Thursday, 28th April 2005 (3440 views)

A new bill has been passed by the White House to create the first 24-carat gold bullion coin for America.

The House approved the creation of a new gold-coloured coin displaying the faces of presidents, which would join the Sacagawea coin, worth one dollar but selling for more.

It is hoped the coin will boost the use of dollar coins, however the legislation meant the nation's first investment in a gold bullion coin would also be set up.

The coin would have a face value of ten dollars but would sell for more and would show the portraits of first ladies.

Coins will go on sale from early next year.

According to officials at the Mint, the coin could help the US gain a bigger share of the global market in gold collector coins, with the potential world market currently standing at $2.4 billion per year.

At present Austria, Canada, China, Australia, Mexico and Singapore hold the market.

In the past 22-carat American Eagle gold bullion coins have been produced by the Mint for collectors.

 

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