The Bermuda Monetary Authority is set to issue what is believed to be the first triangular coin of legal tender.

And the Royal Mint has applied for permission for an additional special minting that could net the Authority additional revenue.

Collectors will have a choice of either a gold or silver proof coin, which is uniquely lobe-sided.

And just prior to the opening of the Commonwealth Finance Minister's Conference next week, the BMA will host a special luncheon for some 250 people, which will include delegates, spouses and dignitaries and other invited guests.

Each guest will be gifted with a paper weight which consists of an acrylic encased cupro-nickel version of the coin, produced especially for the Conference.

Officials at the BMA said that while it is understood that Nicaragua minted a triangular coin, it was believed to only be a token and did not represent legal tender.

The reverse of each coin, modelled in the engraving department of the British Royal Mint, features a detailed sketch of the Bermudian archipelago with a compass rose above and a sixteenth-century caravel, rigged for full sail, below.

The design theme is bordered by a single rope with an overhand knot in each corner and the inscription "Bermuda'' below.

The obverse of each coin features Raphael Maklouf's acclaimed portrait of the Queen.

The $60, one ounce gold proof coin is to be sold at $750 each, while the silver will be sold at $40 each. Some of the coins are being distributed internationally by the Royal Mint.

BMA general manager Malcolm Williams said: "We were told by the Royal Mint that it was the first time in years that their staff asked to buy proofs because they are so unusual.

"The Royal Mint has also asked if they could mint 99 five-ounce pieces. We've agreed to consider the request, approval for which would have to be given by Cabinet.'' Said Lori Blackwood, manager of the special services division of the BMA and responsible for the issue of all notes and coins: "Because we think this is so popular and an attractive coin, we are also considering a one-twentieth of an ounce, gold encirculated item targeted for the jewellery market.'' NEW BERMUDA TRIANGLE -- Coveted collectors' items, new triangular coins are being issued by the Bermuda Monetary Authority. The BMA's officer of the special services division Kelly Phillips (left), who is responsible for marketing coins issued by the Authority, and manager of the special services division Lori Blackwood, who is reponsible for the issuing of notes and coins provide the first look.