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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/08/2007 : 19:54:00
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Mint planning million-dollar loonie
CanWest News Service
Published: Thursday, February 08, 2007
OTTAWA (CNS) -- 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 spokesperson 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 by collectors.
NDP MP Dennis Bevington joked, "You don't want it to roll out of your pocket when you sit down, do you?" of 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.
© The StarPhoenix (Saskatoon) 2007
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Burn paper dollars before you melt coins.
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 02/08/2007 : 20:52:56
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At 1,200 ounces, at least the owner of such a coin won't have to worry about losing it.
(Imagine leaving one of those as a tip!) |
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n/a
deleted
479 Posts |
Posted - 02/08/2007 : 20:56:35
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Correct me if I'm wrong, but a qwick search has led me to believe that the 2007 Gold Maple Leaf is one troy ounce.
If we subtract the bullion value from the above qwoted price of $1,900 we get $1242.
I assume (again, correct me if I'm wrong) that the gold value of the coin is $658. and the remaining $1242. is some combination of numistmatic and fiat value.
If I'm right so far, allow me to venture a guess,
I'll bet that million dollar coin will weigh one ounce.
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"Financially, the US economy has degenerated into a sort of cargo cult, where people feel that they can continue to attract recycled petrodollars by dancing around piles of internet servers with their cell phones and their laptops."
-Dmitry Orlov |
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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/08/2007 : 20:57:29
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1,200 X $650 = $780000 (in U.S. dollars) What happens to the rest of the million? Guess.
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Burn paper dollars before you melt coins. |
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Million Dollar Loonie
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