Ultra-Rare Gold Physical BTC #35 Surface After 12 Years— Seeking New Collector

[goldphysicalbitcoin]

First-ever hands-on photos of a coin from the 2014 Chinese Gold Physical Bitcoin series, shared by a community member.







**Quick specs:**
- 1 troy oz .9999 fine gold + 1 BTC loaded
- 100 coins total,Struck with unique, destroyed-after-use steel dies (one coin, one mold — destroyed after striking)
- QR code stamped directly into gold via micron-precision die process — not laser etched, not a sticker
- 89 of 100 remain unredeemed after 12 years
**Coin #35:**
- Address: [1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o]
- Status: Loaded, unredeemed
- MakerWatch: [Series #229](https://makerwatch.space/#series-229)

**The valuation question — curious what this community thinks:**

Unlike most physical Bitcoins that were sold at face value + small markup, this series was never commercial. Each coin cost ~5 BTC to produce in 2014 (1 BTC loaded + 2BTC worth of gold + 2 BTC minting/overhead from a 500 BTC community fund). The Minters spent 5× face value per coin.

For context: Casascius 1 BTC brass coins (tens of thousands minted) trade at 1-4 BTC. This series has 100 total, struck in gold, each physically unique. How would you approach valuing something like this?

Full project history & on-chain data: [goldphysicalbitcoin.com]

*The holder of #35 has indicated to me they may consider transferring this piece to the right collector.

[minerjones]

Funding link: https://mempool.space/address/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o

Current gold price + load = 1.08BTC

I would imagine this sells for somewhere between 1.5-2BTC

Unlike most physical Bitcoins that were sold at face value + small markup, this series was never commercial. Each coin cost ~5 BTC to produce in 2014 (1 BTC loaded + 2BTC worth of gold + 2 BTC minting/overhead from a 500 BTC community fund). The Minters spent 5× face value per coin.

For context: Casascius 1 BTC brass coins (tens of thousands minted) trade at 1-4 BTC. This series has 100 total, struck in gold, each physically unique. How would you approach valuing something like this?

For context: Casascius coins are not trading at 1-4 btc... you would be lucky to get more than 1.2BTC for a brass one

[goldphysicalbitcoin]

I would imagine this sells for somewhere between 1.5-2BTC

Thank you for your initial valuation. We hope to gather more opinions from experienced experts like yourself to provide a benchmark for valuation for collectors of this series.

[bitbollo]

The coin by itself is amazing. I remember the description from Ahoen Enciclopedia and I was thinking anyway to see one at least to see

The best way for know the value of these items (my 2 satoshi) would be ... offer in auction .
About the value, for sure there is the gold (as mentionedby MJ 0.08 BTC at current value) + premium of coin by itself (easily I will add at least 0.01-0.015 BTC - 1000 USD at least)

How will you handle a potential sale since the private key has already been exposed to initial owner?
I mean, any solution (if any?) on how to trade a loaded coin with exposed key?

[Rymaster]

How will you handle a potential sale since the private key has already been exposed to initial owner?
I mean, any solution (if any?) on how to trade a loaded coin with exposed key?

That’s a very good question that I would also love to hear the answer to. I do like how this coin has the private key more permanently on it over the typical holographic stickers and I understand that QR code is an encrypted version of the private key, but how was the buyer of the coin given the encryption key to decode it? Is that key possibly on another item/certificate that is covered with a tamper proof hologram by chance? I’m not very familiar with how this coin was setup.

[Kazkaz27]

I admire this coin. It’s a great piece of history, but because the private keys are exposed and have been revealed to several parties, there is no trust in these coins to store BTC safely or effectively, despite their history. That’s sort of the consensus, if we are being honest. If I did this and tried passing these coins off, the community would explode into outrage. It’s worth more to the original owner. I wouldn’t buy it loaded and wouldn’t pay more than $1,000 premium + gold value for it. The risks are way too high to spend 100K on such a coin. I wouldn’t even suggest that auction houses accept and feature this item for auction, unless it was redeemed, as it’s a pure liability for anyone who holds it, especially if it’s loaded.

[goldphysicalbitcoin]

Appreciate the keen eyes! I want to clarify the unique security design of this series, as it differs from typical hologram coins (like Casascius):

The Coin (Encrypted): The QR code struck directly onto the gold is Ciphertext (Encrypted Private Key). Scanning it alone gives you data that is useless without the password. It is NOT the raw private key.

The Case (The Key): The decryption password is hidden under the grey tamper-evident scratch-off layer on the slab's label (located below the address).

Status: As seen in the photo, the scratch-off layer is intact/unpeeled, meaning the private key has never been decrypted.

Historical Context:
This project was executed by the community using a "Three-Party Separation" model. Three separate groups handled:

Private Key Generation

Random Password Generation

Encryption Process
All done in an offline, mutually supervised environment. No single person ever held the full unencrypted data.

Rest assured, the funds are safe!

[Kazkaz27]

Appreciate the keen eyes! I want to clarify the unique security design of this series, as it differs from typical hologram coins (like Casascius):

The Coin (Encrypted): The QR code struck directly onto the gold is Ciphertext (Encrypted Private Key). Scanning it alone gives you data that is useless without the password. It is NOT the raw private key.

The Case (The Key): The decryption password is hidden under the grey tamper-evident scratch-off layer on the slab's label (located below the address).

Status: As seen in the photo, the scratch-off layer is intact/unpeeled, meaning the private key has never been decrypted.

Historical Context:
This project was executed by the community using a "Three-Party Separation" model. Three separate groups handled:

Private Key Generation

Random Password Generation

Encryption Process
All done in an offline, mutually supervised environment. No single person ever held the full unencrypted data.

Rest assured, the funds are safe!

Well then, very good. It seems fairly legitimate given that explanation of its features. In that case I would reevaluate it. MJ’s number seems possible but I'd place an evaluation at 1.1 BTC - 1.4BTC. A reasonable premium being under 10k. A retail premium being higher than 10k. I dont think they will sell like the Cas gold coins and receive 50-90k premiums. Highest premium maybe around 20k for such a coin. That's my honest opinion, given the historical fact higher denominated coins rarely get over a 10% premium. On the other hand low denominated coins often receive 2x-20x premiums. Sometimes higher.

[goldphysicalbitcoin]

I admire this coin. It’s a great piece of history, but because the private keys are exposed and have been revealed to several parties, there is no trust in these coins to store BTC safely or effectively, despite their history. That’s sort of the consensus, if we are being honest. If I did this and tried passing these coins off, the community would explode into outrage. It’s worth more to the original owner. I wouldn’t buy it loaded and wouldn’t pay more than $1,000 premium + gold value for it. The risks are way too high to spend 100K on such a coin. I wouldn’t even suggest that auction houses accept and feature this item for auction, unless it was redeemed, as it’s a pure liability for anyone who holds it, especially if it’s loaded.

Thanks for the honest re-evaluation and for your thoughts on the market premium.

I won't debate the valuation or price—I leave that entirely to the market and collectors.

However, I would like to provide some objective historical facts regarding the "trust" and "liability" concerns you mentioned, purely for the accuracy of the archive:

1. On-Chain Evidence of Trust
The blockchain data suggests that original owners have not viewed these coins as "liabilities."

Total Balance: The series was originally loaded with 100 BTC. Today, the unredeemed coins hold approximately 405.66 BTC.

Active Accumulation: Instead of sweeping the keys, owners have actively deposited more funds. For example, one coin from this series now holds 26.66 BTC (https://mempool.space/address/1Ls7uJSrepkudoRkhTYWsFNE5GAFaVkCtv).

This demonstrates that the "Three-Party Separation" process (where keys were generated and encrypted in an offline, mutually supervised environment) has held the community's trust for over a decade.

2. Manufacturing Context (2014)
In 2014 (when BTC was ~$500), the production cost for this community project was roughly  $2,500 (5 BTC) per coin . This was a non-commercial experiment to physicalize the concept of "Digital Gold."

[Kazkaz27]

Thanks for the honest re-evaluation and for your thoughts on the market premium.

I won't debate the valuation or price—I leave that entirely to the market and collectors.

However, I would like to provide some objective historical facts regarding the "trust" and "liability" concerns you mentioned, purely for the accuracy of the archive:

1. On-Chain Evidence of Trust
The blockchain data suggests that original owners have not viewed these coins as "liabilities."

Total Balance: The series was originally loaded with 100 BTC. Today, the unredeemed coins hold approximately 405.66 BTC.

Active Accumulation: Instead of sweeping the keys, owners have actively deposited more funds. For example, one coin from this series now holds 26.66 BTC (https://mempool.space/address/1Ls7uJSrepkudoRkhTYWsFNE5GAFaVkCtv).

This demonstrates that the "Three-Party Separation" process (where keys were generated and encrypted in an offline, mutually supervised environment) has held the community's trust for over a decade.

2. Manufacturing Context (2014)
In 2014 (when BTC was ~$500), the production cost for this community project was roughly  $2,500 (5 BTC) per coin . This was a non-commercial experiment to physicalize the concept of "Digital Gold."

Yeah, no worries. Thank you as well, I appreciate your clarification and added bit of history.

Very fair. The market will certainly be the true determining factor.

My evaluation is just a guess. The coin is really priceless to the right person. So who knows.

[bitbollo]

https://www.forbes.com/sites/ericxlmu/2014/07/21/chinese-bitcoiner-made-physical-bitcoin-in-pure-gold/

The coins, made of pure gold, weigh one ounce each and have their private keys engraved on the back in QR code, enabling the owners to access them by using smartphones – the images were pixelated for anyone who intend to try his luck.

@OP
Thanks for clarification... even the early news about this coin have mentioned the QR code as the priv key with no encryption.
Of course, I can't know how long is the password, but why every image have been always shared blurred?

I am not able to find this address as reported in first post...


I made a double check, it should be the same reported... 1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80

How can I find tx/loading/etc?
https://blockchair.com/search?q=1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80
https://blockchair.com/bitcoin/address/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80

[cygan]

✂️
I made a double check, it should be the same reported... 1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80

How can I find tx/loading/etc?
https://blockchair.com/search?q=1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80
https://blockchair.com/bitcoin/address/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn80

you have made a small but very important typo here
the last digit in this address is not the number 'zero' but the lowercase letter 'o'

this will take you to the following address: https://www.blockchain.com/explorer/addresses/btc/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o
however, mj already posted this in the second post

[bitbollo]

Thank you. I just checked the post using google lens... and didn't noticed the error at end... (editing post)

[WhyFhy]

Funding link: https://mempool.space/address/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o

Current gold price + load = 1.08BTC

I would imagine this sells for somewhere between 1.5-2BTC

Unlike most physical Bitcoins that were sold at face value + small markup, this series was never commercial. Each coin cost ~5 BTC to produce in 2014 (1 BTC loaded + 2BTC worth of gold + 2 BTC minting/overhead from a 500 BTC community fund). The Minters spent 5× face value per coin.

For context: Casascius 1 BTC brass coins (tens of thousands minted) trade at 1-4 BTC. This series has 100 total, struck in gold, each physically unique. How would you approach valuing something like this?

For context: Casascius coins are not trading at 1-4 btc... you would be lucky to get more than 1.2BTC for a brass one

Your 2014 vs 2026 evaluation at 1.5 - 2BTC is well nuts .... 40k-90k variable on novelty?
I'm pretty sure general consensus around here is ~10%-20% novelty hike.
Maybe 100% on smaller and cheaper items as an inconvenience tax.

[Cryptogreatdane]

Funding link: https://mempool.space/address/1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o

Current gold price + load = 1.08BTC

I would imagine this sells for somewhere between 1.5-2BTC

Unlike most physical Bitcoins that were sold at face value + small markup, this series was never commercial. Each coin cost ~5 BTC to produce in 2014 (1 BTC loaded + 2BTC worth of gold + 2 BTC minting/overhead from a 500 BTC community fund). The Minters spent 5× face value per coin.

For context: Casascius 1 BTC brass coins (tens of thousands minted) trade at 1-4 BTC. This series has 100 total, struck in gold, each physically unique. How would you approach valuing something like this?

For context: Casascius coins are not trading at 1-4 btc... you would be lucky to get more than 1.2BTC for a brass one

Your 2014 vs 2026 evaluation at 1.5 - 2BTC is well nuts .... 40k-90k variable on novelty?
I'm pretty sure general consensus around here is ~10%-20% novelty hike.
Maybe 100% on smaller and cheaper items as an inconvenience tax.

i find your statement novelty offensive. These coins have transitioned away from novelty and straight into respected collector class. I suggest familiarizing yourself with the physical bitcoin auction scene before insulting our industry. The unfunded 1000 cas coin just sold at 93k. These coins we collect are some of the most valuable on the planet. This coin who knows what it will go for. Never seen one sell.


The risks are to great with this coin. To many unanswered questions with regards to funding. It should be peeled and swiped and the gold coin sold for gold value plus premium. Im sure it will be a highly sought after coin. The OP should not be on reddit trying to sell this to newbies. This is an advanced transaction for an OG collector to navigate.

[mod note: Merged consecutive posts]

[goldphysicalbitcoin]

The risks are to great with this coin. To many unanswered questions with regards to funding. It should be peeled and swiped and the gold coin sold for gold value plus premium. Im sure it will be a highly sought after coin. The OP should not be on reddit trying to sell this to newbies. This is an advanced transaction for an OG collector to navigate.

"The Reddit post was copied from another source; I did not post it. I agree with your point: this extremely niche, limited-quantity physical coin is not suitable for beginners. The project members were early Chinese Bitcoin miners who never publicly sold or promoted it. They simply published a genesis post on the Chinese community 8BTC (later reprinted by Forbes) and mentioned it on Bitcointalkhttps://bitcointalk.org/index.php?topic=705410.0.. The project was not mentioned again for the next ten years."

[bitbollo]

I have few questions @OP
- Any chance to get this item authenticated? Have you ever tried to get some certifications?
- How it be confirmed that the plastic case has not been changed / opened - it is the original one?
- There is any seal or any other system to certify originality of the whole item (case + coin + password?)
- How it be confirmed that the "password" has not been changed?
(- why every image of the QR Code has been always shared blurred?)

[goldphysicalbitcoin]

- Any chance to get this item authenticated? Have you ever tried to get some certifications?

1、If a trade intention is confirmed, we can proceed via a trusted Community Escrow, or potentially choose PCGS/NGC for physical authentication. However, regarding the status of "loaded" physical coins, On-Chain Data is undoubtedly more credible than any plastic slab.
As this is currently a private holding that has not yet entered the open market, there has been no prior demand for authentication.

- How it be confirmed that the plastic case has not been changed / opened - it is the original one?

The key is the tamper-evident scratch-off coating on the label on the packaging box. It is the key password to unlock the private key. It is a fragile scratch-off material label. Once you try to tear the label or scratch off the coating, the label will be visibly damaged.

- There is any seal or any other system to certify originality of the whole item (case + coin + password?)

The Coin is engraved with the encrypted private key (the lock), and the Case hides the password (the key).
Verification Logic: Only the password on this specific case can decrypt the QR code on this specific coin to generate the correct Bitcoin private key.
The yellow label on the case is a fragile sticker, and the grey scratch-off layer acts as the seal for the password.

- How it be confirmed that the "password" has not been changed?

Passwords were generated via RNG, bound one-to-one with the Bitcoin address, physically printed, and immediately covered with a tamper-evident scratch-off coating.
Intact scratch-off layer = Password has never been seen = Password has never been changed.

- why every image of the QR Code has been always shared blurred?

The QR code represents the encrypted ciphertext of the private key. While currently secure, future quantum computing could potentially increase the probability of cracking. For maximum security, we adopt a "defense in depth" strategy and do not expose the full ciphertext to the public.
(Even on the official archive site, the addresses of the 100 coins are partially masked, though there is no need to hide them on data sites like makerwatch.space.)

By the way:
The holder has consulted with Pia at Heritage Auctions (HA) and James McCartney at Stack's Bowers. They are familiar with this series based on Elias Ahonen’s Encyclopedia of Physical Bitcoins and suggested listing it in the Hong Kong Summer HKINF Auction Platinum Session or the Spring 2026 Crypto Auction. However, the holder could not accept the reserve price they proposed.
(The holder rarely browses bitcointalk.org, which is why the verification note in the photo was mistakenly written as "bitcointalk.com")

[OgNasty]

i find your statement novelty offensive. These coins have transitioned away from novelty and straight into respected collector class. I suggest familiarizing yourself with the physical bitcoin auction scene before insulting our industry. The unfunded 1000 cas coin just sold at 93k. These coins we collect are some of the most valuable on the planet. This coin who knows what it will go for. Never seen one sell.

I do like the idea that we are collecting some of the most valuable coins on the planet.  I think Otoh had a massive collection that had to be digested, but it seems like with each passing auction these coins are getting more and more sought after.  I especially like that the 1000 BTC cas coin sold with such a premium.  I wonder if one of those will be able to fetch >2 BTC at some point in the near future...

[Rymaster]

I see makerwatch.space shows a different BTC wallet address for this coin, #35, then what is listed above.

https://makerwatch.space/?addr=183YyP1XKN3finTBYDjPVJnYViUehrvzhs#series-229

I’m not sure how hybridsole obtained the addy list but maybe it needs updating? The BTC address in this thread is displayed as coin #72 on makerwatch

https://makerwatch.space/?addr=1HrT7P815aoj3DdsbhvKa2EEYPWNEMUn8o#series-229


So essentially if I’m understanding this correctly, this coin was setup to utilized a wallet passkey? Hence why you can print the private key in plain sight without worry on the QR code, because the wallet that is holding the funds is only accessible using the passkey. But were wallet passkeys even a thing back in 2014??


And yes, I posted this coin on the Reddit group because I found it very interesting. Others must too because the post is getting a lot of views and interactions already.