Russia issues new gold/silver coins as legal tender...

[junker]

Bank of Russia puts new gold and silver coins in circulation

08.01.2004, 17.57

MOSCOW, January 8 (Itar-Tass) - The Bank of Russia on Thursday put gold and silver memorable coins in circulation.

The coins belong to the "Signs of the Zodiac" series and have the Aquarius sign depicted on their facial side. The golden coin has a value of 50 roubles while the silver coin has a value of three roubles, a source at the Bank of Russia’s Foreign and Public Relations Department told Itar-Tass.

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also vietnam set to import
lebanon thinks gold to be the only world reserve soon
zimbawe making gold the only legal tender
china upping legal amounts of gold citizens can own
gold/silver dinar launched now in 4 countries electronically - to be followed by minted coins

and on and on

[cthrumatrix]

1. OMG..this is quite big...this will have an impact on other countries and

maybe now we see why the dollar continues to decline.

[rapier]

3. link?

This isnt big in and of itself, but is interesting

do you have a real link?

[soothsayer]

2. wow, that is cool!

i want some!

[Q3JR4]

4. Me too.

[BeHereNow]

5. Any day now...

Oil paid for in GOLD...
They may not be able to combat the US military,
but they can sure as hell THRASH the dollar.
Hang on folks, it's going be a wild ride.
Got gold?

[happyslug]

6. Here is the bank of Russia Offical Web Site on these coins

It calleds them "Legal Tender" for their stated face value in Russia, but they are still "Commenative" i.e. made for people to collect and invest in NOT for actaul circulation.

I did not check their price, but if their are like other countries Gold and Silver Coins, their price exceeds their "nominal Face value". i.e. These may be 2 or 25 Rubles face value, but will be sold for way more than that.

Present Value of Rubles to Dollars: .0344 Dollar to a Ruble i.e.
A ruble equals about 3.44 Cents. That make the face value of a 2 Ruble Coin about 7 cents. 3 rubles would equal just over 10 cents in face value.

These coins weigh:
Silver 900/1000 31.1 troy oz
Gold 999/1000 7.78 Oz

Kitco says Silver is going for S6.19 per oz
Gold Going for S422.99 (10:30 EST 1/12/04)

Thus the 3 ruble coin is worth: $173.25
and the 25 Ruble Goin Coin is worth $3290,86


Thus these are being sold way over face value, like almost every other gold and silver coin on the market.

Russian National Bank Web Site:
http://www.cbr.ru/eng/bank-notes_coins/memorable_coins/

Kitco Web Site:
http://www.kitco.com/

[Art_from_Ark]

7. There must be a mistake with the weight unit

31.1 ounces would make a HUGE silver coin. But 31.1 GRAMS would equal exactly one troy ounce, which is the most common weight for silver coins of this type.

7.78 ounces for a gold coin would make it one of the heftiest gold coins ever made. But 7.78 GRAMS would make it exactly one-quarter of a troy ounce, which is one of the standard weights for non-circulating legal tender gold coins.

Therefore, the actual values of the coins are probably $6.19 and $105.75, respectively

[happyslug]

8. You are probally right,

I am NOT in the collection of bullion (That is why I provided the websites for people to corrct me if I was wrong).

[WhoCountsTheVotes]

9. Oops - bye, bye dollar

I predicted this almost a year ago, when they first floated the idea around.

[Art_from_Ark]

11. It may be a "legal tender" coin, but

it will just be another non-circulating "legal tender" (NCLT) coin. In other words, its metal value far exceeds its face value, so no one, unless they're a thief, a kid ransacking his father's collection, or a total idiot, is going to be spending these coins in a store for face value. The gold coins are Russia's third attempt at creating a NCLT gold coin (the first being the Chevronetz, the second being the ballerinas, neither of which lasted long). If this attempt is successful, then Russia will join a long list of countries issuing NCLT precious metal coins, including

United States (gold, silver and platinum eagles)
Canada (gold and silver maple leafs, and recently discontinued platinum maple leafs)
Austria (gold philharmonics)
Australia (gold kangaroos, silver kookaburras, platinum koalas)
China (gold pandas)
UK (gold Britannias and sovereigns)
Isle of Man (platinum nobles, gold sovereigns)
Mexico (silver onzas)

and a host of other countries that produce precious metals commemorative coins that are never used in commerce.

[RainDog]

10. also- Belgium issues a TinTin coin tomorrow

I think it's tomorrow.

I don't know if it's silver or gold.

[54anickel]

12. Will Boullion securities put gold into the same category as pork bellies?

Just another commodity to trade on the market? There's the new one from WGC and the 40 year old Canadian fund will be joined with a new offering. I worry that even the gold market will end up being corrputed by all these offering and interest. Perhaps a new scheme to supress the value of gold?

http://www.minesite.com/archives/features_archive/2003/Dec-2003/BullionSecurities101203.htm


http://www.business-standard.com/today/story.asp?Menu=91&story=31587

[BeHereNow]

13. I called it in reply #5 in this thread!

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=321817
It is gonna get really bad.
Stop junking Junker for trying to warn us.
BHN