Have you ever wondered what a million dollars looks like? The picture to the right is Ian Russell, President of Teletrade, holding a one-ounce gold coin while leaning over the unique C$1 million coin. Yes, that large disk is a coin. In early May, the Royal Canadian Mint announced the production of a 100 kilogram (about 220 pounds, or 3,215 troy ounces) .99999 fine gold coin. With the price of gold as I type this currently at $666.60, its melt value is over $2.14 million!
Teletrade, a division of Spectrum Numismatics International, is using the coin to advertise a new service for investors to purchase precious metal bullion coins. Not only it is the first coin of its type, but it is the most expensive coin offered in an Internet-only format. Teletrade displayed the coin being auctioned at the American Numismatic Association World’s Fair of Money recently held in Milwaukee.
As I type this, the current bid is $1.65 million. If you cannot find that much money between the cushions of your couch, you can get special financing from Collateral Finance Corporation, also a division of Spectrum. Happy bidding!
Image courtesy of Teletrade