The ‘Discovery’ coin, encrusted with rare pink diamonds, was created by the Perth Mint. (Image courtesy of The Business Times)
Modeled after the Holey Dollar, Australia’s first coin, it features four 1.02 karat pink diamonds mined in Western Australia. The center of the holey coin is included as part of the set. For the record, the coin as a reeded edge.
Perth Mint officials said that the coin, worth A$2.48 million (US$1.76 million), was created to “meet growing demand for high-end collectables from the ultra-rich.” It will be sold at auction with expectations that the buyer will be from Asia or the Middle East.
This is not the first time the Perth Mint has made a gimmick coin. In 2011, they created the Australian Kangaroo One Tonne Gold Coin. The coin was made using one metric tonne (2204.62 pounds) of .9999 fine gold, the coin measured 80 centimeters (31.5 inches) in diameter and 12 cm (4.72 inches) thick. Also with a reeded edge.
What is the point of making a coin like this?
Aside from extracting money from someone whose pocketbook can match his ego, is there a good reason to make these coins?
Of all of the questions as to whether what the U.S. Mint does is good for the hobby, where does this gimmick rank in comparison?
And now the news…
August 30, 2018The platinum producers finally appear to be making headway with the SA government on the introduction of a platinum coin judging from recent comments made by Minister of Mineral Resources Gwede Mantashe Mantashe is currently in Perth, Western Australia where he addressed the Africa Down Under conference on August 29. 
→ Read more at miningmx.com
September 2, 2018Finance minister Nhlanhla Nene has published the official designs and specifications for the 2019 Natura coin series. The series will focus on the Cradle of Humankind and features a number of hominid discoveries which were made in South Africa. → Read more at businesstech.co.za
September 3, 2018From today you will be able to pre-order a limited number of the newly minted Armistice Day coin for delivery in October, right in time for Armistice Day. The new coin is a legal tender, coloured, circulating 50c piece. → Read more at scoop.co.nz
September 3, 2018Everyone knows how the old saying about comic book collectors goes: there’s one born every minute! So there should be no shortage of fans intrigued by the latest offering from the Royal Canadian Mint. → Read more at bleedingcool.com
September 5, 2018Sydney AUSTRALIA has minted a gold coin encrusted with rare pink diamonds worth A$2.48 million (S$2.45 million) to meet growing demand for high-end collectables from the ultra-rich. The 2-kg treasure, which depicts a sailing ship, a gold prospector and boab trees found in Western Australia, is considered legal tender and will be sold to the highest bidder. → Read more at businesstimes.com.sg
September 5, 2018Archaeologists in Sweden have discovered a gold ducat from early medieval Venice in Elleholm, a once thriving port that has now entirely disappeared. → Read more at thelocal.se
September 6, 2018While coins may just be cheap change to some people, others like Jack Zillion and Dennis Witter see them worth much more. → Read more at centralillinoisproud.com
September 7, 2018It’s been a busy summer for construction in Dawson City, Yukon — which means it’s also been busy for the territory’s archeologists. → Read more at cbc.ca
September 7, 2018Despite the advent of credit cards, cryptocurrencies and other forms of online money, coins and paper still remain relevant → Read more at usatoday.com
September 7, 2018It clearly communicates the notion that the private sector does the monetary system beautifully → Read more at forbes.com
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Re: Perth Mint ‘Discovery’ coin:
> Wikipedia: A coin is a small, flat, (usually) round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government.
Hmmm, I reckon it only hits two of those criteria:
– small
– metal or plastic YES!
– medium of exchange
– legal tender
– standardized in weight
– produced in large quantities
– to facilitate trade
– issued by government YES!
Here’s the giveaway word; ‘collectables’.
Nope, its not a coin.
The only correction I will make is that it is a legal tender coin in Australia. Other than that, you are correct!
However, it brings up an interesting question: What about the 5-ounce silver America the Beautiful Quarters? Or the American Eagles?
I think the phrase ‘to facilitate trade’ is a vital one. Being a Brit I’ll have to give a UK example: back in 1900 a gold sovereign would be deemed a coin – albeit a valuable one – and you would exchange one or more for services, goods, etc.. In 2018 a gold sovereign is an investment – it’s beautiful bullion, but still bullion. I think American Eagles fall into the same category.
I don’t see them as facilitating trade, they’re more wealth storage. Significant portable wealth even, like pre-bank coins, so there is definitely a link back to the days of yore. However, I’ve yet to see a modern purse with a few loose sovereigns in there. But it would be sweet!