Finally! A 100-kg Canadian gold coin
The Royal Canadian Mint has produced the world's first 100-kilogram gold coin with a face value of $1 million. And they're for sale.
Why did it do this? "Because we can,"the mint said on its website.
The coin is the size of a "very thick pizza" — 50 centimetres wide and three centimetres thick — and is .99999 pure.
Itwas originally meant to be a one-off novelty item to help promotethe other gold coin the mint unveiled Thursday — a new line of one-ounce Maple Leaf bullion coins that will have a face value of $200.
But after several interested buyers came forward, the mintdecided toproduce "a very limited quantity" of the $1-millioncoins on a made-to-order basis for public sale.
Even though the bigcoin has a face value of $1 million, it won't sell for that. At current prices, the coin's 3,215 troy ounces of gold areworth well over$2 million.
A mint spokesperson said the coins will sell for between $2.5 million and $3 million. So far,the mint has received confirmed orders for five coins.
The Royal Canadian Mint faces international competition from a variety of other countries that also make gold coins.