An online Teletrade Premier Plus auction Aug. 16 will give collectors a market price for the first time for a 100-kilo (3,215 troy ounce) Canadian gold coin with a $1 million face value.
The coin, which contains more than $2 million of gold bullion, was introduced by the Royal Canadian Mint in early May, but so far sales have been by private treaty.
Ian Russell, Teletrade president, and Greg Roberts CEO of A-Mark Precious Metals and Spectrum, take delivery July 23 of a Canadian 100-kilo gold coin at Brinks, Inc., in Los Angeles.
Donn Pearlman photo
?This is the first 100-kilo coin that is available for sale to the public. It will be the most valuable coin ever offered in an online-only auction, said Ian Russell, President of Teletrade of Irvine, Calif., a division of Spectrum Numismatics International.
?And we?re launching Teletrade Direct, a new service for collectors and investors who want to purchase gold, silver or platinum bullion coins,? Russell announced.
An example of the large gold coin will be exhibited by the Royal Canadian Mint during the American Numismatic Association?s World?s Fair of Money® convention in Milwaukee, Aug. 8-12. It is over 20 inches in diameter, an inch thick and weighs a little over 220 pounds of .99999 fine gold.
A-Mark Precious Metals, Inc., also a division of Spectrum, purchased the first three 100-kilo coins.
?Because of the historic significance and the amazing quality of these 100-kilo coins, we eagerly purchased the first three produced and have now consigned the first one to the Aug. 16 Teletrade auction,? said Greg Roberts, chief executive officer of A-Mark.
According to a May 3 announcement from the Royal Canadian Mint, creation of the 100-kilo coins presented ?an imposing challenge? to RCM engineers with each step along the way requiring great care, skill and meticulous testing.
Teletrade Direct will offer the new Canadian one-ounce ?five nines? .(99999 fine) gold coins as well as other Maple Leaf and U.S. gold Buffalo and gold, silver and platinum Eagle bullion coins.
For additional information about the Aug. 16 auction, or Teletrade?s new bullion service, contact Teletrade toll-free at (800) 949-2646, or by e-mail at info@Teletrade.com. Check out the Web sites at www.Teletrade.com and www.TeletradeDirect.com.
