For the first time, the Israel Coins and Medals Corporation has issued a gold coin. The coin, which features David's Citadel rising above the walls of the Old City of Jerusalem, can be used as legal tender and is expected to have value as a collector's item as well.
The coin was unveiled last week in honor of Jerusalem day.
The Israel Coins and Medals Corp. plans to issue 3,600 of the coins; each customer will be limited to buying five or fewer. The price of the coins will be set each day according to the London Metal Exchange value for gold on the previous day, and is expected to vary.
A press release from the corporation stated there was “great excitement” about the coin, so much so that the phone lines crashed as the corporation was flooded with callers asking about the coin or hoping to make a purchase.
Gold is Up
Mints around the world have reported increasing consumer interest in gold coins in recent months. Consumers have turned to gold due to concerns about financial instability and the potential for inflation, analysts say. Mints in Europe and America have reported a shortage of gold coins.
The price of gold approached its record high Monday, possibly due to concerns over the European debt crisis and rumors that some countries may abandon the Euro.