For all those eager to splurge, the Royal Mint has produced its first payment card – which is made from solid gold. The 18-carat hallmarked debit cards will be personalized for account holders “who value high-quality luxury items that make a statement."

People wanting to get their hands on one need to pay £18,750 (or $23,700) for a card – and for bespoke and personalized designs the costs will be even higher.

They have been developed by the Mint in conjunction with Mastercard and payments technology firm Accomplish Financial.

The new Raris gold cards cost £18,750 each (Royal Mint/PA)

The Mastercard cards are part of an account called Raris, and will be personalized for customers with their name and signature directly engraved into the precious metal.

Other than the fee for the card, there are no other charges attached to the account and no special criteria account holders must meet, those behind it said. So, it's just about the gold.

As well as being hallmarked by the Goldsmiths' Company Assay Office, the cards also use source-traceable metals, certified under the Responsible Jewelry Council's Chain of Custody.

The Raris account benefits from zero foreign exchange or transaction fees. As the gold cards are debit cards, customers cannot use them to borrow as the funds come straight out of their account when they spend.

The gold cards use source-traceable metals (Royal Mint/PA)

As part of the Mastercard World Elite package, additional benefits include a dedicated concierge service and other travel benefits.

“The Royal Mint is constantly innovating, and, as the UK's leading precious metals solutions provider, we are hugely excited to launch the solid gold Raris card in acknowledgement of growing consumer demands for unique and luxury payments cards," Royal Mint chief executive Anne Jessopp said. “In association with Mastercard and Accomplish Financial, Raris – the first payment card manufactured by the Royal Mint – is a combination of over 1,100 years of Royal Mint craftsmanship with tomorrow's payment technology."

And, others agree that the project is exciting for everyone involved.

“This is a really exciting project, joining the outstanding heritage of the Royal Mint – 1,100 years of engineering and artistic expertise – and Mastercard's focus on payment innovation and security, together with our worldwide acceptance network," Mark Barnett, president, UK and Ireland at Mastercard, said. “Accomplish Financial ensures that the Raris card provides the perfect link between that heritage and the digital world."