When you think of Australia, images of their iconic wildlife like bouncing kangaroos and singing kookaburras might pop into your head. If you think of enormous spiders, well, sorry we made you think of enormous spiders. If you’re a fan of Australia’s cuddly kangaroo and want to invest in gold, you’re in luck. The Perth Mint creates 1 oz Gold Kangaroo coins that are perfect for collecting. Want to learn more? Keep reading to learn more about the history of the Perth Mint and its products.
What is a Mint?
First, let’s start with some background information. If you’re new to the bullion world, you might be wondering, “what is a mint?” Mints are facilities that produce coins for use as currency or for sale to collectors. National mints, like the Perth Mint, produce coins that are recognized by the government as legal tender. The mint is also responsible for the distribution of the currency, protection of the Mint’s assets, and overseeing production facilities.
What is the Perth Mint?
The Perth Mint is Australia’s official bullion mint owned by the Western Australia Government. As its name indicates, it’s located in Perth, Australia. Today, the mint makes currency for the Commonwealth of Australia and refines gold into bars and custom coins. As of November 2019, the Perth Mint refines approximately 79 percent of Australia’s gold market.
The History of the Perth Mint
The Perth Mint was first established in 1899 in Western Australia. The discovery of rich gold deposits in the then colony of Western Australia led to a population boom. As there was little money available in Perth, gold diggers deposited their raw gold at the Perth Mint where it was minted into gold coins. From 1899 to 1931, the Perth Mint struck more than 106 million gold sovereigns for use as currency in Australia.
The Coins of the Perth Mint
Arguably the most famous coin to come from the Perth Mint is the 1 oz Kangaroo coin. The Perth Mint first released its series of Australian Gold Kangaroo coins in 1987. To pay homage to its gold-digging roots, the coin originally featured a gold nugget as its main attraction. In 1990, however, the Nugget coin changed to feature the now-iconic kangaroo. While the obverse of this series continues to depict a portrait of Queen Elizabeth II, the 1 oz and fractional gold coins depict a yearly variating design of Australia’s most recognizable marsupial.
Do you want to add some bullion products from down under to your collection? Shop coins from the Perth Mint from Bullion Express’ selection today!