Friday, 31st August 2007 (1033 views)

A gold coin with a face value of CA$1 million (£471,000) has failed to sell at an auction in Canada.

The event, hosted by certified coin and currency auction company Teletrade, saw bids for the 100kg 0.99999 fine gold coin reach CA$1.95 million, but did not meet the reserve price of CA$2 million.

"While the big Canadian coin did not sell - it came very close - the reserve was $2 million and the bid was up to $1,950,000," said Teletrade president Ian Russell, according to Numismatic News.

The coin is over 20 inches in diameter and more than one inch thick, and was produced by the Royal Canadian Mint.

According to the website, other gold coins at the auction did sell, with an average lot price of US$1,900 (£944) and a total sale haul of US$220,000.

California-based Teletrade was established in 1986 and holds three certified coin auctions each week, according to the firm's website.

 

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