As per an April 2 announcement, TIffany & Co minted 499 18K gold coins worth $9,999 each.
However, on April 1, as a joke, Tiffany announced via Twitter, “we’re launching our own cryptocurrency called TiffCoin — with exclusive product launches, NFT releases and invite-only events for top TiffCoin holders!”
“Get some gold in your wallet with #Tiffcoin,” said the Twitter post.
While various posts speculated the cryptocurrency aspect as a joke, TiffCoins exist in real life.
CEO Anthony Ledru’s aim to modernize the 185-year-old Tiffany tradition gave birth to the April Fool hoax and marketing stunt.
The purchase of the 499 18K gold TiffCoins lasted for 24 hours at tiffany.com.
Tiffany & Co’s venture into cryptocurrency with TiffCoin
In 2020 Tiffany & Co acquired LVMH for $15.8 billion.
In 2021, Ledru stepped up the game by becoming CEO of Tiffany, from VP of commercial activities at Louis Vuitton.
However, the executive VP of product and communication, Arnault, has his own crypto punk NFT as his Instagram PFP.
Therefore, Arnault seems like the driving force behind the “TiffCoin.”
As per Tiffany’s website, TiffCoin owners gain access to “Tiffany happenings, bringing high glamour to the Metaverse.”
Additionally, Tiffany minted coins during the 1970s, redeemable in nature for physical merchandise.
Nevertheless, a disclaimer in the product copy of TiffCoin specifies, “TiffCoins cannot be spent as actual currency — crypto or otherwise — but why would you want to?”
Tiffany & Co’s historical precedent
Earlier in 2022, a vintage Tiffany magazine advertisement in 1974 sold for $16.99 on eBay.
The text read, “Tiffany money in sterling silver is a brand new idea in wedding presents.”
“The bride can use them to supplement her registered choices of silver, crystal and china… give her one, ten or a hundred, Tiffany Money if the one gift a bride can’t get too many of.”
“And besides, she won’t have so much to lug in to exchange after the wedding trip.”
The price of each coin was $25 in 1974 and redeemable for merchandise worth $25.
However, it is undecided if Tiffany & Co will launch a payment method in cryptocurrency.
Tiffany & Co is a jewelry brand for all genders. Their exquisite and exclusive designs make way for the precious TiffCoin.
As there is a limited number of TiffCoins, one coin is $9,999.