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220 Gold Pound Coin...Unbelieveable

Started by Jakeblue,

19 posts in this topic

physics-fan3.14

physics-fan3.14

Posted
Posted

Funny thing is, with a face value of $1 million, its conceivable that the face value could someday be worth more than the bullion value. In that case, it would be worth it to walk in to a store and spend it. Gold would only have to get to $378 an ounce, and I know many of us remember only a few years ago when this was the case.

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DC Dawg

DC Dawg

Posted
Posted
Its a gimmick.

No, it's not a gimmick. I wrote about the coin on my blog (with pictures) here. Teletrade had attempted to auction one of these coins in the past (post includes pictures).

 

I think the RCM sold 15 of these coins. AMPEX might have been one of the purchasers.

 

BTW: At the current price of gold ($947.00 as I type this), the coin contains $3,044,605 of the yellow metal!

 

Scott :hi:

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rrantique

rrantique

Posted
Posted
Its a gimmick.

No, it's not a gimmick. I wrote about the coin on my blog (with pictures) here. Teletrade had attempted to auction one of these coins in the past (post includes pictures).

 

I think the RCM sold 15 of these coins. AMPEX might have been one of the purchasers.

 

BTW: At the current price of gold ($947.00 as I type this), the coin contains $3,044,605 of the yellow metal!

 

Scott :hi:

 

Maybe they need to sell it to the US Mint to melt down to meet the UHR demand. :insane:

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bsshog40

bsshog40

Posted
Posted

Man at only 5% over spot, I think I'll try to get two of them. I hope the dies won't be worn out already by the time I get my order in. Man, how big would a slab for this thing be? It would be easy to grade. Wouldn't need a loupe! lol

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World Colonial

World Colonial

Posted
Posted

I read you blog and while it is informative (since I knew nothing about this "coin" before other than its existence), it does nothing to change my mind. And actually, you closed your blog entry by calling it a gimmick yourself.

 

The reason why I call it a gimmick is because it serves no purpose as does a "regular coin". It certainly is not intended to circulate since it is so large that no one could even carry it, would be worried about theft and Canada (nor any other country) is no longer on the gold standard. And it isn't intended as a collectible either like a proof issue.

 

The part about the gold purity while possibly interesting to a chemist or metallurgist is of limited to no interest to a coin collector or the general public. The general public is only or mostly interested in it because of its size and because it is worth a lot of money.

 

As for coin collectors, how many of them consider it a coin at all? (Sure, its legal tender but would anyone consider it necessary to have a complete set of Canadian coins or even Maplelefs?) With a mintage of 15, should it be considered equivalent to a great rarity to the 1804 Dollar. 1913 Liberty Head nickel or other equivalent famous rarities? I do not know what anyone else's answer is, but mine is an emphatic no. The only argument to consider it one is the legal technical one that it was issued by a national mint with the authority to designate it legal tender.

 

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Revenant

Revenant

Posted
Posted
Its a gimmick.

 

Agree. Are there any industrial applications where only 99999 gold would work while 9999 gold wouldn't work? I sure can't think of any.

 

It's really just silly. From a Chemical Engineering perspective, you can never get 100% pure anything and as your purity asymptotically approaches 100%, the cost of production will usually start to rise exponentially. It's rare when an industrial user of anything cares about an impurity of less than 1% or 0.1%. Any smaller than that and it's extremely hard (and expensive) to control the process tightly enough to prevent contamination below 0.1%, and it's extremely hard to accurately test and confirm product quality at that high standard. Even with a large amount of product, the absolute amount of contaminant remains very small.

 

Put another way, when we refer to anhydrous acid, we usually just mean 98+% to 99.5+% depending on the process, and the end user. Anything above 99.9% is just silly.

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rrantique

rrantique

Posted
Posted
Man at only 5% over spot, I think I'll try to get two of them. I hope the dies won't be worn out already by the time I get my order in. Man, how big would a slab for this thing be? It would be easy to grade. Wouldn't need a loupe! lol

 

:signfunny:

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MorganMan

MorganMan

Posted
Posted

Anybody know what the part number for the Airtite is for this one. Or would you just use a vinyl flip since it is just bullion?

 

I guess I could go down to the funeral home and get a nice Mahogany display case for it.... :cloud9:

 

 

MM

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