This $1 million Australian coin sold just 2 days after it went on the market

The $1m Kimberley Treasure coin. Source: supplied

At $A1 million, perhaps this coin made by the Perth Mint is small change for an Emirati sheikh driving his Bugatti Veyron around Dubai.

But even the mint’s CEO, Richard Hayes, sounded a little surprised when the coin – made from 1kg of 99.99% pure gold, and with a 0.54 carat red diamond from Rio Tinto’s Argyle mine in Western Australia embedded in it – sold within 48 hours of going on the market last week.

The coin, dubbed the Kimberley Treasure, is legal tender in Australia because it has Queen Elizabeth’s effigy on the “heads” side, and a red kangaroo holding the gemstone on the “tails” side”. To put it in perspective for numismatics , that’s 3.25 tonnes worth of $2 coins.

The Kimberley Treasure sold to Tiara Gems and Jewellery DMCC chairman Ashish Vijay Jain, who plans to show off his newly prized possession in Dubai.

“We are honoured to bring this prestigious collectable to Dubai, the luxury hub of the Middle East,” Jain said in a statement on news of the sale.

“We believe in the collection of extravagant items and endeavour to acquire many rare and exclusive pieces from around the world.”

Hayes said there were several interested parties vying for the one-off coin.

“This is a testament to the coin’s status as an object of desire and it has certainly found an ideal home in Dubai,” he said.

Australians still get a chance to see what they missed out on in the next few weeks, with the Kimberley Treasure coin on display in The Perth Mint Shop, 310 Hay Street, East Perth, until Sunday, 14 August.

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