Sales of Perth Mint's new silver bullion coin soar
- Published: Jul 27, 2016, 9 AM
Australia’s newest silver bullion coin is one of the world’s most popular.
The Perth Mint announced July 20 that the 2016 Kangaroo silver coin had reached sales of 10 million coins, ranking it among the top five world silver bullion coins.
The newest addition to the Australian bullion coin program was introduced in September 2015 and has doubled projected interest of 5 million coins, according to the Perth Mint.
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Traditionally, sales of Australia’s silver bullion issues have been particularly strong in North America and Germany, as both regions perceive the country as an exotic destination with some of the world’s most fascinating wildlife, according to a statement from the Perth Mint.
“With this insight, we expected that the U.S. and Germany would generate the greatest demand,” said Perth Mint chief executive officer, Richard Hayes.
Hayes projected that sales for the 2017 coin will exceed 12 million coins, based on current popularity.
Leading world bullion sales is the United States Mint with its silver American Eagle, followed by the Royal Canadian Mint’s silver Maple Leaf, although the RCM no longer discloses mintage or sales figures.
Australia’s Philharmonic and China’s Panda are contenders, with the Perth Mint, for the third spot, and the Royal Mint’s change in the Britannia series has improved that coin’s standing in recent years, leading the Royal Mint to add a bullion coin press and extend production to three shifts.
The Perth Mint issues several silver bullion coins, each of which showcase an animal icon, the Australian Kookaburra, Koala, and Australian Lunar series. While those programs combine to offer investors wide choice, with coins ranging from 1/2 ounce to 10 kilograms, the 1-ounce sizes continually sell out their limited annual mintages.
Because of this, the Kangaroo coin is offered only in the 1-ounce size. It will be issued with an unlimited mintage.
“We made sure that the new Kangaroo satisfies investors’ key aims — to secure an asset which features an Australian icon — to secure silver at an affordable price — to add .9999 fine silver to their portfolio — and to stack precious metals in convenient one ounce coins,” Hayes said.
The 2016 Kangaroo silver bullion coin and the complete suite of Australian bullion coins are available from the Perth Mint’s Bullion trading desk.
For additional information, or to order, visit the Perth Mint’s dedicated website.
Two mints for Australia, two different Kangaroo programs
Two government-operated mints operate within Australia — the Royal Australian Mint and the Perth Mint.
The Royal Australian Mint (in Canberra, owned by the federal government) is charged with producing Australia's circulating coins. It also issues collector coins.
The Perth Mint, in the state of Western Australia, is owned by that state's government. It issues bullion and collector coins.
The Perth Mint’s Kangaroo silver bullion coins should not be confused with the Royal Australian Mint’s Kangaroo silver coins, which that agency has issued since 1993. The Royal Australian Mint considers its Kangaroos collector coins and not bullion coins.
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