Here's an Australian politician with a ridiculous $1 million gold coin

Photo: Perth Mint

Colin Barnett has been premier of Western Australia, the nation’s vital mining quarter, through the peak of the mining boom that drove the country’s exceptionally persistent economic growth over the past decade.

If you were this person, why would you not stand next to a model of a huge coin worth a million dollars made of 99.9% pure gold and inset with a huge half-carat red diamond?

Sadly, the metals and the gem involved are so valuable that of course this is only an outsize replica, which Barnett unveiled yesterday at the Perth Mint.

We have questions. The Mint talks about a $1 million valuation, but who is buying this, and how much are they really willing to pay?

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