Sri Lanka issues gold and silver coins for Communist Party of China anniversary

Sri Lanka has issued gold and silver commemorative coins marking 100 years of China’s communist party and 65 years of diplomatic relations with the country.

“The coins have been issued at the request of the Government of Sri Lanka as an accolade for long-standing friendship and mutual trust between the two countries,” the central bank said in a statement.

Each coin comes in presentation case with a certificate of authenticity.

The 12 gram gold coin denominated as 1,000 rupees is priced at 222,000 rupees and the 28.8 gram silver coin will be sold at 17,000 rupees.

When Sri Lanka’s central bank was set up in 1950, the rupee was defined gold at 2.88 grains.

However the currency had been severely debauched since then due to money printing by the US Fed as well as Sri Lanka. An ounce of gold was 35 dollars at the time.

The coins will be sold from July 12, at the Economic History Museum at Chatham Street, Colombo 01.

The first coin was present to President Gotabaya Rajapaksa by Central Bank Governor W D Lakshman on July 07.