Million dollar coin???

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Could this be true.

http://www.cbc.ca/canada/manitoba/story/2007/02/07/coin.html

Unless I did my math. incorrectly, this coin will contain over 1700 troy ounces of gold..
It is so dorky, it must be true.

Rick

the bottom of the article says it would weigh 100 kilos that 220 pounds of gold who could lift it you would need a forklift lol

I Don't know what they have in mind!  :-?

It might just be a 1-off coin that will go in a museum or something. Then eventually it will wind up in some Ultra-Rich person's collection in Dubai.

The Logistics of the coin is mind boggling....  

A coin the size of a pizza?  :-?  Well, the good thing here is 1 million bucks wouldn't be reduced to the status of "pocket change" (unless you're Bill Gates, of course).

Why don't they make the coin out of platinum instead?  Then it would weigh "only" about 55 kg. and about the size of a loaf of pita bread.  And I think the reverse of the coin should have an image of the Barenaked Ladies on it...  

Could you imagine the nightmares of recalibrating all the vending machines for this new coin.

Tom

 [smiley=2vrolijk_08.gif]

imagine the float you would have to keep

Well, they've gone and done it!  See our $1,000,000 gold coin at the link below.  Wonder how much the RCM will charge for delivery? 

http://www.citynews.ca/news/news_10630.aspx

I guess it only makes sense that the only collectable coin the RCM puts out will be bought by Americans since its worth more than what the mint is selling it for.
To bad all of their products don't turn out that way.
Anyone one to go in on one.  If we turn it around before gold prices drop we can all by more notes from Hudson

FRIEDSQUID

I saw it on the news. Nice looking coin. Wouldn't have to worry about someone stealing it, as it weighs 100 KG!!!

 

changes the term pocket change

According to news (Business section @ Vancouver Sun):
A California based Precious Metals Inc plans to buy 3 pieces ....  (I don't name the company)

Anybody please correct me for the following calculation:
[a] 100 kg X 2.2046 = 220.46 lbs X 16 ounce = 3527.36 ounce or
100 kg X 1000 = 100000 g divided by 31.1 g = 3215.43 ounce (based on troy weight)
Above is important, because based on above, the cost of the gold (not including manufacturing and others incidential cost ....)
[a] 3527.36 X US$687.2 (today's may 07 future closing price) = US$2.424 million or
3215.43 X US$687.2 = US$2.2096 million

Now, everybody knows the difference....
Then, I can tell the US company plan to buy 3 piece @ each $2.5 million and sell @$2.88 million (I believe the $ means Canadian $)

Face value is $1 million, and cost is close to $2.5 million (based on troy ounce), selling price is at C$2.5 million.
If you got 2.5 million, will you buy one?  According to the future index at Dec 2010, the gold future price hitting at US$816.5 per ounce means 20.39% increase in 2 years and eight months .......  (some experts also estimate gold price will hit US$1000).  If I can get the bank to finance me at the cost of PRIME RATE, I will definitely buy one.

Long term, gold is never a good investment. Gold was US $800 per ounce in 1980, and silver was US $50 / ounce.
If you bought gold at that time, your return for the last 25 years would virtually be zero!

Yep, It's official.

ROYAL CANADIAN MINT PROMOTES NEW LINE OF 99.999% PURE GOLD BULLION COINS BY UNVEILING WORLD’S PUREST, LARGEST AND HIGHEST DENOMINATION GOLD COIN

Ottawa, Ontario – May 3, 2007 – The Royal Canadian Mint (RCM) today proudly introduced two exciting new products to the international gold bullion market: the world’s first 100-kg, 99999 pure gold bullion coin with a $1 million face value and a 99999 pure one-ounce Gold Maple Leaf bullion coin. These coins, representing the highest achievement in gold purity in the bullion market, were unveiled at the RCM’s Ottawa facility, where the coins were made.

The 100-kg, 99999 pure gold bullion coin with a $1 million face value was originally conceived as a unique showpiece to promote the RCM’s new line of 99999 pure one-ounce Gold Maple Leaf bullion coins. After several interested buyers came forward, the RCM decided to make a very limited quantity available for sale.

The 99999 pure one-ounce Gold Maple Leaf bullion coin joins the existing family of Gold Maple Leaf products which are internationally renowned for their purity and quality. It is being released for general sale to the public after a successful trial production of a 99999 pure gold bullion coin and positive marketplace reaction. Although this coin presents a new standard in investment products, there are currently no plans to replace the 9999 pure Gold Maple Leaf bullion coins.

"The Royal Canadian Mint has long been recognized as one of the most innovative in the world, with a tradition of technical perfection and superior craftsmanship,” said the Honourable Lawrence Cannon, Minister of Transport, Infrastructure and Communities and Minister responsible for the Royal Canadian Mint. “These new 99.999% pure Gold Maple Leaf bullion coins now take Canada's reputation in the gold bullion industry to an unprecedented level.”

“The Royal Canadian Mint operates in a very competitive environment, which is especially true of the international gold bullion market,” said Ian E. Bennett, RCM President and CEO. “Our 100-kg and one ounce 99999 pure gold bullion coins are an achievement which separates the RCM from a large field of competitors. By producing the best quality products in the world, the RCM is enhancing its global reputation for excellence.”

The Gold Maple Leaf bullion coin was first launched in September 1979, as a one ounce investment coin, the first coin to be struck of pure gold. The Gold Maple Leaf coin was 999 pure until 1982, when its purity was raised to 9999, setting a new benchmark for gold bullion coins. The RCM has maintained its tradition of leadership in the gold bullion industry by raising the bar once more, to 99999.

Gold Maple Leaf coins are distributed through an extensive network of bullion dealers and offer investors a simple and easy way to add precious metals to their investment portfolios. Interested buyers seeking additional information about these new investment products are invited to visit the RCM web site at www.mint.ca or to call 1-866-677-1477.

The reverse of both these coins features an elegant maple leaf designed by RCM artist and Senior Engraver Stan Witten and the obverse bears the effigy of Her Majesty Queen Elizabeth II by celebrated Canadian portrait artist Susanna Blunt.

The Royal Canadian Mint, an ISO 9001-2000 certified company, is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. In operation since 1908, the Royal Canadian Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Royal Canadian Mint, its products and services, visit www.mint.ca.

-30-

For further information, please contact:
Alex Reeves
Manager, Communications
Royal Canadian Mint
Tel: (613) 949-5777
Tel: (613) 991-5342
Cell: (613) 884-6370
Fax: (613) 991-2628
reeves@mint.ca

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I hope businesses and banks will have enough change for this...

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Now what?

A million dollar bill the size of your house? I don't think so.