Largest Gold Coin in World Sold for over $4 Million

Credit: REUTERS/Heinz-Peter Bader

The largest gold coin was put on the auction block in Vienna on Friday, and sold for an astounding $4.02 million.

Acquiring the gold coin was Spanish precious metals trading company ORO, who bid on it unopposed. The coin weighs in at 220.5 pounds.

Investment firm AVW Invest had owned the coin, but was ordered to sell it by the administrator of the bankruptcy proceedings of the company, whose CEO and owner was arrested on a number of charges related to the company.

AVW owned the coin since 2007, which was struck by the Royal Canadian Mint, and one of only five in existence.

The coin is also 21 inches in diameter and is made of the purest gold on the market - 99.999 percent.

Royal Canadian Mint Says Ready for Gold Bullion Coin Demand

We talked yesterday about the inability of some gold products to keep up with the demand, as a number of coins are being suspended until production can catch up.

There's been a surge in the acquisition of physical gold coins as uncertainty in the financial sector has caused people to look for safety; not just investment safety, but an alternative currency in case things completely fall apart.

So even though the American Buffalo 24-karat gold one-ounce bullion coin has been suspended, the Royal Canadian Mint says it's not suspending its gold coin production at this time.

Coin dealers all across North America have reported a big surge in the demand for gold coins as the financial markets continue to flirt with disaster.

While the Royal Canadian Mint may eventually have to suspend some operations, they're in a much better position than their American counterparts because of the abundance of gold in Canada. That makes them less dependent on outside suppliers.

They control their mint from digging it out of the ground to striking the coins.