heavy. Some numismatists wonder if it would be a good idea.
The federal cabinet passed an order earlier this month at the recommendation of the transport minister allowing the mint to stamp out the non-circulation coins.
The editor of Canadian Coin News, Bret Evans, said if it goes forward it would be the first of its kind in the world, the mint's attempt to create a record-breaking coin.
"The coin becomes an event," Evans said. "It's purely being done to get attention. To throw something on the market, to make a statement which is, 'Here we are.'"
There's no word on how many coins the mint is looking at stamping out. Mint officials acknowledge they have permission to make a $1-million coin, but will not comment beyond that.
Coin experts are talking, though, and among those questioning the project is Regina dealer George Manz, who wonders who would buy the mint's mega-loonie.
"The people that I know, if they're going to go and spend $1 million on a coin, they want something that is extremely rare," he said.
On the other hand, Evans notes that the last time such a special coin was made — €100,000 from Austria — all 15 sold out in less than a month.
The $1-million loonie, he figures, would weigh around 100 kilograms — about the weight of a typical hockey player.
0
Comments
On the other hand, since it's the size of a pizza, I guess you could always sell it in delicious segments.
Obscurum per obscurius
<< <i>How would that compare to the Austrian Vienna Philharmonic thing? >>
Much bigger I believe.
<< <i>Sounds to me like it is more of a bullion issue than a numismatic coin, so the purchase would likely be made for those who like holding large quantities of gold... on that note, it's still an unwieldly size to hold. >>
Not only that, but you presumably have to liquidate all of it at once. You can't just sell off a small amount of it every so often for income, for example.
<< <i>Not only that, but you presumably have to liquidate all of it at once. You can't just sell off a small amount of it every so often for income, for example. >>
Exactly, most bullion holders would probably rather hold 1,000 pieces in value of $1,000, so they could manage its distribution when they sell AND you wouldn't have to find another person in search of a million dollars of gold all at once.
Think about a jigsaw designed coin and all the collectors wanting to get the key piece, pretty cool.
<< <i>
<< <i>Not only that, but you presumably have to liquidate all of it at once. You can't just sell off a small amount of it every so often for income, for example. >>
Exactly, most bullion holders would probably rather hold 1,000 pieces in value of $1,000, so they could manage its distribution when they sell AND you wouldn't have to find another person in search of a million dollars of gold all at once. >>
Yes, It would be difficult to sell off a slice of that pie.....
Unless it was made to break apart.. Like a piece of eight.... Then we might see various portions adn combinations being sold.... Opens up all sorts of variations and marketing options.... LOL!!!!!
He must be mistaken. 100 kilos of pure gold are worth ~2 million USD (~$20 per gram).
myEbay
DPOTD 3
It will not be long until we see "Marshall Islands planning $1 million silver coin the size of a pizza delivery van"