PERTH, AUSTRALIA (Commodity Online):
The Perth Mint has announced the launch of a massive one tonne 99.99 pure Gold coin inspired by Australia's Kangaroo gold coin series.
The historic precious mint has described it as a monumental coin that embodies the pinnacle of ingenuity and innovation.The colossal coin measures nearly 80cms wide and more than 12cms deep. As the showpiece of the Australian Kangaroo Gold Bullion Coin Program, its classic design by Dr Stuart Devlin AO CMG, goldsmith and jeweller to Her Majesty Queen Elizabeth II, has featured on each annual 1 kilo release in the series for more than 20 years.
The one tonne masterpiece features a bounding red kangaroo surrounded by stylised rays of sunlight and bordered by the inscription AUSTRALIAN KANGAROO 1 TONNE 9999 GOLD and the year-date 2012.
Issued as Australian legal tender, the obverse of the coin features the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II, accompanied by the inscriptions ELIZABETH II, AUSTRALIA and the monetary denomination of 1 MILLION DOLLARS!
The popular Australian Kangaroo Gold Bullion Coin Program offers a stunning choice of gold bullion coins in a range of sizes, with various mintage limits and annual design changes, Perth Mint said.
The Sydney Morning Herald reported it took the mint 18 months to create the coin. It is legal Australian tender of $1 million but is actually worth more than $53.5 million in Australian dollars or $55 million in US currency.
"To cast and handcraft a coin of this size and weight was an incredible challenge – one which few other mints would even consider," Perth Mint chief executive Ed Harbuz told NDTV.com .
The Wall Street Journal speculated the Perth Mint is settling a grudge with the Royal Canadian Mint, which cast a 100-kilogram or 220.5 pound Gold Maple Leaf weighing more than an adult man in 2007. That coin beat out the Perth's 10-kilogram or 22-pound bullion coins as the world's largest at that time.