Worth up to 32,000 LE, will you be buying one?
The Ministry of Finance Public Treasury (MFPT) provided 90KG of pure gold to celebrate the inauguration of the New Suez Canal project, issuing an assortment of gold medals along with coins made of gold and silver commemorating the new project; 18,000 gold medals and 100 brass and gold-plated copper medals will be minted by the Egyptian Mint Authority (EMA).
Coins are worth between LE1 to LE5 while the prices of golden medals will vary according to weight; a quarter ounce medal will be sold for LE4,500, a half ounce medal will be sold for LE8,500, a one-ounce medal will be sold for LE16,400 and a two-ounce medal will be sold for LE32,000 – all minted and sold to the public by the MFPT
According to Mohammed Fathi, head of the MFTP, the gold supplied for these purposes will not be affecting state budget, with some gold being recycled/melted down from older gold coins.
Sales from the venture have proven to be exiguous thus far, as conveyed to economic newspaper Al-Mal by an official source, with only one rare-coin collector taking severe interest and requests to be first to buy a gold medal offering in exchange a payment of LE50,000. Government expects sales to pick up momentum in the near future.