|Type: Gold Coin|
|Issuer: Logam Mulia|
|Weight: 4.25 gram|
|Purity: 917 Gold|
Logam Mulia?The company was founded by RT Braakensiek, a gold merchant around 1930 who started his business by refining gold scrap in certain locations of work. In 1937 he settled his business on Jalan Gajah Mada 84, Jakarta and began to refine gold from Bengkulu and Cikotok gold mine besides gold scrap.
In 1949 this private enterprise turned into a legal entity called NV Essaieur en Affinage Bedrijf v/h RT Braakensiek. In 1957 the company was taken over by Bank Industri Negara and changed its named into PT Logam Mulia (Logam Mulia Ltd).
At January 1,1961 under PP No.281/1961, PT Logam Mulia became a state owned company named PN Logam Mulia. At December 31,1974 in accordance with PP No.320/1974. PN Logam Mulia became one of production units of PT Aneka Tambang named Unit Pengolahan dan Pemurnian Logam Mulia (Precious Metal Refinery) and since April1,1979 the plant was then relocated to Pulogadung in East Jakarta.
Logam Mulia main business recently depends on dore bullion's supplied from several national mining companies and Pongkor gold mine business unit of PT Antam Tbk. The maximum refining capacity of Logam Mulia is around 60 tons of gold and 250 tons of silver per year. Currently Logam Mulia operates about 60 % of maximum capacity, and still try to increase it due to the upcoming opening of new gold mines or traditional mines.
Source: logam mulia
917 Gold?While pure gold is 24 carat, 917 means it is 22 carat. That is 91.7% pure gold and the rest includes metals like copper and silver. Metal in its purest state is very soft and impractical for making jewels. To create jewelry that is practically wearable, gold has to be alloyed with other harder metals in the required proportions to make it malleable and durable.
For the dinar to be circulated—“changing hand to hand”, it must be durable hence 917 gold is much more preferable than pure gold.
Although the price of 917 gold is less than 999 gold, it does not diminish the value because gold is gold. The Krugerrand is the example where 916 gold coins is priced the same as 999 gold coins such as Maple Leaf and Australian Kangaroo.