Kangaroo coin release in 2015 sparks global demand for Australian silver coins

By @vitthernandez on
  • 2015 Australian Silver Kangaroo Coin
    The demand for Aussie silver coins was sparked by the release in September 2015 of the kangaroo coin. Perth Mint
  • 2016 Australian Silver Kangaroo Coin
    The Mint has already released a 2016 2-ounce silver high relief rimless antiqued coin, priced at $180.91. Perth Mint
  • Australian Kookabura 1 Kilo
    Australian Kookaburra 2016 1-kilo silver coin ($1,590.91). Perth Mint
  • 2016 Australia Remarkable Reptile Goana 1 Oz
    Remarkable Reptiles Goana 2016 1-ounce silver proof coin ($90). Perth Mint
  • 2016 Australian Koala 1 Kg
    2016 Koala 1-kilo silver proof coin ($1,590.91). Perth Mint
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The 117-year-old Perth Mint, which produces Australia’s coins, would need to upgrade some of its equipment to boost production capabilities and meet increase global demand for Australian silver coins. The demand for Aussie silver coins was sparked by the release in September 2015 of the kangaroo coin.

The Wall Street Journal reports that the kangaroo coin is so popular among American coin collectors and investors that the Perth Mint would have to hike its production of the coin to over 10 million pieces. It would be more than double the five million that the Mint thought it would sell on the first year.

Initial plans were to produce only 7.5 million pieces of kangaroo coin on the second year. However, “the best laid plans don’t always go the way you expect,” says Richard Hayes, chief executive of Perth Mint.

Even before the surge in demand for the kangaroo coin, the Mint had to widen its space to cover the parking lot so it could meet production target of 22 million coins of various sizes and metals annually. That is almost twice the Mint’s production of 12 million coins a year.

William Graessle, a California-based coin dealer, explains the popularity of the coin to it having the most identifiable Australian icon on it to American buyers. “While American silver bullion buyers know the kookaburra, koala and crocodile, most are interested in the unique kangaroo,” explains the vice president of sales of Panda America.

However, sales of coins with other Aussie animals, such as the koala, is also booming. In the past 12 months, 15.6 million koala silver coins were sold through May, up from 7.1 million compared to a year ago.

The 2015 kangaroo coin is 99.9 percent pure silver, is an Australian legal tender and features the Aussie marsupial design in high relief, priced at $450. The Mint has already released a 2016 2-ounce silver high relief rimless antiqued coin, priced at $180.91, but it is already sold out.

Other Aussie coins with local animals are the Australian Kookaburra 2016 1-kilo silver coin ($1,590.91), Remarkable Reptiles Goana 2016 1-ounce silver proof coin ($90), Kookaburra 2016 5-ounce silver proof high relief coin ($440.91), 1-ounce silver proof high relief coin ($99.09) and the Koala 2016 1-kilo silver proof coin ($1,590.91).

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