The Perth Mint: A Historical Gem in the World of Precious Metals
By BullionMentor on October 9, 2023
The Perth Mint is the official bullion mint of Australia. It belongs to the Government of Western Australia. It has existed since 1899, making it over 100 years old. During that time, this place was one of the three locations in Australia where gold from the gold rushes was transformed into coins for the British Empire. It's also one of the two mints in Australia that make coins people can use as money, like the Australian dollar. The other mint is the Royal Australian Mint. Yet, The Perth Mint is profoundly significant in Australia's storied history.
The story of the Perth Mint is an engaging journey through the worlds of gold, silver, and precious metals. It began modestly but has since earned a place among the world's most renowned mints. Join us as we delve into the Perth Mint's fascinating history, uncovering its intriguing past, enduring legacy, and profound impact on the global economy.
About Perth Mint
The Perth Mint holds the distinction of being Australia's oldest working mint. Perth Mint Australia, founded in 1899, continues functioning from its original location. Initially, the job of the mint was to refine gold from Western Australia's goldfields. Its operation also involved producing British sovereigns and half-sovereigns for the British colonies. It remained under British ownership until as late as 1970. Today, the Perth Mint produces legal-tender precious metal bullion and popular commemorative coins.
History of Perth Mint
The Perth Mint Australia started in the 1890s as part of the United Kingdom's Royal Mint. They built the mint building in 1896, officially opening in 1899. Even after Western Australia became part of Australia in 1901, the governing body of the mint was still the UK government for 69 more years. But on July 1, 1970, it became the property of the government of Western Australia.
As you explore the Perth Mint's rich history and contributions to the world's economy, remember that Bullion Mentor is your trusted partner for comparing prices and securing the best deals on Perth Mint's exquisite bullion coins and bars from esteemed dealers.
Here are some significant milestones of Perth Mint's History:
- 1899-1931: The Perth Mint produced about 106 million gold sovereigns and half-sovereigns (nearly 735,000) during this period. These were circulating currency in Australia and the British Empire.
- 1957: The Perth Mint achieved a significant milestone by producing some of the purest gold ever recorded. This gold was 999.999 parts out of 1,000. Even the Royal Mint in the UK was impressed and adopted it as a standard for their operations.
- 1987: Gold Corporation took charge of the Perth Mint. This change empowered them to produce and sell legal tender gold, silver, and platinum coins globally.
- Up to 2000: The volume of Perth Mint gold refining reached about as much as the gold stored in the United States Bullion Depository, Fort Knox.
- 2003: The Perth Mint demonstrated its commitment to modernization. It opened a new, state-of-the-art facility next to the original one.
- 2011: The mint achieved global recognition in 2011 for crafting the world's largest and heaviest gold coin - the Australian Kangaroo One Tonne Gold Coin. It beats the Royal Canadian Mint's record. This Perth Mint gold coin was about 80 centimeters in diameter. The body has over a ton of pure gold. Its value reached an impressive 53.5 million Australian dollars.
In the present day, the Perth Mint Australia remains a crucial player in the precious metal industry. The mint is responsible for manufacturing most of Australia's precious metal coins. In 2018 alone, they sold about 18.9 billion Australian dollars' worth of gold, silver, and platinum coins and bars.
The Most Popular Silver and Gold Bullion Series of Perth Mint
Perth Mint is famous for the silver and gold series in the range of bullion products.
- Australian Kangaroo
- Australian Koala
- Australian Kookaburra
- Australian Lunar
In 1986, the Gold Corporation, owned by the Western Australian government, introduced Australian Gold Nugget bullion coins. "The Australian Nugget" coins shifted from depicting gold ore to showcasing a Kangaroo in 1989, which led to the nickname "Gold Kangaroo". The Australian Kangaroo series had a remarkable start and sold over 155,000 ounces of gold worth over $103 million on its first trading day.
Ian Rank-Broadley created the portrait of Queen Elizabeth II on the reverse side. The reverse side showcases a Kangaroo, with the design changing yearly for official 1 oz coins.
Initially, there were one troy-ounce Gold Australian Kangaroo coins. But, in 1991, they introduced larger denominations of 2 oz, 10 oz, and 1 kilogram (kg). Australian Kangaroo coins are available in 1 kg, 10 oz, 2 oz, 1 oz, 1/2 oz, 1/4 oz, 1/10 oz, and 1/20 oz denominations.
The Australian Kangaroo gold coins come with a purity of .9999. Later, 1 oz Silver Kangaroo bullion coins were first released in 2016. These coins feature a red kangaroo design by Dr. Stuart Devlin on the reverse side. These Perth Mint silver coins are struck in .9999 fine silver.
Perth Mint Silver Koalas was first released in 2007. The Australian gold Koala coin series is a recent addition to the mint's gold bullion products. Each coin is made of .9999 pure gold or silver.
The design focuses on the Koala and the eucalyptus tree. The Koala series includes various designs. It often depicts young or adult Koalas or groups. Like other Perth Mint coin programs, the Gold Koala program follows limited mintage policies applicable for certain sizes, like the 2015 1/10 oz.
The Koala silver and gold coins come in sizes ranging from 1 oz to 1/25 oz. The obverse side of the Koala silver coin features a portrait of Queen Elizabeth II by Ian Rank-Broadley. The reverse side changes annually and features various depictions of Koalas in their natural habitat.
The Australian Kookaburra Series was launched in 1990 by the Perth Mint. Both silver and gold coins are produced annually, with a unique reverse design featuring the Kookaburra bird each year. Each Kookaburra Silver Coin and gold coin features a representation of Queen Elizabeth II on the obverse side. These coins were initially .999 fine silver and later increased in purity to .9999 silver in the 2018 edition. The gold coins are also .9999 fine in BU condition.
Perth Mint silver Kookaburra coins are minted in different sizes, including 1000g, 10 oz, 2 oz, and 1 oz troy ounces. Perth Mint Gold Kookaburra coins are available in 1 oz and 1/10 oz weights. Each Kookaburra gold coin and silver coin comes inside individual safety capsules.
The Lunar Series, originating in 1996, was initially produced in gold. Later, the Perth Mint Australia introduced the Lunar Silver Coin series in 1999.
Based on the ancient Chinese 12-year lunar calendar, each year's new coin showcases a different animal in each lunar cycle. The first Australian Lunar Gold Coins series began with the "Year of the Mouse" coin and concluded in 2007 with the "Year of the Pig" coin. Each Lunar Gold Coin has .999 pure gold. The purity of the Lunar silver coin is .999.
Perth Mint Silver Lunar Series coins come in various legal tender denominations and weights, such as $30 for one kilo, $15 for one-half kilo, $10 for ten oz., $8 for five oz., $2 for two oz., $1 for one oz., and 50 cents 1/2 oz. Perth Mint Gold Coins in the Lunar Series come in various weight options, including the standard one-troy-ounce gold coin, as well as fractional sizes of 1/2 oz, 1/4 oz, 1/10 oz, 1/20 oz, and 1/25 oz.
Interesting Facts About The Perth Mint
The Perth Mint has been a key institution during the gold rush era. Here are some interesting facts:
- Melting House Marvel: From 10 a.m. to 5 p.m. daily, witness a mesmerizing spectacle at the Perth Mint. Inside the historic Melting House, they pour a whopping 200 ounces of molten gold to create gleaming gold bars. It's like watching pure wealth take shape right before your eyes!
- Gigantic Coin: At the Perth Mint, you can marvel at the world's largest coin - the Australian Kangaroo One Tonne Gold Coin, weighing an astonishing 1 tonne. It's a truly massive piece of currency!
- Hourly Guided Tours: The mint offers hourly guided tours, providing visitors with a captivating glimpse into the world of precious metals and coin production. You can witness the intricate processes that turn raw materials into exquisite coins.
- Golden Touch: Imagine touching a 400-ounce gold bar! At the Perth Mint, you can do just that. Holding this hefty piece of pure gold is an unforgettable experience that gives you a real sense of its incredible value.
- Personalized Medallions: One of the unique features of the Perth Mint is the opportunity to personalize your own medallion. You can create a customized keepsake or gift by adding your own design and message, making it truly special.
- Gold Shopping Spree: The mint boasts an on-site shop where you can indulge in a gold lover's dream. You'll find an extensive collection of gold coins and exquisite jewelry crafted from West Australian gold, adorned with dazzling diamonds and lustrous pearls. It's a paradise for collectors and jewelry enthusiasts alike!
Benefits of Buying Perth Mint Bullion Products
When you want to invest in coins or bars in gold, silver, and platinum, it's wise to get them directly from a top-notch mint like the Perth Mint Australia. Here's why it's a great idea:
- Perth Mint is the one and only Australian government-owned refiner.
- It has accreditation for both gold and silver by the London Bullion Market Association (LBMA).
- Their bullion bars have a swan logo stamp as a mark of genuineness.
- Around the globe, this refinery enjoys prominent recognition by significant gold exchanges.
- Their precious metal investment products come with a government guarantee.
- The Perth Mint Australia produces a variety of bullion products, such as legal tender bullion coins, minted bars, and cast bars.
Conclusion
The Perth Mint stands as a historical gem in the world of precious metals. With a legacy of excellence, the mint has achieved remarkable milestones. The Perth Mint's offerings, including the Australian Kangaroo, Koala, Kookaburra, and Lunar series, have captivated people around the globe. The Perth Mint Australia is a cornerstone of the precious metals industry and a symbol of trust.
When you're ready to go deeper into the world of precious metals with Perth Mint, trust Bullion Mentor to help you find the best deals from reputable dealers and make sound investment decisions.
FAQs
- What is the Perth Mint famous for?
- What is the history of the Perth Mint?
The Perth Mint is famous for being Australia's official bullion mint. The mint is renowned for its popular coin series, including the Australian Kangaroo, Koala, Kookaburra, and Lunar series. The Perth Mint is also famous for achieving milestones like crafting the world's largest gold Kangaroo coin.
The Perth Mint started operating in the late 19th century, with construction completed in 1899. Originally part of the United Kingdom's Royal Mint, it was vital in refining gold from Western Australia's goldfields and producing British sovereigns and half-sovereigns. It remained under British ownership until 1970 when it became the property of the government of Western Australia.