The pink diamond-studded gold coin worth £1.4m

Australia's Perth Mint has created a limited-edition coin featuring rare pink Argyle diamonds and valued at A$2.48m (£1.4m).

The coin, dubbed The Discovery, is made of 24-carat gold, weights 2kg and depicts “a sailing ship and a prospector to signify the diamond-rich Kimberley region in the north” of the country, according to The Times. A removable middle section shows a map of Australia.

It is the most valuable coin ever made in Australia and will be sold to the highest bidder, the newspaper reports.

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Modelled after the Holey Dollar, one of Australia’s first coins, the expensive trinket was created “in response to the distinct increase in demand for exclusive luxury items”, said Perth Mint chief executive Richard Hayes.

“Gold and diamonds are amongst our most prized possessions,” Hayes added. “Individually, they express an allure and elegance that is simply undeniable, but when combined these two treasures of the past become our legacy for the future.

“Celebrating the destiny and pursuit of fortune embodied in the passion of our early prospectors, Discovery tells the remarkable Australian story of rags to riches.”

The coin will be displayed at The Perth Mint, in the west of the country, until 28 September, unless a buyer snaps it up in the meantime, reports Sydney-based site news.com.au.