Gold in 1,000 $1 coin set to hit new high at $1m in U.S. auction article A new set of 1,001 gold coins will set a new record for the most expensive $1 coins ever sold in the United States, according to a report Thursday.
The auction house that runs the event said it sold 1,011 of the 1,600 coins at a price of $1 million to mark the one-year anniversary of the first one-millionth sale, which began in 2012.
Gold is still considered a precious metal and is considered a safe store of value because of its low melting point, which means the metal is not subject to the same sort of melting that occurs when metals melt in fire or acid rain.
The sale, part of a major milestone for the coin, comes on the heels of a record-setting $7.6 million sale of $10 coins in May at Christie’s auction house in New York.
There were more than a dozen sales for each of the previous five months, including an auction for a gold coin in 2013 for $15 million.
At Christie’s, the 1 millionth coin was sold at $100 million, or $1 billion.
“It’s very important to me that the value of gold is kept intact,” said Peter Lauterbach, the auctioneer who was named as the auctionmaster for the sale.
“We’re hoping that people continue to buy and sell and trade it.”
Gold’s price surge was prompted by the collapse in the price of the metal, which has fallen sharply in recent years due to the effects of the global financial crisis.
In the United Kingdom, gold prices hit an all-time high of $2,000 an ounce on Wednesday after a spike of $30 per ounce at the start of the year.
The benchmark spot price is $1:1,250 an ounce.
In the U.K., the pound gold price hit an overnight high of £1,934.60, or 2.9 percent above the year-ago level.