Edit: The price of the coin would be over $51M at current btc price, plus the collectible premium https://finance.yahoo.com/news/kept-drawer-2-years-4-181200905.html Kept In A Drawer for 2 years, $4,905 Gold Bitcoin Physical Coin Now $48 Million, According to GreatCollections Mon, October 4, 2021, 11:12 AM·5 min read A "stretch" for the investor to purchase in 2011, the 1,000 BTC "Gold Cas" has increased in value a staggering 9,786 times since then and is now the world's most valuable numismatic item IRVINE, Calif., Oct. 4, 2021 /PRNewswire/ -- Not seen for a decade and kept forgotten for several years in a desk drawer, a one-ounce gold coin with a denomination of 1,000 Bitcoins (BTC) purchased in December 2011 for $4,905 is now worth $48 million at the BTC value as of Monday morning, October 4, 2021. Forgotten in a desk drawer for years, this 1,000 Bitcoins denomination “Gold Cas” physical coin purchased in December 2011 for $4,905 is now worth $48 million and is the world’s most valuable numismatic item. (Photo courtesy of GreatCollections.) "This is the greatest return on investment for any numismatic item, a staggering 9,786 times the purchase price." The owner of the world's most valuable numismatic item admits it "was definitely a stretch to make the purchase" a decade ago, but he's not tempted to sell it now even after its astounding increase in value. "This is the greatest return on investment for any numismatic item, a staggering 9,786 times the purchase price in just ten years. It may be the world's greatest investment in that time span," stated Ian Russell, President of GreatCollections of Irvine, California (www.GreatCollections.com) whose client owns the gold 1,000 Bitcoin physical coin. "It was definitely a stretch to make the purchase in 2011, as I didn't really know what Bitcoin was or how I was going to redeem it one day," the coin's anonymous owner said in a written statement. "I remember trying to decide whether to buy this one piece for $4,905 or whether to buy two gold bars -- about $4,000 at the time -- but thankfully decided on the 'Gold Cas.'" The cryptocurrency community refers to the 1,000 BTC coin as "the Gold Cas." That is a reference to "Casascius," the brand of BTC coins produced from 2011 to 2013. The company was created by Mike Caldwell to create physical "Casascius coins" in increments of 0.1, 0.5, 1, 5, 10, 25, 100 and 1,000 BTC units. Caldwell also produced some BTC ingots. Only six 1,000 gold BTC Casascius coins were made and four of them have not been redeemed including the one owned by Russell's client. "I was looking to buy gold and at the time in 2011 it hit a record high and was being reported almost daily in the newspapers, alongside stories about Bitcoin and cryptocurrency," recalled the coin's owner. "Most of the stories were negative about Bitcoin back then, but since the newspapers were giving it space, I thought there might be more to it. The 'Gold Cas' got my attention since it had gold and Bitcoin combined." He added: "When I bought the coin for $4,905, I really had no idea what the potential was, otherwise, I would have bought more than one! After the purchase, I forgot about it, leaving it in a desk drawer. That changed in late 2013 when I saw a headline about Bitcoin being worth $1,000, and it hit me that the coin I purchased for $4,905 was suddenly worth $1 million. It prompted me to work out what Bitcoin was all about, and since that time I've been watching it closely. Since the value of the coin increased to $1 million, there were other milestones I remember, such as when it hit the $10 million mark and then again at $25 million." "The value of the 'Gold Cas" eclipses classic rare coins, such as the gold 1933 Saint-Gaudens Double Eagle recently auctioned by Sotheby's for $18,872,250 and owned by another GreatCollections client, or the Sultan of Muscat 1804 Draped Bust silver dollar we recently purchased at auction for $7,680,000 on behalf of a client," Russell said. "It's the ultimate 21st century collectible, merging gold with cryptocurrency; a cultural phenomenon considering the vast numbers of people under 30 who own some cryptocurrency as investments," he stated. Russell said the current owner of this 1,000 gold BTC is not the presumed founder of the digital currency Bitcoin, Satoshi Nakamoto. There have been suggestions that the founder of Bitcoin owns iconic Bitcoin items such as the "Gold Cas." The 1,000 BTC coin now resides in an overseas bank vault and is not for sale because the owner is optimistic about the long-term prospects for Bitcoin. However, Russell announced that a gold-plated 25 BTC coin will be offered without reserve by GreatCollections in an auction that closes on November 14. "Bidding will start at $1, although I anticipate this 25 BTC will sell for more than $1 million," predicted Russell. Russell submitted the 1,000 and 25 BTC coins under armed guard for certification to Professional Coin Grading Service in Santa Ana, California. The gold 1,000 BTC coin is graded a perfect PCGS Proof 70 (on a numismatic grading scale of 1 to 70) Deep Cameo, and the 25 BTC is certified PCGS Mint State 67. Regarding the "Gold Cas," PCGS Interim President Stephanie Sabin stated: "This coin is set apart in its cultural significance in merging the worlds of cryptocurrency and traditional numismatics. Combine this with the staggering value of the Bitcoins it contains and we have a new Goliath." For additional information, contact GreatCollections at 949-679-4180 or visit online at www.GreatCollections.com. About GreatCollections GreatCollections is an auction house for certified coins and banknotes, handling transactions from start to finish. Since its founding in 2010, GreatCollections has successfully auctioned over 950,000 certified coins, making it one of the leading certified coin companies in the United States. Ian Russell, owner/president of GreatCollections, is a member of the prestigious Professional Numismatists Guild and member of the National Auctioneers Association. For more information about GreatCollections, visit www.GreatCollections.com or call (800) 442-6467. Ian Russell, president of GreatCollections in Irvine, California, holds the world’s most valuable numismatic item, the 1,000 Bitcoins denomination “Gold Cas” worth $48 million. (Photo courtesy of GreatCollections.)
Does it somehow contain a wallet address with 1000 BTC in it? Other wise it's just a 1oz gold coin with a BTC logo on it, worth less than 1800 bux. Unless it goes to auction and some sucker treats it like a NFT-type deal.
It has the private key to an address that contains 1000 btc's To redeem, you simply import the private key to any bitcoin wallet The coin has a serial number and verified to not have redeemed the 1000 btc's, only 1 of 4 in existence that the 1000 bitcoins have not been redeemed
My personal opinion, the 1000 bitcoins should be redeemed and secured at digital vaults If I owned the coin, I'd deposit 500 btc's at Fidelity, 250 btc's at Bitgo and 250 btc's at Xapo or any combination with different reputable digital asset providers Is it really wise to have all 1000 btc's in 1 physical coin? How much security can be put around it as the price of btc goes up? I realize people think it's impossible but if bitcoin goes to $1M, that's a $1B physical coin Even at current price or if bitcoin goes to $100K or higher, you can play around with the risk profile scenario Now, if the person who owns it is a billionaire, then there is no need to be as concerned, who cares if something happens, the billionaire will be able to take the loss with relatively not much pain
https://currency.com/gold-cas-btc-coin-bought-for-4k-is-now-worth-48m So if the private key is under the tamper-proof hologram, how would the owner get the key without tampering with the physical coin?
Ahh, I get it now. I forgot about the whole public/private key thingy. The "tamper-proof" thing is simply so that whomever got the coin and scratched away the hologram and redeemed the private key/BTC, if he then tried to sell it to someone else and claim the coin still had 1000 BTC on it, the buyer would know it is BS. Think of a lotto-scratch ticket with the "Void if removed" bit scratched off. If you bought a ticket and saw that, you would know that skulduggery is occurring.
Yes, you would peel the sticker and reveal the private key and make sure you're doing this alone or with only the most trusted people around you. The private key most likely is printed in QR code as well as manual characters I would not trust a cell phone to scan that QR code private key, in fact I would make sure I'm in a room with no cameras whatsoever Manually import and start distributing the coins to multiple local wallets you control and have backups, heck you can send 150 BTC's each to Kraken, Gemini, and Coinbase, all with 2FA The idea is to distribute risks, from 1 single point containing 1000 bitcoins to multiple points Here's the problem with the physical coin, what happens when your government decides to confiscate it? Civil forfeiture, oh but it's in a vault outside of the country? all they need is some kind of court order Single point of failure on a physical coin. Like I said, unless the owner is a billionaire, the best course is to redeem the coins Excuse my French, but fuck the collectibility factor of a virgin, untampered Casascius coin [Edit: Overnight, the public address is visible so if anyone tries to sell it as the 1000 bitcoins are still intact, the public address can easily be verified on the blockchain explorer if the coins are still there and not transferred out]
Once the BTC is secured, unloading the gold coin is easy as hell. Can do it in a day at a pawn shop, major jeweler chain, or...
Then why bother hiding the private key under a tamper-proof hologram, if the public key is all that is needed to verify the coins have not been redeemed? P.S. I can already sense the video response I will be making to the response I sense you are typing to me...
lol, no video. The public key is only the address that can be looked up on the blockchain explorer, but to transfer the coins from one address to another address, the private key is needed See this public address 17HzvxMhoke5K3oavLzPGkLy4zd35KjWEb has over 119 bitcoins? I cannot transfer those bitcoins to Coinbase and sell them since I do not have the private key to that address https://www.blockchain.com/btc/address/17HzvxMhoke5K3oavLzPGkLy4zd35KjWEb