Hobbit coins are to be accepted as legal tender in New Zealand, it has been confirmed.

The coins, which commemorate the upcoming release of Peter Jackson‘s ‘The Hobbit: An Unexpected Journey,’ will feature various characters from J.R.R Tolkien‘s tale including Gandalf, Bilbo Baggins and Gollum.

Although legal tender, the coins are intended as collectibles and will cost over 350 times their face value.

The most expensive coin – made from one ounce of Gold – will cost NZ$3,695. However the coin’s value as legal tender will be NZ$10.

A spokesperson for the New Zealand Post said the coins, “reflect New Zealand as the home of Middle Earth, and are destined to be collectibles for years to come.”

The coins will be available for purchase on November 1, ahead of the worldwide premier for the trilogy’s first installment on November 28 in Wellington – New Zealand’s capital city.

Further celebrating the films legacy on the country, Wellington will be renamed ‘The Middle of Middle Earth’ for a period of three weeks.

‘The Hobbit: An Unexpected Journey’ hits theaters on December 14.

Watch the latest trailer for ‘The Hobbit: An Unexpected Journey’ below: