I have a pound coin and I’m going to launch a pound coin treasury company.

It’s reasonable to believe that a pound coin in my possession can be valued at more than ￡1. Coins have advantages over other forms of money (permissionless means of exchange; store of value with low custody costs; necessary for hiring a shopping trolley), they’re in limited supply, and some people can’t hold them (nickel allergy, maybe?). Moreover, any pound coins I acquire in the future can also be valued at more than ￡1.

I plan to capture this arbitrage and sell shares in my pound coin. I’m going to make two equal shares, keep one and sell the other for a pound. It’s a good deal for everyone because with two shares in issue and ￡2 in treasury, the post-money value of each share is ￡1.