Macao to Issue Macao Grand Prix Commemorative Coins

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Last updated at: (Beijing Time) Friday, August 22, 2003

Macao to Issue Macao Grand Prix Commemorative Coins

The Macao Monetary Authority (MMA) will issue 2,000 pieces of gold coins on Oct. 29 in commemoration of the 50 anniversary of the Macao Grand Prix Races, announced a senior official here Thursday.

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The Macao Monetary Authority (MMA) will issue 2,000 pieces of gold coins on Oct. 29 in commemoration of the 50 anniversary of the Macao Grand Prix Races, announced a senior official here Thursday.

Rufino F. Ramos, director of the Macao Monetary Authority, announced that the bureau has commissioned the China Banknote Printing and Minting Corp. to strike a set of two coins -- 2,000 pieces of a sovereign size commemorative gold proof coin and 5,000pieces of a sterling silver proof coin with gold-coated hologram, reproducing the design of a round stamp on the souvenir sheet specially issued by the Macao Post for the occasion.

To increase the collection value, the first 300 pieces of gold coins and the first 1,000 silver coins will be numbered, said Ramos.

Ramos also disclosed that the coins will be for the first time available on the mainland market since the bureau has experimentedto contract an agent to distribute the coins to provinces and cities in the mainland.

The nominal value of the gold coins is pegged at 500 patacas (62.5 US dollars), and that for silver coins 50 patacas (6.25 US dollars).

Known as a cradle of Formula One stars, the Macao Grand Prix will celebrate the 50th birthday in September. It is the world's only automobile sporting event containing all of Formula Three races, motor races and classic car races. Approximately 180 media organizations from around the world were drawn by the event last year, and over 3.6 billion people from 63 countries and regions watched the games live or on recorded TV programs.

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