Ministry of Natural Resources Clarifies value of Commemorative Gold Medallion

The Ministry of Natural Resources (MNR) is aware of media reports regarding the value of the 50th Republic Jubilee Commemorative Gold Medallion unveiled on 17.02.2020. The reports in both online and print media have suggested that the medallion is valued at $700,000 GYD.

This however, is not an accurate representation of the message that was intended to be communicated by the MNR. As such, the Ministry wishes to clarify the specific remarks by Honorable Raphael Trotman, the Minister of Natural Resources, during the ceremony.

The Minister in distinguishing between a commemorative coin and medallion, noted that “though it [Gold Medallion] is 99.9% pure Guyana gold and weighing one Troy ounce, and valued at today’s prevailing prices at several hundred thousand dollars, it is not legal tender.”

The MNR therefore elucidates that the statement indicated that given the prevailing price for gold, the medallion’s worth surpasses that of two hundred thousand dollars; however it is not marketed or reflected at seven hundred thousand dollars.

As we progress, the MNR apologises for any misunderstanding of the intended message and it is imperative that published information regarding the medallion is corrected. The MNR thanks all in advance for understanding and cooperation at this time.

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