A new commemorative gold coin marking the 2008 Olympic Games in Beijing has been released for sales and it can been purchased by anyone willing to pay $1 million. The coin weights 22 pounds. However, one question arises, and that is, why should one pay a million dollars for a coin that is not a rarity. The answer is rather simple: this numismatic item is made in solid-gold that has the weight of a one-year old toddler and such kind of gold is extremely rare.

The institution that struck the coin is the China Mint. According to Douglas Mudd, who holds the position of a curator at the American Numismatic Association money museum, the coin that commemorates the 2008 Olympic Games is currently the biggest specimen ever made.

"Twenty-two pounds - that's a lot of gold. The coin market is very hot. We're seeing record prices at practically every auction." Mr. Mudd says. It is worth mentioning that today the price per an ounce of gold is $928. This means that the value of the gigantic gold coin, if melted down, would be $300,000. The limited edition features 29 pieces and this particular specimen represents the only one issued for sale in the United States.

One side of the commemorative coin includes the logo of the 2008 Olympic Games and the other side features a Chinese temple that rises above Olympic athletes. The coin's diameter is 7 inches and it is stored in an ornate carved box made of African Blackwood. The top of the box includes a carved stone dragon weighting 35 pounds.

"There is certainly a history of people paying more than $1 million for certain rare coins," mentioned Jay Beeton, the marketing director of the American Numismatic Association.

Asset Marketing Services, which is the parent company of GovMint.com, since 1984 has been marketing coins, jewelry and watches directly to its clients. Today the company reached $110 in sales and includes 200 employees. Nicholas Bruyer, the man who put the roots of the company, had earlier worked on Olympic Games product marketing. Some of the coins linked to 200 Olympic Games in Sydney were sold by GovMint.com. It was probably the company's success in selling a couple of rare gold prototype coins for $1.5 million that drew the attention of the China Mint. The pair of coins was never issued by the U.S. Mint.

The 2008 Olympic Games commemorative coin was obtained by GovMint.com a couple of weeks ago; however, the company does not intend to arrange any public displays. The promotion of the coin goes online together with some of the items that have a more affordable price. GovMint.com was able to contact collectors from around the country. Nicholas Bruyer hopes that his million dollar gold coin will be sold before August 8, 2008, when the Olympic Games will begin. The shipment of the coin to its new owner will be performed using an armored vehicle.

It's worth noting that besides China, the gold coin minted to commemorate the 2008 Olympic Games in Beijing has no value as currency. The peculiarities of the coin in short are presented below:

Size: 7 inches in diameter

Weight: 22 pounds, not including presentation box

Number made: 29

Available in the U.S.: 1

Issued by: China Mint

Marketed by: GovMint.com

Price: $1 million