£1,000 Olympic Gold Coin to Become Legal Tender

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"In total, 60 will be made, alongside 14,000 silver £500 coins."

First-ever legal tender £1,000 gold coinThe Royal Mint's solid gold coin will weigh 1 kilogram (2.2 lb.) and is the first time the Royal Mint has made such a large coin that is legal tender. Of course, it will require legislation in Parliament before the manufacture can start.

Because it is legal tender, any person who buys the coin will, in theory, be able to take it into a shop and use it to buy something.

In practice, this is highly unlikely to happen because though the coin has a face value of £1,000, it is expected to cost between £40,00 and £45,000, meaning the coins will only be bought by collectors.

In total, 60 will be made, alongside 14,000 silver £500 coins.

There have been 1 kg. gold coins produced by the Royal Mint previously, to commemorate the 70th anniversary of the Battle of Britain. However, these were not legal tender in the United Kingdom as they were technically Alderney coins—minted on behalf of the Channel Island.

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