Wednesday, 21st June 2006 (2948 views)

The US Mint has released the country's first 24-carat gold coin, reflecting the high esteem in which the yellow metal is held and harking back to an age when gold coins were considered the primary form of money.

The coin is 99.99 per cent pure gold and based on a traditional design, featuring a buffalo on one side and an Indian chief on the other. The images were created by artist James Earl Fraser and the coin is available to authorised buyers immediately.

Although the coin will be designated a $50 piece, its actual price will depend on the price of gold and it is likely to prove popular with investors. The Mint hopes that it will overtake the Canadian Maple Leaf, currently the world's top-selling 24-carat gold coin.

Gold has proved to be a reliable safe investment bet in light of recent hikes in the price of oil.

The value of the precious metal has been recognised since time immemorial. The first gold coins were minted by King Croesus of Lydia in around 560BC.

 

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