Why This Tiffany & Co TiffCoin April Fool Was Semi-Real, 499 Was Minted in 18k Gold

On April 1, April Fool’s Day, Tiffany & Co staged a very topical prank via its social media.

“We are launching our very own cryptocurrency called TiffCoin, with exclusive product launches, NFT releases and invite-only events for major TiffCoin holders! said a message on Twitter. “Get gold in your wallet with #TiffCoin.”

However, while subsequent posts revealed the cryptocurrency aspect to be a joke, it would appear that the coins actually exist IRL. As specified on April 2, both on the brand’s social networks and on its own website, 499 of the said coins had indeed been struck in 18-carat gold and available for purchase on tiffany.com for a limited time of 24 hours – at $9,999 each.

This elaborate April Fool’s Day prank and marketing stunt fits perfectly with CEO Anthony Ledru’s desire to modernize the 185-year-old jewelry brand.

In fact, a similar play took place last year. Following April Fool’s Day posts that Tiffany was changing its entire brand concept from robin’s egg blue to “Big Bird” yellow, the brand temporarily splashed its Beverly Hills Rodeo Drive store in vibrant shade and hosted a “Yellow Diamond” cafe on site.

“We inherited a giant sleeping beauty and I think she is waking up quickly,” Ledru said. WWD in a recent interview.

Following Tiffany’s acquisition by LVMH for $15.8 billion in 2020, Ledru was named CEO in January 2021. He hailed from Louis Vuitton where he served as vice president of commercial activities.

Working alongside Ledru are Executive Vice President of Products and Communications Arnault Scion and former Rimowa CEO Alexandre Arnault.

It was in fact Arnault who spearheaded Tiffany’s star-studded campaigns such as “About Love” featuring Beyoncé Knowles and Jay-Z and a Tiffany Blue Basquiat painting, a sold-out collaboration with Supreme, and the nomination of others. famous ambassadors, including Black Pink’s Rosé.

Arnault himself, who has a Cryptopunk NFT as his Instagram PFP, was no doubt also the driving force behind the ‘TiffCoin’ crash Saturday morning, featuring prominently on Tiffany’e’s e-commerce homepage. with a “Buy Now” button linked to the product.

As detailed in the product copy, the TiffCoin is “a tribute to our history of creating ‘Tiffany Money'”.

As shown, the exclusive 18k gold pieces are engraved, numbered and individually packaged in custom Tiffany Blue dust bags. The size is 34.8 mm in diameter, the thickness is 2.8 mm and the purchase is limited to one per customer.

According to Tiffany’s website, TiffCoin holders have access to “Tiffany events, bringing a high level of glamor to the metaverse.” Admittedly, this is a somewhat dubious claim given that said events are unspecified, but it is likely an ironic reference to many similar unspecified utilities offered by countless NFTs.

The historical reference to “Tiffany Money” is very real. The brand began minting silver coins in the 1970s which were redeemable for physical merchandise.

Notably, a disclaimer under the product copy for TiffCoin reads “TiffCoins can’t be spent as real currency – crypto or otherwise – but why would you?”

Earlier this year, a vintage Tiffany’s magazine ad from 1974 sold for $16.99 on Ebay. The text says “Tiffany Money sterling silver is a whole new idea in wedding gifts.”

“The bride can use them to complement her saved choices of silver, crystal and china…give her one, ten or a hundred, Tiffany Money is the one gift a bride can’t get too much. Plus, she won’t have to lug around so much to redeem after the honeymoon.In 1974, each piece was priced at $25 redeemable for $25 worth of merchandise.

The ad proves that an irreverent approach to marketing at Tiffany is not without historical precedent.

It remains to be seen whether Tiffany & Co will start offering payment in cryptocurrency. Philipp Plein launched the payment method last year and Off-White announced a similar initiative last week.

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