Minting Chanel

“There might be less of it, but money can still be beautiful,” Karl Lagerfeld said Wednesday morning at the Monnaie de Paris after minting the first coin he’s designed, marking the 125th anniversary of Gabrielle Chanel’s birth. Two gold and two silver coins make up the limited edition collection, each featuring Chanel’s portrait on one side and a giant number five on the other, representing their face value of five euros, or $6.30, a reference to the house’s classic scent. Lagerfeld, who posed for photos with the coin held like a gold patch in front of his eye, admitted he’s not a money person. “I like money to be spent, not kept,” he said. Just 99 of the most valuable piece, a gold coin weighing five ounces, will be produced, with a price tag of 5,900 euros, or $7,450. All are already spoken for, according to Christophe Beaux, the French mint’s chief executive officer. “We’re oversubscribed,” he said, adding some buyers will be more privileged than others, likely referring to Chanel, which is said to have placed a sizable order. The total collection of 11,099 coins goes on sale on Dec. 1. {top photo via Reuters - story & photo via WWD.com}