Thursday, May 13, 2010

Israel Begins to Mint Gold Coins

For the first time, Israel will be selling bullion bearing the official state symbol directly to the public.

The Israel Coins and Medals Corporation will mint the 24-carat gold coins, which weigh one ounce (31.105 grams ) each and are 32 millimeters in diameter.

The coin bears a face value of NIS 20 and is approved for use as legal tender by the Bank of Israel.

The first bullion coin went on sale yesterday - Jerusalem Day - and bears a lion, the symbol of Jerusalem, on one side and the David's Tower on the reverse side. It is the first coin in the company's Jerusalem of Gold series. Next year's bullion coin will feature the Western Wall.

The ICMC minted only 3,600 of the first coins.

The ICMC was founded in 1961 by then-prime minister David Ben-Gurion as a government company, and was privatized in 2008 when jewelry company G.R.A.S. Design Combinations bought the ICMC for NIS 15 million.

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