Commemorative silver dollar coins are bouncing out of the Perth Mint faster than the mint can produce them because of demand from American investors.
The Perth Mint produced five million of the silver dollar coins, emblazoned with a kangaroo on them, when it first minted them in September.
But US collectors have fallen so in love with the coin, the 117-year-old Perth Mint has been forced to more than double its original run.
Perth Mint CEO Richard Hayes told financial analyst and journalist Ross Greenwood on Radio 4BC, the mint was expecting to sell more than $12 million worth over the next 12 months.
He said two-thirds of the coins made – which sell for between $20 and $21US each – make their way into the hands of American buyers.
“The United States are big buyers of silver… partly traditional, partly cultural, but the Americans have always been big buyers of silver partly because they are concerned about governments and confiscation and things going pear-shaped,” he said.
Mr Hayes said US coin collectors preferred Australian coins because they were considered exotic, unique and different.
“And it’s not Canada, which is a plus for many American collectors and because of that anything out of Australia is popular,” he said.
It’s not just the sale of the kangaroo coin which is hopping out the mint, with US buyers snapping up coins with other Australian animals on them.
“We’ve done stockman horses, we do a range of luna coins as well… certainly the wedge-tailed eagle coins we make are very popular in the states,” he said.
“Most coin collectors are looking for something new every year. To the extent you can come up with a theme that is unique and different, appealing or something that someone hasn’t done before, and you will genuinely do pretty well with it.”