“The pinnacle of ingenuity and innovation”? Australia issues $1 million coin made with $55 million worth of gold

Perth Mint chief executive Ed Harbuz calls it “the pinnacle of ingenuity and innovation,” but this idea sounds crazy silly to me.

Australia’s Perth Mint had produced a $1 million (in Australian currency) coin made almost entirely of gold (99.99% to be exact.) The weight? A ton, literally. This is a $1 million coin that’s made from ton of gold. When you think for a minute how high gold is these days, the logic starts to deconstruct.

You can use the coin to make a $1 million down payment on a mansion, or, you could sell the gold for $53.5 Million ($55 million in US cash)! File this under “Rich people problems.” The coin isn’t really for spending though. It took about 18 months to make, and now it’s on display so people can gawk at the mind-bending opulence.

Ed Harbuz went on to describe what a feat actually making the thing is, and he’s right about that:

“To cast and handcraft a coin of this size and weight was an incredible challenge — one which few other mints would even consider.”