Gold Investment: Perth Mint unveils largest gold coin in the world

Gold Investment - 31 October 2011

The Perth Mint in Australia has unveiled the largest gold coin in the world, a massive coin weighing 1 ton (1000kg), five times heavier than the gold coin minted by the Royal Canadian Mint that previously held the record for the biggest gold coin in the world.

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The Australian gold coin is 12 cm thick, almost 80 cm wide, has a purity of 99.99% pure gold and is legal tender in Australia with a nominal/face value of 1,000,000 Australian Dollars (AUD). Now the coin is not for sale, but if it was, the gold content alone would cost in excess of 50,000,000 U.S. Dollars. According to the CEO of the Perth Mint, Ed Harbuz, the minting/making of the coin was “an incredible challenge, one which few other mints would even consider" (Perth Mint strikes a new one tonne gold coin worth over US$50 million, interest.co.nz, David Chaston, 28 October 2011). Be sure to watch the YouTube video below which shows in detail how the coin was minted/made:

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Reaction to the above news has been mixed so far, although predominantly positive. This is despite the fact that some see it as a “gross waste of funds.” Gold Investment has welcomed the news, firstly, because it will certainly encourage more people to exchange paper fiat money for gold, and secondly, it is a monetary asset the Australians can be proud of, since it is representative of real/honest money, unlike the Australian Dollar (AUD) which is a fiat currency and representative of fiat money. This massive gold coin is most definitely not a waste of funds to any stretch of the imagination; it is something that even the staunchest of critics will come to appreciate in the days, months and years to come, especially when the fiat paper currencies completely collapse.