Business News
Coins get a new gold standard in Australia
Oct 27, 2011, 1:29 GMT
Sydney - It is legal tender in Australia but you would be a fool to take the Perth Mint's latest gold coin to a bank and demand notes that equate to its face value of 1 million Australian dollars (1.04 million US dollars).
The 1-ton whopper, which at 80 centimetres in diameter and 12 centimetres deep is the size of a manhole cover, contains gold worth a whopping 55 million Australian dollars.
'It's 10 times bigger than the next biggest gold coin, which was produced by the Royal Canadian Mint,' Perth Mint marketing director Ron Currie said Thursday.
The coin has a kangaroo on one side and the face of Queen Elizabeth II on the other.
It has just gone on public display and, according to Currie, will be 'very well secured' - despite the difficulty of anyone pocketing it.
Currie said the coin was not for sale but that the mint would produce a replica if the price was right.
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