'Rarest' coin in Australia sells for jaw-dropping $106,000

The Royal Australian Mint produced five of these one-kilogram coins back in 2016 to celebrate the Rio Olympics.

A rare Australian coin has sold for a staggering $106,000 at auction, making it one of the most valuable coins ever sold in the country.

The Royal Australian Mint produced five of these one-kilogram coins in 2016 to commemorate the Rio Olympics. Each coin is made of 99.99 per cent gold and took the Mint around $3,000 to produce.

But when one of the coins went up for auction this week, it was widely expected to sell for more than $100,000. Jim Noble, managing director of Noble Numismatics, told Yahoo Finance that it’s an incredibly special coin.

"This is Australia's rarest coin really, only five minted and this is number one," he said.

"It's virtually the lowest mintage you could get. If someone wants to own the best Australian coin collection, you've got to own this."

The coin features a portrait of Queen Elizabeth II on the face side and an intricate artwork on the reverse side that showcases "the 32 disciplines from the 28 sports that Australians" competed in at the 2016 Games.

"This stunning work of art struck in precious metals is the ultimate memento of Australia’s ongoing sporting achievements," the Royal Mint said.

Noble said the original owner of the coin decided to put it up for auction because he didn't have the necessary space.

"It had been on display at the Royal Australian Mint at the purchaser's request and interest, but they've taken it off display in 2023," Noble explained to Yahoo Finance.

The auction opened with a starting bid of $60,000 and it quickly raced into the final sale price of $106,000.

Noble Numismatics, who coordinated the sale, predicted the coin could have sold for as much as $118,000 as that's the current price for a kilogram of pure gold.

Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.

The above is the detailed content of 'Rarest' coin in Australia sells for jaw-dropping $106,000. For more information, please follow other related articles on the PHP Chinese website!