Guyana: Gold board moving towards minted gold coins

Guyana: Gold board moving towards minted gold coins

1977 Guyana Gold $100 being sold online

The Guyana Gold Board (GBB) has started the groundwork for the implementation of minted gold coins and ingots, allowing persons to make certified purchases similar to what can be obtained in the United States and other countries.

Chairman of the Board, Gabriel Lall, told Kaieteur News that the senior managers are working closely with both local and foreign companies to design and be ready to deliver for approval various designs for consideration and the associated cost for production.     

“We are expecting some progress reports within the next several weeks,” Lall stated.

He revealed that the board is pursuing local input in the designs and would later rely on overseas companies for the production since Guyana doesn’t have the capabilities to undertake the minting of the coins.

“We want to enshrine in the design, national attributes. We want local fingerprints on this at the initial stages in terms of design and appearance,” Lall stated.

He said further discussions will surround quality control between Guyana and the overseas company which will undergo the minting process.

“We plan to deal with reputable overseas organizations. We can do our own testing in terms of quality control, but we have been using several reputable companies for years,” Lall noted.

He said the Minister of Natural Resources, Raphael Trotman, has given the board a mandate to utilize gold-minted coins as a revenue earning for the board. According to Lall, the Management team of the Gold Board has been moving to get something tangible to deliver.

Guyana has previously issued commemorative gold coins, which were released by the Bank of Guyana. Businesses and individuals tend to hold or invest in gold through gold coins, gold bars, and gold bullion. These items can then be traded.

Minister Trotman stated that Government envisions that the Gold Board will move away from just burning gold and shipping it overseas.

“This year, we will be moving to producing commemorative coins and ingots so that people can come and buy gold as Guyanese.

If I am a citizen of Canada or visitor to Canada or the U.S, I can go and buy gold and it comes with a certificate and a number. I believe that is where we are heading. I am happy that the board is responding to this,” Trotman stated.

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Comments

  • Chris Prashad  On April 16, 2018 at 2:18 pm

    A brilliant idea but having an overseas company doing the minting will eat a big
    potion of the perceived profits for the GGB. Hopefully, the possibility of establishing a
    mint locally, owned by Guyanese, will become a reality in the very near future.

  • Albert  On April 17, 2018 at 11:07 am

    What they did not say is how would the value of the minted coin be determined and what guaranty would be in place to ensure the payment of the possibly appreciated value of the coin 10-20 years after purchase.

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