"Why a physical bitcoin?” was the title of a Casascius's Bitcointalk thread on Sep. 6, 2011. He already posted separate thread announcing the launch of the first physical bitcoins. The first batch that Casascius released, the cost of postage alone was set at 1 BTC, while each 1 BTC coin was priced at 1.25 BTC to cover production costs.

“One side has a hologram, underneath the hologram layer is a private key. The first 8 characters of the bitcoin address appears on each coin.” When he wrote these words, 1 BTC was worth $6.86.

Latee 10, 25, 100 and even 1000 BTC batches followed. Physical BTC were sold by Mike Caldwell until late 2013. He created almost 28000 coins. Over 45000 of the Bitcoins they host remain unclaimed. Owners will have to peel off holographic layer to access the private key to redeem them.

Redeemed Casascius coins over time

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