The Indian Gold Coin
The Indian Gold coin has been making headlines in recent times. It is actually quite rare that a new gold coin enters the top league of gold bullion coins worldwide. It is even rarer for a gold coin from a yet not so renowned minting institution to make a push into that realm.
The last time that a new gold bullion coin from a less renowned minting institution gained worldwide acclaim was in 1982 when the China Mint began issuing Chinese Gold Pandas. Nowadays, they count among the top “brands” in the gold bullion coin market but back in 1982, they were more or less a kind of experiment from the China Gold Coin Corporation and the Chinese government. That experiment has paid off handsomely and about 3.8 million Gold Pandas (all denominations together) were minted in 2014.
The days when China’s GDP growth dazzled economists are long gone and a number of countries now have faster-growing economies. One of them is India and it seems that the Indian government in conjunction with the state-owned MMTC bullion trader is trying to pick up China’s former playbook in promoting the new Indian Gold Coin.
Indian Gold Coin Specs
The official but unromantic name of this series of gold coins is, you guessed it right, “Indian Gold Coin” which is also engraved on the coins itself. The coins are designed to display the emblem of the Ashoka Chakra on one side and the portrait of India’s national hero Mahatma Gandhi on the other.
The Indian Gold Coin series is made out of 99.9% pure gold (24 karat) by the state-owned MMTC bullion trader. MMTC has them minted in India at its own minting facility. The Indian Gold Coin is available for purchase as a 5 gram coin, 10 gram coin and 20 gram gold bar. It is highly unusual to use the design of a coin on a gold bar as well and maybe even unprecedented.
The daily prices of these three Indian Gold Coin denominations (though one of them is a gold bar) can be checked online and the coins are available at all MMTC outlets. They are available at branches of the Indian Overseas Bank, Vijaya Bank and Federal Bank as well. Negotiations to sell them through the State Bank of India as well as the India Post are under way.