Earlier this week, the world's largest coin went up for sale at an auction in Vienna, Austria and was almost immediately picked up ORO, a Madrid-based gold trading company, who paid $4MM USD, or a little more than four times its face value of $1MM Canadian Dollars ($960,000 USD).
The 21-inch diameter, 1-inch thick Canadian Maple, is made from pure gold and weighs a whopping 100kgs (220.5lbs). It is one of only five such coins in the world and was produced by the Canadian Mint in 2007, to showcase its coin-producing capabilities and, to gain an entry into the Guinness Book of Records.
Bought by an Austrian Investment company in 2007, the coin was placed on the auction block after the company ran into some financial difficulties and needed to raise money. The other four coins are still in the hands of private investors, which include Queen Elizabeth, two unidentified residents of Dubai and one owner, who is so secretive, that nobody knows even knows where he or she lives.
While the price paid may seem excessive, it is the exact current value of the gold that makes up the coin - And, since it was bought up by a gold trading firm, we have a feeling it will be resold soon, either as is or, as smaller, more affordable gold bars.
sources: telegraph.co.uk, dailymail.co.uk