SYDNEY -?The biggest, heaviest and inherently most valuable gold coin in the world was unveiled by the Perth Mint, Australia's historic precious metals mint on Thursday.

The monumental coin measures 80 centimeters wide and more than 12 centimeters deep, with a weight of one tone of 99.99 percent pure gold worth more than 53.5 million AU dollars ($56.42 million), according to a local media report.

Perth Mint Chief Executive Officer Ed Harbuz said that the Mint' s dedicated team of talented artists and technical staff worked tirelessly for months to create a coin of this magnitude.

The stunning coin is the pinnacle of ingenuity and innovation for which the Perth Mint is renowned. ?

"To cast and handcraft a coin of this size and weight was an incredible challenge, one which few other mints would not even consider," Harbuz said.

The massive coin features a bounding red kangaroo on one side and the Queen's motif on the other.

It is Australian legal tender and has a denomination of 1 million AU dollars ($1.05 million) - well below its gold value.

The giant coin is a magnificent Australian icon symbolizing one of the Perth Mint's most extraordinary accomplishments in its 112 years of history.