French Mint Prompts Gold Rush with €1,000 Coin
Source: Commodity Online (4/11/11)
"Coin is already trading at more than its face value a month before its issue date as buyers clamored to place orders."
The French Mint will produce only 10,000 of the new coins, Radio France Internationale reported. With a face value of $1,448 at current exchange rates, the coins, which weigh 20 grams, or 0.7 of an ounce apiece, are the highest denomination ones ever from the mint.
Hundreds of people lined up Friday as the mint opened reservations. Coins must be reserved by May 7 with delivery expected in mid-June.
By Saturday morning, buyers on line were offering €1,200 for the coin.
The mint is also producing a silver coin with a face value of €100. Both the gold and silver coins show the Greek hero Hercules with women representing Liberty and Equality.
The coins are legal money and can be used for purchases. In practice, most buyers are expected to be collectors or investors.