A gold exchange traded in Ecuador for 1.6 million Ecuadorean master gold bars is worth $14.4 million, according to CoinMaster.com.
The gold coin was bought by the Ecuadorian government for 1 million Ecuanasias master gold.
The gold coins value is based on a value of the gold as well as the coins’ intrinsic value, according the company.
The company says the gold is worth 1,200 gold bars.
The coins value, in dollars, is based upon the exchange rate for gold between Ecuador and the United States of America.
Ecuador’s gold market is in turmoil due to the country’s political turmoil, which is tied to the recent coup d’etat that overthrew President Rafael Correa.