29 Oct 2011

New gold coin unveiled in Perth

11:51 am on 29 October 2011

Australia has unveiled a gold coin weighing 1000kg.

The Perth Mint produced it in time for Queen Elizabeth's visit to the city in Western Australia for the Commonwealth heads of government meeting.

The coin has a kangaroo on one side and the Queen's profile on the other. It is nearly 80cm in diameter and 12cm thick.

The ABC reports the coin is five times heavier than the world's previous largest gold coin, made by the Royal Canadian Mint.

Australia's coin is 99.99% pure and has a nominal value of $A1 million. The gold itself is worth more than $A50 million.