Million dollar face value gold coin goes on sale by auction June 25th
One of the world's most valuable solid gold coins - a million dollar Maple Leaf - is being sold by auction in Austria in two weeks time and is expected to sell at a big premium to its face value.
Posted: Saturday , 12 Jun 2010
One of the world's largest and easily most valuable gold coins - a Canadian minted million dollar Maple Leaf, which weighs 100 kg and measures 20 inches (50 cm) in diameter is to go on sale by auction in Austria on June 25th. The coin has a CAD$1 million face value. The coin had been owned by an Austrian investment firm - AvW - which has been going through bankruptcy proceedings since May this year. The coin was minted by the Royal Canadian Mint in 2007 - see: Million dollar gold coin launched by Canadian mint
At the current gold price the coin is worth approximately US$3.95 million by its weight alone on the weekend gold closing price, but it could well fetch more than this. The coin is being auctioned by Austrian auction house Dorotheum. Given the strong interest in gold at the moment in Germany and Austria in particular, expectations for a strong price performance are high.
The million dollar gold Maple Leaf is .99999 pure gold. The coin was originally produced as a promotional product to give the mint a higher international profile. It was conceived as a one-off showpiece to promote the mint's new line of 99.999% pure one ounce Gold Maple Leaf bullion coins but after several interested buyers came forward the mint announced it would manufacture them as ordered and sell them, at the time, for between $2.5 million and $3 million. Initially there were five confirmed orders for these special coins.