World's largest 100-kg gold coin issued by Canadian mint
According to reports, The Royal Canadian Mint (RCM) is making news all over with its launch of world’s first 100-kg, 99999 pure gold bullion coin with a face value C$1 million ($903,518).At the current gold price of $681.13 an ounce, the coin is worth C$2.42 million ($2 million) – more than twice its face value.Theoretically speaking, the coins is 20 inches in diameter and 1 inch thick -- mostly to seize the bragging rights from Austria, which had the record with a 70-pound, 15-inch wide coin. According to experts, they are not implementing this because there is big demand for 100-kilo gold coins. As a matter of fact, they're doing it because of the simple reason that it gives them some bragging rights in having the biggest purest gold coin in the world.
It is worth mentioning in this regard that the coin will be made only when it is specifically ordered through the mint. It was originally designed as a novelty item to market the new one-ounce gold maple leaf coin with a $200 Canadian dollar face value. Though, the mint decided to sell the coin after number of collectors expressed interest in purchasing it."It's a new denomination for us and required an amendment to the Canadian currency act," pointed out mint spokeswoman Alex Reeves. Identical to other Canadian coins, it features on one side a likeness of Queen Elizabeth II - Canada's head of state - by celebrated Canadian portrait artist Susanna Blunt. Whereas, the other side bears an elegant maple leaf designed by mint artist and senior engraver Stan Witten.
Transport Minister Lawrence Cannon, who has played quite a prominent part for the mint, said the coin "takes Canada's reputation in the gold bullion industry to an unprecedented level". In general, it takes about six weeks to make.
The coins will give the mint a higher international profile."We wanted to raise the bar so that we could say the government of Canada, or the Royal Canadian Mint, produced the purest gold coins in the world," pointed out David Madge, the mint's director of bullion and refinery services. Statistic wise, bullion and refinery services generated almost $281-million in revenue in 2006, more than half the mint's total sales of almost $494-million.Like everything in the world, bigger is viewed as being better. More often, whoever has the biggest or highest-priced whatever gets the respect of the rest of the world. That clearly emphasizes that more people will come to see the giant coin out of curiosity, and at the same point of time see, Canada's other smaller coins and invest in them more. In reality, Canada has taken the bragging rights away from Austria and earned it for themselves now the focus is solely on their Mint, at least for the time being.In the last few years or so, the Canadian Mint has lost some market share as mints in other countries have pushed their own gold coins. With the production of this coin, there is no doubt that Canada will regain its own share as well as earn itself a higher international profile.