One cannot exactly pocket the $1 million coin the Perth Mint unveiled Thursday. It is the largest, heaviest and essentially most valuable gold coin in the world.
The universe's most precious coin weighs about 2,231 pounds, is 99.99 percent pure gold and is worth $55 million in the U.S.. According to The Sydney Morning Herald (SMH), the enormous coin is about 31.5 inches wide and 4.7 inches deep.
The SMH reports that the coin is Australian legal tender and has a denomination beyond its gold value at $1 million.
Perth Mint chief executive Ed Harbuz said the coin was '"the pinnacle of ingenuity and innovation" in a video of the coin's making.
''To cast and handcraft a coin of this size and weight was an incredible challenge - one which few other mints would even consider,'' he said.
The coin's creation was an 18-month process as the features include details like a bouncing red kangaroo on one side and Queen of England Elizabeth II's motif on the other.
Referencing the conception process of the coin, Harbuz said, "The Australian kangaroo gold bullion coin is one of the most popular bullion coins in the world. But we want to raise its profile even more. ... The one-tonne gold coin will be another attraction people can enjoy when they visit the mint."
Australia bumps Canada out of the top spot for the world’s largest coin as the Royal Canadian Mint (220.5 pounds) held the previous record, according to the Guinness World Records.
The Perth Mint was founded with the Perth branch of Britain’s Royal Mint in 1899. It is commonly referred to as the Gold Corporation.
According to its website, the Gold Corporation operates Australia's only LBMA accredited gold refinery, which refines most of Australia's gold production, gold from surrounding countries and also secondary gold, mainly from Asia. It is one of the highest throughput gold refineries in the world and also refines considerable quantities of silver.
Here is a video of Perth Mint creating the gold coin: