The $1 million Canadian Maple Leaf coin was snatched by ORO Direct – a gold trading company in Madrid.
For 3.27 million Euros, a Spanish gold trading company bought the world’s largest and rarest gold coin in its exact material worth, from the estate of an insolvent investment firm in Vienna on Friday.
The 100 Kg coin is part of the 5 Canadian Maple Leaf Coins, with $1 Million inscribed on them and these precious coins are the only ones that Canadian Mint has ever produced. ORO was lucky enough to quickly snap up the coin through a written agreement and a valid bid.
Although there were other buyers in the auction house but no one made a counter offer against the stupendous amount of 3.27 million Euros. Besides, the room was full of journalists and media people, rather than a horde of buyers.
The auction was ordered by the Austrian Investment group – AvW Invest, which filed for insolvency on May. The company’s insolvency case was followed by the arrest of AvW’s CEO and owner. Rumor has it that the former CEO was arrested on the counts of fraud, misrepresentation and breach of trust.
The coin was developed by the Royal Canadian Mint with the intentions of entering in the Guinness Book of Records, as the world’s biggest gold coin and experts believe that the 100Kg heavy coin is 99.999% pure.
Image credits: Mint.ca.