An online Teletrade Premier Plus auction Aug. 16 will give collectors a market price for the first time for a 100-kilo (3,215 troy ounce) Canadian gold coin with a $1 million face value.

The coin, which contains more than $2 million of gold bullion, was introduced by the Royal Canadian Mint in early May, but so far sales have been by private treaty.

“This is the first 100-kilo coin that is available for sale to the public. It will be the most valuable coin ever offered in an online-only auction, said Ian Russell, President of Teletrade of Irvine, Calif., a division of Spectrum Numismatics International.

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