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World's Biggest Gold Coin Minted In Australia

samzenpus posted more than 2 years ago | from the because-they-can dept.

Australia 171

First time accepted submitter shocking writes "The Perth Mint has created a gold coin that is just over one tonne in weight and worth over 50 million AUD. From the article: 'A team of a dozen people have worked since late last year to create the coin which measures 80 centimeters wide and 12 centimeters deep, featuring a kangaroo on one side and the Queen's motif on the other.' Ron Paul eat your heart out!"

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171 comments

Gold coins are so last century (3, Informative)

SharkLaser (2495316) | more than 2 years ago | (#37865990)

Now we mine BitCoins!

Re:Gold coins are so last century (0)

Anonymous Coward | more than 2 years ago | (#37866062)

Never understood; why is it "mine" and not "mint"?

Was this just some comprehension error at some point which has become de-facto, a bit like 8P8C ethernet connectors being referred to as RJ45 connectors?

Re:Gold coins are so last century (3, Interesting)

jpapon (1877296) | more than 2 years ago | (#37866092)

Because while you are producing the coins, you're not really "minting" them. Rather, you're searching for them in a heap of worthless other stuff... i.e. mining. At least that's my take on it. Honestly it's just pointless metaphor semantics.

Re:Gold coins are so last century (2)

maxwell demon (590494) | more than 2 years ago | (#37866634)

You may "mine" for some numbers with certain mathematical properties, but those numbers by themselves are not bitcoins. You must convert them into a special form recognized by the BitCoin system. In other words, you must "mint" them. The numbers are the material from which the bitcoins are minted.

Re:Gold coins are so last century (1)

genjix (959457) | more than 2 years ago | (#37866270)

The term mining comes from the fact that bitcoins are analogous to gold. When creating a new bitcoin, it isn't something you can mint out of the air- it's more apt to say you're searching for the bitcoin that already exists from a mathematical problem set (i.e you're mining for a bitcoin that already exists).

Another term is coinbase generation. Unfortunately these terms give a lot of confusion wrt mining and are a misnomer. It's more apt to call it validation. These validators (miners) are processing and confirming transactions. For this valuable service of securing the network they are awarded a reward- the generated/mined bitcoins.

Re:Gold coins are so last century (1)

maxwell demon (590494) | more than 2 years ago | (#37866652)

Coins are never minted out of air. They are always minted out of some material (which previously has been mined).
With bitcoins, you mine for numbers fulfilling certain mathematical properties. But then, you have to put those numbers into a special form, the bitcoins. In other words, you have to mint the bitcoins.

Re:Gold coins are so last century (1)

nedlohs (1335013) | more than 2 years ago | (#37867390)

Because mine implies doing some work to find something that already exists. Wheras mint implies doing something with something you've already got.

Re:Gold coins are so last century (1)

impaledsunset (1337701) | more than 2 years ago | (#37866130)

i minted a bitcoin that's 80 centimetres wide and 12 centimetres deep, but it told me there wasn't enough space on my 31" reel :(

Featuring...what ??? (0)

vikingpower (768921) | more than 2 years ago | (#37866016)

Now I CAN imagine you stamp it with a kangaroo. But the friggin' queen ?? Bad company for the poor beast.

Re:Featuring...what ??? (4, Funny)

Warwick Allison (209388) | more than 2 years ago | (#37866112)

All Australian coins have Her Majesty's Royal Jowls on the Heads side. What's is conspicuously missing is the denomination (5 billion cents) on the Tails. I guess they didn't have the guts to speculate on its intrinsic value. So is it really a coin then, or just a medallion?

Re:Featuring...what ??? (0)

Anonymous Coward | more than 2 years ago | (#37866528)

This is exactly what I was thinking.

A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory.
- Wikipedia

It is not being mass produced, nor does it have a denomination making it worthless in terms of currency. A coin requires a denomination as it is required to be worth less than the matelial used to make it (Greshams law [wikipedia.org] )

Re:Featuring...what ??? (0)

Anonymous Coward | more than 2 years ago | (#37866568)

It is a coin because it has a face/legal tender value of $1 million.

Re:Featuring...what ??? (1)

Talderas (1212466) | more than 2 years ago | (#37867114)

So all the coins have the impression of the current living monarch. What's the policy for outdated coins when the good queen dies?

Re:Featuring...what ??? (1)

egamma (572162) | more than 2 years ago | (#37867382)

So all the coins have the impression of the current living monarch. What's the policy for outdated coins when the good queen dies?

Cyrostasis?

Re:Featuring...what ??? (1)

robbak (775424) | more than 2 years ago | (#37867536)

They continue circulating until they are scrapped when they become damaged or excessively worn.Which will probably take over a hundred years. (Which adds inflation to the reasons for destruction)
This is well established practice. King george pennies were circulating normally when australia went decimal in '66. Interestingly, most australian wallets contain at least one coin dated 1966.

Now they need to... (5, Funny)

Anonymous Coward | more than 2 years ago | (#37866020)

...build the world's biggest couch so it can fall between the cushions.

Re:Now they need to... (0)

Anonymous Coward | more than 2 years ago | (#37867044)

...build the world's biggest couch so it can fall between the cushions.

:)Nice

Currency (1)

Zaldarr (2469168) | more than 2 years ago | (#37866032)

These will be in public circulation next year. All Australians are advised to purchase a flatbed truck for the currency switch.

Re:Currency (0)

Anonymous Coward | more than 2 years ago | (#37866094)

Since it is made of gold, this coin is actually money and not the fiat currency like the US dollar which is on the way to collapse in the near future.

Re:Currency (1)

Guy Harris (3803) | more than 2 years ago | (#37866312)

Since it is made of gold, this coin is actually money and not the fiat currency like the US dollar which is on the way to collapse in the near future.

What is it that people have against Fiats [fiat.co.uk] ? There are also some other [alfaromeo.com] fine [maseratigr...radale.com] vehicles [ferrari.com] from the Fiat Group....

Re:Currency (1)

GaryOlson (737642) | more than 2 years ago | (#37867216)

Fiats are so hard to attach a value; their use as currency would never work. "I'll give you 50 Fiats for that house; and one Fiat to the real estate agent for commission"?? When the agent already has a luxury car, the Fiat would be unused.
Although each individual Fiat is (trans)portable, porting a number of them around for purchases would require logistical managerial skills most people don't have.

Re:Currency (0)

BrentH (1154987) | more than 2 years ago | (#37866328)

O look, a libertard who's read an article on currency. Gold is as much fiat as government bills. Only food has intrinsic value, all other things have value based on the fact that others accept it in exchange for food.

Re:Currency (0)

Anonymous Coward | more than 2 years ago | (#37866390)

Not even food. Only energy has intrinsic value unable to be created or detroyed, even food is primarily a means for the human body to gain energy.

Only available ... (1)

neonv (803374) | more than 2 years ago | (#37866036)

Only available on Goldline!!! ... but for $60 million, because gold is only going up ....

You probably won't be losing that down the sofa (0)

Anonymous Coward | more than 2 years ago | (#37866060)

or couch

Pocket change? (1)

Wizardess (888790) | more than 2 years ago | (#37866066)

I'd like to meet the guy who can use this as pocket change. The Jolly Green Giant comes to mind, though. So the meet should be at a safe distance, I suspect. {^_-}

Shouldn't a gold coin be... (0)

Anonymous Coward | more than 2 years ago | (#37866084)

...erm. Shiny? They seem to have worked hard to make it look like a Nerf gold coin. And, like, I KNOW you folks dig kangaroos but um....there are cooler things than kangaroos to make 24 karat pictures of.

Explains a lot about the economy (3, Interesting)

SmallFurryCreature (593017) | more than 2 years ago | (#37866098)

The coin has a "worth" of 1 million AUD but contains 50 million AUD of gold...

And you wonder why the economy is down the crapper. Also... 50 million worth of gold. Perhaps some better use could be found for it then a vanity piece to show just how much Australia bows before its British superiors?

I would have shaped in the form of a blade and put it in a guillotine. Some might scoff at the sharpness of such a blade but with that weight it will do the job. Just more messily, mad max style.

Re:Explains a lot about the economy (0)

Anonymous Coward | more than 2 years ago | (#37866170)

The heresay I've heard over the years says most Australian coins are worth more in metal than their currency value but I haven't been able to find a source to back it up. At the time I was given a large coin collection I wasn't aware of it's value and spent most of it on slurpees at 7-11.

Re:Explains a lot about the economy (0)

Anonymous Coward | more than 2 years ago | (#37866496)

the 50 cent piece remains the only, and likely to be the last, circulating decimal coin to have been issued in Australia with a silver content (80 percent). All other pieces have been either bronze or copper-nickel (many non-circulating, precious metal issues have been subsequently released to collectors at a premium above their legal tender, face value).

The Royal Australian Mint in Canberra struck over 36 million 50 cent pieces before rising silver prices halted production. A quarter of a million pieces, held at the mint when the directive to cease production was announced, never saw the light of day. They were duly melted down. Since that time a gradual recall and melting down of all pieces which make their way back to the mint has occurred, at a handsome profit to the Government.

Australian Coins [aussie-coins.com]

Re:Explains a lot about the economy (3, Informative)

imroy (755) | more than 2 years ago | (#37866196)

Your economy is in the crapper, Australia's isn't. We're doing pretty well, partly thanks to our mining sector selling raw materials to China. We also had a recession back in 1987 due (from what I'm hearing now) to bad assets. It had the result of (eventually) clearing out all of those bad assets and leaving our banks stronger than before. So when the GFC hit everyone, we were able to weather it rather well. You guys haven't, and you haven't gotten rid of the toxic assets that caused it in the first place! We're all in for more pain...

Re:Explains a lot about the economy (1)

WindBourne (631190) | more than 2 years ago | (#37866598)

Actually, things are going to be a LOT worse for you guys. Your mostly single customer that is buying no just your material, but your mines, is about to have multiple bubbles pop. It is expected that it will make what just happened in America look positively MINOR.
And actually, I think that America got rid of most of ours, and parts of EU have as well. EU has some issues with the PIGS. Hopefully that was taken care of over the last couple of days.

Re:Explains a lot about the economy (1)

Now15 (9715) | more than 2 years ago | (#37867268)

Swings and roundabouts -- if the mining boom collapses, our dollar will crash and exports will pick up some of the slack. On one hand, we'll have more expensive imports and perhaps less tax revenue, on the other hand, we'll see an upturn in manufacturing and local services.

Re:Explains a lot about the economy (3, Insightful)

JasterBobaMereel (1102861) | more than 2 years ago | (#37866210)

In what way is this "bowing before its British superiors" ? So it has a picture of your head of state on it ...who is about as British as Angela Merkel

Re:Explains a lot about the economy (0)

Anonymous Coward | more than 2 years ago | (#37866746)

In what way is this "bowing before its British superiors" ? So it has a picture of your head of state on it ...who is about as British as Angela Merkel

She was born in London, which makes her British last time I checked.

Re:Explains a lot about the economy (2)

mister_playboy (1474163) | more than 2 years ago | (#37867350)

She was born in London, which makes her British last time I checked.

He's referring to this: The House of Windsor is the current royal house of the Commonwealth realms. It was founded by King George V by royal proclamation on the 17 July 1917, when he changed the name of his family from the German Saxe-Coburg and Gotha to the English Windsor, due to the anti-German sentiment in the United Kingdom during World War I.

http://en.wikipedia.org/wiki/House_of_Windsor [wikipedia.org]

Sigh, fails to understand Australian economy (1, Flamebait)

mjwx (966435) | more than 2 years ago | (#37866492)

And you wonder why the economy is down the crapper.

As an Australian, I don't wonder this, I have never had to wonder this as we recovered from the effects of the GFC within six months.

Australia's economy is doing quite well right now thank you very much. The high price of minerals, energy and agri products are benefiting Australia right now because minerals, energy and agri are our three biggest exports. The AUD buys 1.06 USD at the moment as a sign of just how strong the Australian economy is. Unemployment is at 5%, which is quite normal for Oz and our debt is decreasing (despite what the Murdoch rags say, 2009/2010 budget was in the black).

Whoever modded the parent post up needs to be melted down and minted into the worlds dumbest coin.

Re:Sigh, fails to understand Australian economy (1)

bloodhawk (813939) | more than 2 years ago | (#37866628)

while I agree our economy has done quite well throughout the GFC on the back of the mining boom, you may want to recheck your debt numbers as while they are not so bad, 2009/2010 was not in the black, it was over 50 billion in the red, I believe the 2009/2010 deficit was our largest ever on record as well.

Re:Explains a lot about the economy (0)

Anonymous Coward | more than 2 years ago | (#37866536)

It has a "worth"? We usually say: it has a face value...

And they're doing it backwards.

Usually a coin has a higher face value than the metal in it is worth. The difference is called seigniorage. When a government mints a $1 coin that has 10 worth of metal in it, they get to credit their balance sheet with $0.90.

Some have suggested the U.S. fix its deficit by minting a few $1T coins and depositing them with the Treasury and use the seigniorage to erase the debt. Accounting tricks FTW.

As it is, if that Aussie coins is legal tender, a) it's costing their government $52M, and b) I could buy it for $1M, then melt it down for the gold in it and come out way ahead.

Re:Explains a lot about the economy (0)

Anonymous Coward | more than 2 years ago | (#37866602)

It isn't costing the government anything - the metal in the coin is part of the pool of physical metal that backs the balance of client's holding gold account with the Perth Mint.

All precious metal coins have face value less than their metal value, unlike circulating coins, and are sold at their metal value, not face value.

nah, not a problem (1)

WindBourne (631190) | more than 2 years ago | (#37866582)

They will sell it for a time in bulk to China expecting to make it up in volume. Then China will swoop in and buy the company and the mine. Then shut it down, move the operation to CHina and sell it at a lower cost, while keeping the coin the same.

Re:Explains a lot about the economy (2)

alphatel (1450715) | more than 2 years ago | (#37866626)

Due to fluctuations in the economy, the gold coin can be valued anywhere from $100m to $5. As it has two sides, when flipped int he air, we invoke quantum mechanics. We can see that the coin has both sides at any given times until it lands on one side, with an indeterminate value. Taking the derivative of that, the queen will surely be slain by the Kangaroo for a mere nickel.

Standard pratice? (1)

hAckz0r (989977) | more than 2 years ago | (#37866648)

The US mint often creates "collectable" coins that are sold for much more than face value. The collectors seem to be willing to spend money on coins that are double struck to give it a very glossy shine, not to mention coins with unusual face artwork. It seems some people have more money than good cents.

Re:Explains a lot about the economy (1)

craznar (710808) | more than 2 years ago | (#37866770)

The Australian economy is far from down the crapper ... this isn't the US or Europe over here.

The GFC barely even scratched us.

Re:Explains a lot about the economy (1)

sqldr (838964) | more than 2 years ago | (#37867124)

to show just how much Australia bows before its British superiors?

We don't really see Australians as inferior here in Britain. America on the other hand. My rating for a country's population is usually based on the number of elected politicians who believe that the earth is 6000 years old.

Re:Explains a lot about the economy (1)

SJ (13711) | more than 2 years ago | (#37867154)

Wow... way to show your total lack of understanding.

Firstly, the Australian economy is in pretty good shape comparatively. (Mostly held together by Western Australia and Queensland)

Secondly, the Mint is required by law to hold a certain amount of gold. What difference does it make if that gold is in house-brick size blocks or moulded into this coin?

The Mint isn't selling this coin, they just made it for funzies.

Economy101 fail (1)

thegarbz (1787294) | more than 2 years ago | (#37867264)

I wonder where you get the opinion that the economy is down the crapper? Sure the US is financially imploding and Europe is coming along for the same default swap fueled ride, but Australia on the other hand avoided a recession and on the whole is doing quite well.

What you think is insane is actually good economic policy. The gold coin is not in circulation and as such before this little experiment the government had $50m in gold, after it still has $50m in gold, nothing's changed there.

As for printing a low value on it, the goal here was to make a big frigging coin. If they printed $50m on it then it effectively has 50 times the effect on the value of the currency. $1m is a token number picked low to ensure that this awesome experiment doesn't have an effect on the economy.

As for bowing down? All Australian coins have the queen on the back. You just shitty because we didn't print a picture of a US president? It's not like we're giving this coin to our token figureheads.

Your post show complete ignorance of the economy and of politics.

Will I get any change after filling the Holden? (2)

linatux (63153) | more than 2 years ago | (#37866102)

and getting a pie n coke

Re:Will I get any change after filling the Holden? (1)

sjwt (161428) | more than 2 years ago | (#37866190)

Depends if you are buying a few grams of coke or a few kgs!

Re:Will I get any change after filling the Holden? (0)

Anonymous Coward | more than 2 years ago | (#37867302)

and getting a pie n coke

First thing in the morning I read that as
and getting a pie n poke"
She would have to be a mighty fine poke for that much coin.

Love the reeded edge (1)

Anonymous Coward | more than 2 years ago | (#37866106)

You could still file a few kilograms of gold from this coin without anybody noticing. Basically, the whole design is crude and ugly IMHO.

Change you REALLY can believe in! (3, Funny)

rts008 (812749) | more than 2 years ago | (#37866114)

*fumbles change in pocket*
"How do you get THIS in the vending machine?!?"

*cue 'Crocodile Dundee'* "No, THIS is a coin, mate!"
(My sincere apologies to Australians, but I just could not help myself. I developed a healthy respect for Aussie troops during my stint in the US Army:-)

Re:Change you REALLY can believe in! (0)

sjwt (161428) | more than 2 years ago | (#37866308)

I have herd many a story about the Aussie VS US army, and war games.. often wonder how true they are!

Re:Change you REALLY can believe in! (0)

Anonymous Coward | more than 2 years ago | (#37866654)

Hey, no apology necessary. I'm an Aussie, & when I read the original article, I was just imagining showing up with one of these coins to buy a packet of smokes.

Filled with Tungstene? (0)

Anonymous Coward | more than 2 years ago | (#37866122)

Is this one anything like the supposed 640 000 (yup, 640 K) gold bars are Fort Knox, that are, according to the Chinese who bought some and were deceived, filled with tungstene? (because tungstene has the exact same weight as gold but is 1000 times cheaper)

?

Interesting statistic (3, Interesting)

coldmist (154493) | more than 2 years ago | (#37866132)

From what I've read, all the gold in the world that has been mined could fill something like 2 olympic swimming pools, or something like that.

Considering this is like 32 inches x 5 inches, think of that sitting in the bottom of an olympic pool. Not too big, but still pretty impressive considering the relative size.

Re:Interesting statistic (2)

stjobe (78285) | more than 2 years ago | (#37866330)

From what I've read, all the gold in the world that has been mined could fill something like 2 olympic swimming pools, or something like that.

From Wikipedia [wikipedia.org] :

A total of 165,000 tonnes of gold have been mined in human history, as of 2009. This is roughly equivalent to 5.3 billion troy ounces or, in terms of volume, about 8500 m3, or a cube 20.4 m on a side.

An Olympic-size swimming pool has a minimum volume requirement of 2500 m3 [wikipedia.org] , so 3.4 of them would be needed to hold all the gold ever mined.

Re:Interesting statistic (1)

zippthorne (748122) | more than 2 years ago | (#37866964)

What's the maximum allowed volume for an olympic-size pool? 3.4 would seem to be the upper bound on the number of olympic pools needed.

Re:Interesting statistic (0)

Anonymous Coward | more than 2 years ago | (#37867266)

If that's a metric ton, then you're talking 1000 kg of gold. 2200 lbs - you need twenty average people to lift it.

I'd like to see someone mint a 500lb coin of iridium. It would only be .35 ft^3. In a box, that volume would be around 4"x12"x12". Next to it post a video camera and a sign that says "free take one."

Comprehending public debt (1, Insightful)

PolygamousRanchKid (1290638) | more than 2 years ago | (#37866136)

I hope this is put on public display. Take one lot at that, and then you will really understand what it means for your country to have debts of trillions.

Display boards with lots of digits just don't get the message across.

"See that there big 'ole coin? That's what a Wall Street Banker got as a bonus, after the 'guvment bailed out his bank.

Re:Comprehending public debt (-1, Troll)

Prune (557140) | more than 2 years ago | (#37866184)

Government debt doesn't mean what you think it does, since government is the monopoly issuer of its own currency. Government debt is an accounting fiction. Unlike private debt, government debt doesn't really have to be repaid; that's a common fallacy. http://pragcap.com/resources/understanding-modern-monetary-system [pragcap.com]

Re:Comprehending public debt (0)

Anonymous Coward | more than 2 years ago | (#37866376)

"since government is the monopoly issuer of its own currency. Government debt is an accounting fiction. Unlike private debt, government debt doesn't really have to be repaid"

That would make sense, because lending to oneself and paying back to oneself (at interest no less) is absurd.

But if it is true that government debt doesn't really have to be repaid, then why is that debt cited as reason for austerity measures for the purpose of repaying that debt?

Re:Comprehending public debt (1)

The Immutable (2459842) | more than 2 years ago | (#37866864)

Because intragovernmental debt (which is what he's talking about) is different than intergovernmental debt, which DOES have to be repaid and what everyone was panicking about a couple months ago.

Re:Comprehending public debt (0)

Anonymous Coward | more than 2 years ago | (#37866394)

government debt doesn't really have to be repaid

Tell that to the Greek.

Oh wait, they DON'T have to repay 50% of their debt.

I guess you're on to something here...

Re:Comprehending public debt (1)

Dunbal (464142) | more than 2 years ago | (#37866880)

Unlike private debt, government debt doesn't really have to be repaid

It does have to be repaid when its owed to other governments and they want to collect. Otherwise they usually send an army or better yet a coalition of armies to collect for them, like has happened many times in history. It's the debt to the "people" that doesn't have to be repaid because - the bonds are junk and what exactly are you gonna do about it, pal? Get too snotty and we throw you in jail. We're the government.

Douglas Adams saw this coming (4, Funny)

Alioth (221270) | more than 2 years ago | (#37866218)

It's funny how Hitch-hiker stuff seems to have a bearing on real life so often...

"...and the Triganic Pu has its own very special problems. Its exchange rate of eight Ningis to one Pu is simple enough, but since a Ningi is a triangular rubber coin six thousand eight hundred miles along each side, no one has ever collected enough to own one Pu. Ningis are not negotiable currency, because the Galactibanks refuse to deal in fiddling small change"

And I bet the banks would refuse to deal with this gigantic gold coin.

Negotiable curerncy? (1)

jandersen (462034) | more than 2 years ago | (#37866222)

This being petty cash, like the Triganic Ningi, it isn't worth hanging on to, since the banks wont exchange them.

And we traded them for bitcoins. (0)

Anonymous Coward | more than 2 years ago | (#37866242)

Because coins = lulz

Apostrophe (0)

Anonymous Coward | more than 2 years ago | (#37866258)

The Perth Mint as created a gold coin that is just over one tonne in weight and worth over $50 million AUD.

Correct grammar would be "The Perth Mint 'as created a gold coin..."

Density (2, Interesting)

Pence128 (1389345) | more than 2 years ago | (#37866282)

It's about the size of a garbage can lid. Gives you a bit of perspective on the density of gold.

This can't be classified as a coin... (0)

Anonymous Coward | more than 2 years ago | (#37866284)

Coins are struck from planchets, this is just BS.

Queen / Kangaroo (0)

Anonymous Coward | more than 2 years ago | (#37866378)

Many farmers think of kangaroos as pests.
They put a kangaroo on one side.
They put the queen on the other.
Is there a message here?

as an australian (0)

Anonymous Coward | more than 2 years ago | (#37866386)

i am completely disgusted by this
what a waste of bloody time and gold

You FAIL It (-1, Flamebait)

Anonymous Coward | more than 2 years ago | (#37866408)

project. TodaHy, as

Ron Paul? (1)

HyperQuantum (1032422) | more than 2 years ago | (#37866550)

Will someone please explain to n00bs like myself how Ron Paul is relevant to this story?

Re:Ron Paul? (1)

Dunbal (464142) | more than 2 years ago | (#37866848)

Because Ron Paul has been pushing for the US to go back on the gold standard for many decades. Maybe if you read up a little bit on potential election candidates, America wouldn't keep electing complete idiots.

Re:Ron Paul? (1)

Anonymous Coward | more than 2 years ago | (#37866882)

He wants to go back to the gold standard -- basing the US currency against gold.

Re:Ron Paul? (1)

Vaphell (1489021) | more than 2 years ago | (#37867478)

Afaik 'return to the gold standard' is a simplification of his stance. As a libertarian he wants people to be free to choose the currency they want to do business in. The US can issue paper money all they want but should not disallow competition.
He stands for competing currencies, including commodity backed ones (gold and silver being explicitly mentioned as a legal tender in the constitution which he follows).
Gold standard doesn't necessarily mean 'the state issues gold backed money' but 'there is at least one legit currency that is backed by this particular commodity called gold'. When a single body has the right to issue money with no backing it has everybody by the balls and can steal purchasing power at a whim as there is no physical constaint to prevent that (especially when it has the authority to use force like governments do). He thinks that given choice, people would flock to the ones that preserve accumulated wealth best, which fiat money doesn't do as it has inflation built in - the de facto gold standard is simply the end result of this choice.

Future Archaeologists. (1)

WindBourne (631190) | more than 2 years ago | (#37866620)

I wonder if a future archaeologists digs that up, what they will wonder? They will probably assume that we had a new race of 50' women take over the world, but that it was so few, that only a few of these coins were found. Then upon finding 'attack of the 50' woman' movie, they will know that man was wiped by that race.

Re:Future Archaeologists. (1)

Dunbal (464142) | more than 2 years ago | (#37866844)

You are surprisingly optimistic to think that this much gold is going to a) be forgotten about and/or b) last that long intact.

um, why? (1)

T-Mckenney (2008418) | more than 2 years ago | (#37866858)

I like shiny things, but this is a bit ridiculous. We could have used those precious metals for something more productive. Just saying. http://en.wikipedia.org/wiki/Gold#Electronics [wikipedia.org]

Re:um, why? (1)

zippthorne (748122) | more than 2 years ago | (#37867000)

There are a lot of people who confuse money for wealth, Who will see all the money that has changed hands here, and think that useful economic activity has occurrred.

Anyway, that gold can still be used in electronics, so it might as well spend some time as art until needed. The only thing wasted here is the time of the people who gathered and assembled it and the energy expended, which has a value of far less than $50e6 AUD.

It's not a coin. Perhaps a medal (2)

HBI (604924) | more than 2 years ago | (#37867064)

Coins are struck on presses with dies and planchets. This is cast. The relief is very high: this item would not stack. It really resembles a medal more than a coin.

I would have been much more impressed if they had constructed a press with sufficient power to strike such a large coin.

World's biggest gold coin... for now. (1)

VoiceOfSanity (716713) | more than 2 years ago | (#37867126)

There has been a competition between the Perth Mint (which is separate from the Royal Australian Mint) and the Royal Canadian Mint for some time now. The RCM held the record for the largest gold coin (which was 100kg in weight), beating the European Austrian Mint's 31kg gold coin. The difference is that the RCM coin was actually sold to at least one buyer, while the Perth Mint's coin is more for show than for actual collecting.

And no doubt the RCM folks are already planning to find some way to top the Perth Mint's coin.

[Disclaimer: I do not work for any of the mint's mentioned, I'm just a collector of coins. I find it hard enough to justify to myself buying a 5oz silver coin, much less something in the 1+kg range.]

I have only one question... (0)

Anonymous Coward | more than 2 years ago | (#37867492)

...why?

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