The Royal Canadian Mint unveiled a welcome addition to any piggy bank on Thursday — a monster gold coin with a face value of C$1 million (455,000 pounds) that it says is the world’s biggest, purest and highest denomination coin.
Weighing in at 100 kilograms (220.5 pounds), the limited edition coin easily dwarfs its closest rival, the 31 kg (68 pound) “Big Phil”, which was made to honour the Vienna Philharmonic Orchestra and has a face value of a mere 100,000 euros (C$150,000). The Canadian mint introduced the mega-coin, which is the size of an extra-large pizza, alongside the one-ounce gold bullion coins it is mass producing at its Ottawa plant.
At 53 centimetres (21 inches) in diameter and over 3 cm (1.2 inches) thick, the massive coins need a high level of hand crafting.
While it has a C$1 million face value, the coin is worth more than twice that amount given the current gold price of $683.30 an ounce.
The new coins are both adorned with a maple leaf and boast 99.999 percent purity, a notch above previous purity peaks of 99.99 percent.
More here: Click Here
Anyhow, did you know, that even if you owned this 1 million dollar coin, you wouldn’t be allowed to melt it down, well, not unless you had a licence granted by the Minister? This is an excerpt from Canadian Statutes and Regulations – Currency Act:
“11. (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.
(2) Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty.”
Whole Currency Act is here: Click Here
BTW. Looking at this coin, please can someone remind me, why do we still have the penny? :)
And also, I just find it quite interesting and ironic, let me say, that while in global economic terms, we should be more like saying “Oh, Canada!” (failing healthcare and so,…), we spend all that gold to make up a $1 million coin