Mintage: 2.009 The first coin of the series - The Binary Eagle - is a silver collectible coin minted of 1 oz .999 pure silver in proof quality with the face value of .01 BTC. Bitcoin value was attached to the coin by applying a sticker with bitcoin wallet keys printed on it, and protected by a holographic image. A Private Key, which is needed to redeem the face value, is automatically printed and is not stored by the manufacturing company, which means only the owner of the coin has access to it and thus can realize the face value of the coin at any time.
A quick search I did came up with several hits including these: http://www.topworldcoins.com/hot/favorites http://www.coinworld.com/news/bitco...-binary-eagle-mint-of-poland-numismatics.html .
Nice coin I haven't had a chance to put up yet. Designed by a Spanish company for TopWorldCoiins and minted by the Mint of Poland. I like it.
I dont get it??? Costs over 3 times the price of its face value with a very high premium on its silver weight? Chinese factories can pump out millions of collectable coins for less than 1% of there value!
The face value has no bearing on the price of a commemorative coin, it's just a way of making it nominal legal tender. A Ferrari contains a similar amount of metal, plastic, glass etc, as an E-class Mercedes. The Ferrari is low volume and thus the costs of design, development, marketing etc. are spread over a smaller number of vehicles. Plus official Chinese coins are hardly a good example of low premiums and the stuff you seem to be refering to is likely the counterfeit, crap rubbish that appears for no reason other than to con the gullible.
Face value may have no bearing usually, but in the case of this coin, the bitcoin value can be redeemed at any point by the owner using the code. Which is not, as the 'Coinworld' article states, $33.80. That would be for 10c bitcoin. 1c redemption value is approx $3.40. But nobody is going to use the code to redeem, anyway. Wouldn't that ruin the "completeness" of the coin and render it a "round" rather than a coin? Actually, that begs the question is it nominal legal tender at all, when the face value is virtual rather than physical? And if not, why the price tag of $100 for what is essentially a gimmick 'round'.
That is what I was trying to say Its really just a silver round with a price tag of $100 US, better to buy 3 legal tender coins with a real face value and 2 more ounces of silver.
I would though! because they both have the same end result to me, that is just my opinion and the reason i dont get it people will pay a higher price for a silver coin with a Ferrari on it than they would a silver coin with a Ford Falcon on it
The linked article - http://www.coinworld.com/news/bitco...-binary-eagle-mint-of-poland-numismatics.html is completely incorrect in saying 0.01 Bitcoin is worth $30, it's a hundredth of a Bitcoin not a tenth thus is really worth about $2 It's a niceish design but definitely does not live up to the hype nor is worth the massive premium There is another mint - who I won't name because it's distasteful to slander on another thread - but they'll do 0.1 Bitcoin for $80, although it must be said the coin isn't silver
This isn't new, remember the Casascius physical bitcoin. That guy got shutdown by some US fed agency for illegal money transmitting (whatever that is). He is back selling unloaded coins, like a physical wallet. I like the concept but at these prices its pure novelty. Also you have to trust the bitcoin value is really there, worry about some possible crackdown in the US and the holo foil can be easily tampered with, see the crack on the Casascius coin at Defcon http://www.coindesk.com/casascius-bitcoin-mint-resumes-sales/ http://codinginmysleep.com/casascius-physical-bitcoins-cracked-at-defcon/
The BTC value is trivial so there may not be concerns, IOW its more like a really pricey silver round.
