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What is a Casascius Coin?
- Harina Rastogi
- Mar 27, 2022
.jpg "What is a Casascius Coin?")
“I think anybody who is interested in keeping their money safe from the criminal banking system would want gold, silver, and Bitcoin.”
- Max Keiser
In 2011 the first version of physical bitcoins were released by Mike Caldwell. He called them Casascius Coins. It was basically an acronym for “Call a spade a spade”. Caldwell updated in his blog that people asked him for a change and he delivered it to them in the form of Casascius Coin.
In this blog we will learn more about the term coined by Caldwell, i.e. “Casascius Coin”.
Also Read | Trading and Investing in Bitcoin
What is a Casascious Coin?
A Casascius Coin is a physical version of a Bitcoin. It is available in increments of 1, 10, 25, 100 and even 1000 Bitcoins. The main reason for designing these coins was to make them available for market transactions. Here market transactions mean face to face purchasing and selling.
This coin comes in different shapes, designs and forms. It is one of the first physical bitcoin. Till 2013 Caldwell produced Casascius coins but he had to shut it down. The reason for shutting down was because of the intervention of FINCEN.
FINCEN stands for Financial Crimes Enforcement Network. It is a US treasury department that keeps a check on the financial transactions to prevent money laundering, terrorist financing and other money related frauds and crimes.
It was believed the Casascius coin required licensing because it required money transmitting. Because of no license Caldwell had to stop production. During 2011 to 2013 Caldwell was successful in creating 27,938 coins which were valued at 91262.8 Bitcoins.
These coins are great for investment purposes. If you invest in Casascius Coins then you get value above the “Peel Value”. Some people believe that these coins contain bitcoins.
But in reality not every Casascius Coin has BTC in them. Since, Casascius Coin was invented many other physical coins have been produced like:
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Alitin Mint
-
Titan Bitcoin
-
Cryptmint Coins
-
Antana Coins
-
Ravenbit Satoshi Coin
Also Read | Terra Coin
Interesting Facts on Casascius Coins
-
Rare 1 BTC Casascius Coin sold at 350% above the peel value.
On January 20, 2020, 1 BTC Casascius Coin was sold on 4K.com which is the only site where physically backed Non- Fungible Tokens are sold. A rare coin which was unpeeled was sold at 3.5 times the face value.
Elias Ahonen was the coin authenticator. As we know, a limited number of Casascius coins are left in the market. Therefore, their value has increased a lot and premiums are being charged over the face value. At that time there were 19,752 unpeeled coins left.
4K was the platform on which this transaction took place and before it people that wished to buy this coin had to search everywhere. The authenticator of the coin said that-
“As Casascius coins become increasingly recognized as tangible relics of the blockchain revolution and the value of the enclosed BTC rises, authentication becomes all the more important,"
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Great Collections sold Casascius Bitcoin for $1.69 million
We read earlier that Casascius Coin is available in various increments of BTC. In 2021 there was one such 25 BTC Casascius Coin that was sold for $1.69 million on Great Collections. Around 100 bids were received for this deal.
It was called “Baby Cas”. Caldwell produced around 800 coins of 25 BTC out of which half still remain unsold or unredeemed.
The President of Great Collections Ian Russell said that there were many bidders that showed great interest in buying this “Baby Cas” as it is one of the rarest physical bitcoins that had been brought for auction.
People from 14 different countries participated in this bid and even the numismatic community showed a great deal of interest in the auction of 25 BTC Casascius Coins.
Also Read | What Is Bitcoin Private (BTCP)?
Different Varieties of Casascius Coin
Casascius Coins are available on many different marketplaces for purchasing. BTC is the only form of payment that is accepted in exchange for a Casascius Coin. But nowadays you can find this coin on sites like- ebay, BitMit, Memory Dealers etc and they accept other modes of payment as well.
The coin comes in many different varieties that are listed below.
Different varieties of Casascius Coins
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฿0.5 Casascius Coin
This is a brass coin and has a 25.4mm diameter.
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฿1 Casascius Coin
This is also a brass coin but it has a diameter of 28.6mm. The size is bigger than the US quarter but smaller than half dollar. The weight is a quarter ounce.
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฿25 Casascius Coin
This coin was produced in 2011 but it is available for sale. The diameter of the coin is 44.5mm and it is about 2.9mm thick with weight of around 1.2 ounces. It has gold electroplating and the overall look is very beautiful.
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Casascius 2-Factor Gold-Plated Savings Bar
This looks like a gold bar. It is 8mm*40mm*6mm in size. The weight is 4.2 ounces. But if it was made of real solid gold then the weight would be around 12 ounces. It has preloaded BTC (100BTC). It also includes 2 factor encryption.
Also Read | Bitcoin Future ETF
Has Casascius Coin Production actually stopped?
We know that in 2013 due to licensing issues the production of Casascius Coin was stopped. But did Caldwell mint any coins after April 2013? This is the main question in the minds of many people.
The truth is yes, he did stop producing any more coins. But on 28 April he stated that he has started minting again. He made some changes in the prices as well as deliveries.
He made around 8000 1-BTC tokens and said that he would produce more if they all get sold. He also added 0.5-BTC coins. These were a little smaller than the 1-BTC but had the same design.
Casascius Coins are limited in number now. You can find these on NFT marketplaces or sites like ebay. If you are keen on investing in physical cryptocurrency then this coin becomes a very good option.
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