Colossal Aussie gold coin sent to New York Stock Exchange


The world’s biggest, heaviest gold coin, which was crafted by the Perth Mint, has been delivered to the New York Stock Exchange to promote physical Australian gold being made available to US investors.

The colossal one tonne gold coin is 99.99 per cent pure gold and measures 80cm wide and 13cm deep.

It is recognised by Guinness World Records as the largest coin ever created.

It was worth $A50 million when it was cast in 2012 but its value has risen to more than $A60 million given the soaring price of the precious metal, which recently has been hitting all-time highs of more than $2,000 an ounce against the Aussie.

The coin is being displayed outside the stock exchange on Wall Street to mark the official launch of the Perth Mint Physical Gold Exchange Traded Fund, which will trade under the code AAAU from tonight.

Perth Mint chief executive Richard Hayes will ring the bell to signal the end of the trading day.

“Every AAAU share is backed by physical gold stored in our central bank-grade vaulting facilities in Perth, so at any time investors may choose to exchange part or their entire holdings for a delivery of physical gold to their door,” he said.

“The physical gold that backs each AAAU share is guaranteed by our sovereign owner, the government of Western Australia.”

The mega-coin shows the Australian Kangaroo, inspired by the Australian Kangaroo Gold Bullion Coin Series, according to Perth Mint.

Its inscription reads: AUSTRALIAN KANGAROO 1 TONNE 9999 GOLD and the year-date 2012.

The other side of the coin portrays the Ian Rank-Broadley effigy of Queen Elizabeth II and the monetary denomination of one million dollars.

“The colossal coin is a magnificent Australian icon symbolising one of the Mint’s most extraordinary accomplishments since it was established in 1899,” the Mint’s website states.

The coin was issued as legal tender under the Australian Currency Act 1965.

Prior to the coin’s visit to the NYSE, it made an exclusive trip across Europe and Asia in 2014 and has mostly been housed at the Mint’s Gold Exhibition.



Source link Finance News Australia

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