Largest coin worth its weight in gold
Source: Agencies |
June 26, 2010, Saturday
|
Print Edition
Print Edition
A SPANISH precious metals trading company has bought the world's largest gold coin for 3.27 million euros (US$4 million), its exact material worth, from the estate of an insolvent investment firm at a rare auction in Vienna, Austria, yesterday.
The 100 kilogram piece, one of only five Canadian $1,000,000 Maple Leaf coins the Royal Canadian Mint has ever produced, was snapped up in a written bid from ORO direct, a gold trading company based in Madrid.
There were no counter offers in an auction room packed with more journalists than potential buyers. It sold for the catalogue sum, the coin's pure gold value based on yesterday's market price. This was four times its face value.
The auction was ordered by the administrator of Austrian investment group AvW Invest, which filed for insolvency in May after its owner and chief executive was arrested on fraud and other charges.
AvW had acquired the coin in 2007, joining an exclusive club of owners including Queen Elizabeth, who is depicted on one side of the coin.
The Royal Canadian Mint launched the coin in 2007 to showcase its production facilities and gain entry in the Guinness Book of Records.
The 100 kilogram piece, one of only five Canadian $1,000,000 Maple Leaf coins the Royal Canadian Mint has ever produced, was snapped up in a written bid from ORO direct, a gold trading company based in Madrid.
There were no counter offers in an auction room packed with more journalists than potential buyers. It sold for the catalogue sum, the coin's pure gold value based on yesterday's market price. This was four times its face value.
The auction was ordered by the administrator of Austrian investment group AvW Invest, which filed for insolvency in May after its owner and chief executive was arrested on fraud and other charges.
AvW had acquired the coin in 2007, joining an exclusive club of owners including Queen Elizabeth, who is depicted on one side of the coin.
The Royal Canadian Mint launched the coin in 2007 to showcase its production facilities and gain entry in the Guinness Book of Records.
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