The ‘Discovery’ coin, encrusted with rare pink diamonds, was created by the Perth Mint. (Image courtesy of The Business Times)

One of the news items this week is that the Perth Mint created the “Discovery” coin, a 2-kilogram (4.4 pounds) gold coin with rare pink diamonds that depicts the discovery of Austrailia and the mining culture that grew on the island nation.

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, 2018

The 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

 September 2, 2018

Finance 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

 September 3, 2018

From 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

 September 3, 2018

Everyone 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

 September 5, 2018

Sydney 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

 September 5, 2018

Archaeologists 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

 September 6, 2018

While coins may just be cheap change to some people, others like Jack Zillion and Dennis Witter see them worth much more.  → Read more at

 September 7, 2018

It’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

 September 7, 2018

Despite the advent of credit cards, cryptocurrencies and other forms of online money, coins and paper still remain relevant  → Read more at

 September 7, 2018

It clearly communicates the notion that the private sector does the monetary system beautifully  → Read more at

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