World's largest gold coin sells
A precious-metals company plunks down $4 million for the 220-pounder.
What's slightly bigger than an extra-large pizza and weighs as much as a refrigerator? The world's largest gold coin, which sold Friday in Austria.
The 2007 maple-leaf coin (pictured) weighs 220 pounds and is 21 inches in diameter. It was up for sale at the Dorotheum auction house in Vienna, reports The Associated Press.
As the gold frenzy hits a fever pitch, Spanish precious-metals company Oro Direct bid $4 million to win the coin. No word on what the company plans to do with its prize.
The coin is part of a series introduced in 2007 with a face value of 1 million Canadian dollars. The coin is 99.999% pure gold bullion and features Queen Elizabeth II on one side and the maple leaf on the other, AP reports. It took six weeks to make.
Back in 2007, the coins were selling for $2.7 million. So the value has increased 50% in three years, even though the per-ounce price of gold has doubled since then.
Post continues after video:
Obviously, this coin smashes that rule. So why would a company want it? Perhaps for promotional value, one expert said. A company could put it on display to draw attention to the more-common gold coins it sells.
More from MSN Top Stocks:
- How NOT to buy gold
- So gold is hot: Time to sell?
- Gold isn't the only inflation hedge
- India buys 200 tons of gold
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.