Get a load of this: earlier this month, the Royal Canadian Mint introduced a gold coin with a face value of C$1 million. It’s 99.999% pure gold and weighs 100 kilograms, or 45 pounds 220 pounds.
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Get a load of this: earlier this month, the Royal Canadian Mint introduced a gold coin with a face value of C$1 million. It’s 99.999% pure gold and weighs 100 kilograms, or 45 pounds 220 pounds.
Can I order one online?
100 kg is 220 lbs… which means it’s about $284 Canadian dollars/oz, which seems pretty cheap. if it’s 45lbs, or about 20kg, then it’s a little pricier, $1,389/oz.
Oops, you are right Dan! I divided instead of multiplied.
As for the face value: it actually comes out to about C$311 per troy ounce, which is used for metals.
This is actually pretty typical: the face value for bullion coins is always less than the intrinsic value of the metal in the coin. These coins are meant to be traded for primarily for the value of the metal, although there is a slight premium due to the fact that the coin is also legal tender.
For example, 1 oz. American Eagle gold coins have a face value of US$50, even though the metal itself is worth over $600.
Thanks Jimmy!
I never understood why these gold coins had a face value of $50 or $20 when the content alone makes them much more valuable…
That’s be something else if you accidentally used it up in a slot machine or something… but then again it weighs more than the average person so that’s highly unlikely. Great story though!
Heck, I’d buy it. Oh wait, I can’t afford it!
nevermind then…
With a face value of $1 million, it’s got an actual value of somewhere over $3 million. And the Canadian Mint has probably picked up $10 million worth of free advertising. Great gimmick.
i saw it being made!