(COTY) competition.

The gold proof 1996 $60 one ounce Triangular Coin was selected by the judging panel as the overall winner of the 1998 COTY award for 1996 dated coins.

Deputy general manager of the Bermuda Monetary Authority (BMA), Marcia Woolridge-Allwood, said that winning the COTY award is a prestigious honour much coveted by coin mints and currency issuing authorities around the world.

She said it was a remarkable achievement for Bermuda.

Struck by the British Royal Mint for the BMA, the coin had won in the preliminary round of balloting as both the "Best Gold Coin'' and, together with the silver proof $3 version, "Most Innovative Coinage Concept''.

Results of the annual contest were announced by Ulrich "Rick'' Groth, publisher of Wisconsin-based World Coin News, which sponsors the competition.

The publication said the Bermuda coin eclipsed seven other category winners to take top honours in the competition, which was first held in 1982 and is intended to encourage excellence in modern coinage design.

Other 1998 category winners include coins issued by Canada, Israel, Bosnia-Herzegovina, Russia, Austria, Finland and the US.

The 1996 Triangular Coin is the first in a three-year series of unique lobe-sided triangular coins issued by the Authority.

The reverse of the coin, modelled by Royal Mint engraver Robert Elderton, features a detailed sketch of the Bermudian archipelago, a compass rose and a sixteenth century caravel rigged for full sail.

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

The obverse bears the portrait of her Majesty the Queen by Raphael Maklouf.

Plans for an awards ceremony to honour the 1996 Triangular coin are underway, details of which will be announced by the World Coin News when arrangements have been finalised.