| Commemorative Coins |
Gold coins or medallions struck to commemorate special events or anniversaries. They have achieved considerable popularity with collectors, although often sold at a substantial premium over their gold content.
A $5 gold coin issued in
the United States
for the 1988 Winter Olympics
(Credit: courtesy MTB Banking Corporation)
Usually a few thousand are struck (often with a larger minting of silver coins) but on occasion considerable amounts of gold may be used. South Korea minted nearly 7 tonnes (0.22 m oz) of 1 ounce and ½ ounce 925 fine gold coins to mark the 1988 Olympic Games. For the Sydney 2000 Olympics a more modest issue of 10 gram proof gold coins was struck in eight designs, with limited mintages of 30,000 each, requiring 2.4 tonnes (0.08 m oz) of gold.
The record commemorative issue was Japan’s 20 gram Hirohito coin minted to mark the sixtieth anniversary of the Emperor Hirohito’s reign in 1986. The initial issue of just over nine million coins required 182 tonnes (5.8 m oz) and a second issue in 1987 of one million coins took another 16.6 tonnes (0.53 m oz). The discreet Japanese purchase of gold for this coin had considerable effect in strengthening the gold price in 1986. The legal tender coins had a face value of 100,000 yen in gold, a premium of 150 per cent. A second commemorative issue of 3.5 million coins of 30 grams each was made in 1991 to mark the enthronement of the new Emperor Akihito. See also Olympic Coins.