Millions of Silver Dollar Coins Bouncing Out of the Perth Mint

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.

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The silver dollar kangaroo coin has drawn huge interest from US investors

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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.”

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Redback Spider 2015 1oz Silver Coin – Australian Map Shaped Coin Series

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Redback Spider 2015 1oz Silver Coin from The Perth Mint, featuring:

  • 99.9% Pure Silver
  • Unique Australian Map Shaped Design
  • Australian Legal Tender
  • Limited Mintage
  • Presentation Packaging
  • Numbered Certificate

Redback-Spider-2015-1oz-Silver-Coin-perth-mint-proof-box

The Redback Spider is a species of highly venomous spider indigenous to Australia. Characterised by a distinctive red stripe on the upper side of the abdomen, the adult Redback has a spherical black body. Females are bigger than the males at approximately 10 millimetres in length compared to three to four millimetres.

99.9% PURE SILVER

Each coin is struck from 1oz of 99.9% pure silver.

UNIQUE AUSTRALIAN MAP SHAPED DESIGN

The coin’s unique map shaped coloured reverse depicts a Redback Spider crawling across the face of a rock. The design includes the inscription REDBACK SPIDER, The Perth Mint’s traditional ‘P’ mintmark, and the 2015 year-date. The coin is innovatively struck in the shape of Australia.

AUSTRALIAN LEGAL TENDER

Issued as legal tender under the Australian Currency Act 1965, the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II, the monetary denomination, and the 2015 year-date appear on the coin’s obverse.

LIMITED MINTAGE

The Perth Mint will release no more than 6,000 of the Australian Map Shaped Coin Series – Redback Spider 2015 1oz Silver Coin.

PRESENTATION PACKAGING AND NUMBERED CERTIFICATE

The coin is housed in a classic presentation case and custom-designed shipper. Each coin is accompanied by a numbered Certificate of Authenticity.

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TECHNICAL SPECIFICATIONS:

Silver Content (Troy oz) 1
Monetary Denomination (AUD) 1
Fineness (% purity) 99.9
Minimum Gross Weight (g) 31.135
Maximum Diameter (mm) 40.60
Maximum Thickness (mm) 4.00
Maximum Mintage 6,000
Designer Ing Ing Jong