By Joshua McMorrow-Hernandez for Coinweek …….
Indian Overseas Bank (IOB) announced that it will begin issuing the Indian Gold Coin, a new bullion offering that will come in denominations of 5, 10, and 20 grams.
The 0.999-fine 24-karat coins will be India’s first-ever national gold coins and boast two culturally iconic images: a portrait of Indian independence movement leader Mahatma Gandhi and a depiction of the Ashoka Chakra, a 24-spoked circular emblem from Buddhism that represents the “wheel of the law”. It is one of the national symbols of India, and has appeared on both coins and currency.
While the Indian Gold Coin features several advanced security measures, these have not been detailed and presumably are incorporated into the coin’s intricate obverse and reverse designs, along with a combination of security marks and detailed lettering. Additionally, the gold coins are sold within tamperproof packaging.
The Indian Gold Coin was commissioned by the Indian government and manufactured in cooperation with the Metals and Minerals Trading Corporation of India (MMTC), one of the nation’s largest companies involved with the foreign exchange of products such as bullion, coal, and iron. The Indian Gold Coin was officially launched by Prime Minister Narendra Modi on November 5 and is making its way into distribution channels.
The Indian Gold Coin represents a collective national effort to flex the country’s industrial muscles and make a symbolic statement in the financial world.
“Made of more than just gold, made of us,” is the coin’s tagline as stated on the official website for the Indian Gold Coin.
“We are gold,” asserts the mission statement behind the coin. “Pure, strong, and harbingers of a golden future.”
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