Quote:
Originally Posted by wookster
Ok, so I read that this is a legal tender coin with a face value of $1,000,000. So if I had one, I could find something to buy for a million bucks and plop this baby down on the counter to pay for it...
But the article is saying its worth 4 million...is this because the gold is actually worth more in weight than the face value of the coin? It says 5 of these have been sold to private investors...anyone know how much these investors paid for these coins?
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The coin would be considered NCLT (non-circulating legal tender). Contrary to common belief, retailers are not obligated to accept coinage beyond a certain threshold (just like many refuse $50 or $100 bills) - so someone's fantasy of paying $5,000 in property taxes with pennies wouldn't fly.
Now I would certainly be willing to accept any nclt at any of my 4 retail locations as the market value of these items is always greater than its face value. Typically these items trade at a premium to the value of their raw-bullion value as well as to their 'face'. Bullion coins, such as the Gold Maple Leaf (or gold eagle, kruggerand, etc.) will likely trade very closely to the value of the underlying metal value (slight premium due to minting and marketing costs etc.).
For example, at the
mint.ca you could by a 1kg gold coin for $75,000... its face value is only $2,500 however (its bullion value would be a bit over $50,000 currently).