The UK’s Royal Mint has produced its first payment card which is made from real gold. The new card comes with a hefty price tag of £18,750 ($23,200).

The 18-carat hallmarked debit cards will be personalized for account holders “who value high-quality luxury items that make a statement,” the Mint said.

They have been developed by the Mint in conjunction with Mastercard and payments technology firm Accomplish Financial.

Mastercard said the cards are part of an account called Raris and will be engraved with the customer’s name and signature.

The account benefits from limitless spending and zero foreign exchange or transaction fees. Customers will be able to manage their account via the Raris app.

“The Royal Mint is constantly innovating, and, as the UK’s leading precious metals solutions provider, we are hugely excited to launch the solid gold Raris card in acknowledgement of growing consumer demands for unique and luxury payments cards,” said Royal Mint CEO Anne Jessopp.

She added: “In association with Mastercard and Accomplish Financial, Raris – the first payment card manufactured by the Royal Mint – is a combination of over 1,100 years of Royal Mint craftsmanship with tomorrow's payment technology.”

As part of the Mastercard World Elite package, the gold card holders will have additional benefits, including a dedicated concierge service and other travel benefits.

The new card is the “first payment card in the world to use source-traceable metals and to be certified under the Responsible Jewellery Council’s Chain of Custody,” the Mint said.

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