Rare gold coin bought 'on a whim' to sell for $240k

The coin honouring the Queen is worth more than its weight in gold.

An incredibly rare coin weighing a whopping 1kg is expected to be sold at auction for $240,000.

The coin was made in 2015 to honour Queen Elizabeth ll for being the longest-reigning monarch this country has ever seen. The hefty commemorative coin is made of pure, 24ct gold, and is one of only 15 ever made by the Royal Mint.

Because of this, it means it is worth more than its weight in gold, and is going to sell for far more than its original asking price of nearly $2,000 AUD.

The coin has five portraits of the late Queen's face engraved on the front. On one side it reads: “E II R, The longest reign.”
The coin was made to honour Queen Elizabeth ll. Source: Jam Press

The coin has five portraits of the late Queen's face engraved on top. On one side it reads: “E II R, The longest reign.” On the other side, it says: “Elizabeth II. DEI. GRA. REG . F . D . 2015 . 1000 POUNDS. It also comes with its original case and certificate of authenticity.

Owner bought coin ‘on a whim’

It's believed that the owner, from Yorkshire, England, originally bought the coin spontaneously.

“The Yorkshire owner bought this coin from the Royal Mint on a bit of a whim back in 2015,” William Hayward, coin valuer at Hansons Auctioneers said.

“It was made to celebrate the Longest Reigning Monarch in the history of the United Kingdom.

“On September 9, 2015, Queen Elizabeth II ruled for more than 63 years and 216 days surpassing Queen Victoria’s time on the throne.

“Thanks to its rarity and soaring gold prices, it will be offered at auction with an estimate of £100,00[GBP] and £125,000 [GBP].”

Rare opportunity for collectors with ‘deep pockets’

“Examples of this particular coin virtually never come to market. For a keen coin collector with deep pockets, it’s an extremely rare opportunity,” adds Hayward.

“From time to time The Royal Mint issues bullion coins in precious metals which have a much higher intrinsic value than their face value. They are legal tender but not meant for circulation. They are generally bought by investors or collectors who appreciate special editions as pieces of art.

“The coin is also important because it features a portrait of Queen Elizabeth by James Butler rather than the usual definitive effigy of the monarch we’re so familiar with seeing on coins. That makes it a modern rarity.”

— Jam Press

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