Thursday, September 30, 2010

Australia's Last True Coin

Shown above is the Australian $200 coin, produced by the Royal Canberra Mint in 1980.

It was minted from 10.0 grams of 0.9167 fine gold (22 carat) which converts to 0.2948 ounces of gold.

At the time the gold value of the coin was less than $200, and if memory serves me right it was sold to collectors for approx. $240.

Why I describe it as Australia's last true coin is that like the silver 50cent coin from 1966 it is true money every sense of the world. It is of a standard purity and weight and has most importantly has acted as a store of value.

Why do I say the $200 gold coin is a store of value? Well today that coin is worth $430, but a pile of ten $20 notes from 1980 are worth? yes that is right $200. So now the question is do you want to save your "money" in plastic notes or as a digital balance in your bank account, or would you rather trust gold and silver to protect your savings?

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