1200 O/Z GOLD COIN order early

[just-john]

ce; Ottawa Citizen

Published: Wednesday, February 07, 2007

 

OTTAWA - In a move some see as downright loonie, the federal cabinet has authorized the Royal Canadian Mint to produce $1 million gold coins for collectors with deep pockets.

 

Not to mention a wheelbarrow to get the hefty thing home.

 

"I've heard of 10-ounce coins, I've heard of kilo coins, but I've never heard of this," said Bill Haynes, the owner of a major retail gold bullion trading house in Arizona.

 

The bold gold plan, confirmed by a Canadian Mint spokesman who said the idea was still "under development," would take Canada's collector coin production to astronomical heights.

 

Currently, the most expensive non-circulation coin offered by the mint is the 2007 Gold Maple Leaf, a $1,900 memento with gold content so pure its vulnerability to marks and scratches has generated negative reviews among collectors.

 

Mint spokesman Alex Reeves was coy about the scheme.

 

"All we have, by way of this order in council (cabinet) from government, is a green light to produce it. The very least I can say is it's not something that's in the cards for 2007."

 

Haynes, owner of CMI Gold and Silver retail bullion house in Phoenix, Ariz., said the mint must already have a customer in mind to be at such a planning stage.

 

"I would guess they're making these coins because they know who the buyers are going to be," said Haynes.

 

Reeves allowed that whenever production begins, the volume of million-dollar coins the mint makes will be low.

 

NDP MP Dennis Bevington said even if the once-bustling gold mines near Yellowknife were still at peak production, it would take a week for them to produce enough gold to make just one of the coins.

 

Bevington joked at the estimated 1,200 ounces (34 kilograms) of gold it would take to produce the coin if the mint establishes the same level of purity it has for the Gold Maple Leaf.

 

"You don't want it to roll out of your pocket when you sit down, do you?" he said.

 

Ottawa Citizen

© CanWest News Service 2007

[LuvToCollect]

Gee......Guess I am gonna have to pass on that one.

[MunkyMan95]

I'll take a roll!

[WoodenJefferson]

The gold bars in Ft. Knox, approximate dimensions are 7 x 3-5/8 x 1-3/4 inches. The fine gold bars contain approximately 400 troy ounces of gold, worth $16,888.00 (based on the statutory price of $42.22 per ounce). The avoirdupois weight of the bars is about 27-1/2 pounds.

 

38 kilogram = 83.77556 pound

or 3.28 bars of gold (Ft. Knox style)

 

27.5 pound = 401.041562718 oz (troy)

$660 oz x 401 = $264,660 x 3.28 = $868,084.00 value of gold in projected coin.

 

Would that not sag on it's self, an 83 pound coin made of gold? Did I even figure this right? Why am I here?

[Dcoin]

That very piece was on the Coin Vault tonight. 5 easy payments of $173,000...quantities are limited so dial fast!

[MorganMan]

What would the shipping and insurance be to send to NGC for grading?

 

And will I have to order a bigger than 2x2 flip to send it in?

 

MM

[WaxonWaxov]

That very piece was on the Coin Vault tonight. 5 easy payments of $173,000...quantities are limited so dial fast!

 

Ha ha ha ha ha ha