The Reserve Bank of Zimbabwe (RBZ) will release the Mosi-oa-Tunya gold coins onto the market today and they will be sold in local currency, US$ and other foreign currencies.
Their price is based on the prevailing international price of gold plus five percent to cover the cost of production and distribution of the coin on a payment versus delivery basis.
Individuals and institutional buyers of the coins will be required to hold them for at least 180 days before selling them while exporters earning less than US$1million will be allowed to use the surrender portion of their receipts to purchase the coins in foreign currency.
The Mosi-oa-Tunya gold coin, named after Victoria Falls is made mostly of gold.
Most gold coins minted since 1800 are 90–92 percent gold (22 carats), while most of today’s gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo.
Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91,7 percent gold by weight, with the remainder being silver and copper.
In a statement, RBZ said once payment has been received by the selling agent, the buyer of the gold coin shall take physical possession of the gold coin or opt to keep the gold coin through bankers of own choice (custodial services) on terms and conditions of the custodial service provider.