Nov 072012
 

The Perth Mint is working towards the publication of a new Mintage Policy in response to recent debate on this blog site.

It‘s a fairly complex document that requires a bit more work before we’re ready to make it public. However, it’s advanced enough for me to present our ideas on the major concerns expressed by those who have left comments.

Just before I go any further, I want to say that we’ve been listening very hard in recent weeks, not just to your contributions via our own blog, but also on the well-known forums where we’re discussed.

The insights many of you have provided are invaluable to us. Of course, we have never deliberately set out to upset anyone, but it is clear that some of you are far from happy. In response, we launched an immediate investigation to underline that we are an open, honest and ethical organisation – not beyond mistakes – but one that is happy to listen, learn and take corrective action.

So let’s cut to the chase about mintages.

We are dispensing with the concept of ‘packaging mintages’. This, I believe, lies at the heart of your dissatisfaction with what otherwise are products extensively admired for their quality and aesthetics.

As you have urged, the term ‘mintage’ will now refer exclusively to the maximum pieces of struck metal.

Just as important, every limited issue will have its mintage plainly stated. For clarity, this is probably best illustrated by an example of how it will appear in a Certificate or brochure, such as:

“No more than 10,000 of these coins will be released individually from a mintage of 12,000.”

This type of wording provides us with the potential to house up to 2,000 additional coins in one or more packaging variations. For such a variation you can expect the Certificate or brochure to state:

“No more than 2,000 of these coins will be released in this set from a mintage of 12,000.”

Our new Mintage Policy will make it perfectly clear that the mintages we announce in marketing brochures, on the website and in Certificates are absolute maximums.

The Mintage Policy is possibly a few weeks away yet, but I felt it was important to post early so that you are clearly apprised of our thinking and the urgency with which we are reacting.

I’m sure there will be plenty of questions. Please bear with us until a definitive document is available. It will be posted on the website and we’ll be pleased to engage in much more discussion then.

Please also be aware that because we work so far in advance, there are products currently in production that may not fully adhere to the principles I’ve outlined above.

 POST A COMMENT

 

  15 Responses to “Perth Mint mulls Mintage Policy – here’s the basis of our thinking”

  1. Well done Ron!

    That’s excellent news and a great start.

    I also hope, if it’s possible you will address the Specimen coin subject.

    There is no difference in the bullion coins to the carded coins (Apart from packaging); so this is confusing because, for example….. the bullion 1oz koala’s have an un-limited mintage but the carded coins are struck on a ‘mint-to-order’ basis only!

    See the confusion?

    At the end of the year, (Example 2011 – 1oz Silver Koala) your mintage sales say 910,480
    http://www.perthmint.com.au//documents/The_Australian_Koala_Silver_Bullion_Coin_Series_2007_-_2011_Current_1.pdf

    There’s no reference to the carded specimen coin, in the numismatic 2011 pdf document; but it is available on the actual collector Koala website page which lists a mintage of 11,865.

    http://www.perthmint.com.au/catalogue/2011-australian-koala-1oz-silver-coin.aspx

    As a collector, I’d like to know that the specimen koala is indeed a specimen coin and is apart-from and different-to the 1oz bullion coin.

    This year I purchased some of the carded coins but they’re just the same as the bullion; infact if I take the coin out of the card and place it next to a bullion coin, they are identical.

    “Yes, I know they are expensive to package and I know Perths definition of what a specimen coin is but your “specimen policy statement” does not reflect the coin, it reflects the packaging”

    An example on the collector site says:

    2011 Koala

    The COIN is struck by The Perth Mint from 99.9% pure silver in “specimen quality”.

    http://www.perthmint.com.au/catalogue/2011-australian-koala-1oz-silver-coin.aspx

    2012 Koala
    Each coin is struck by The Perth Mint from 99.9% pure silver in specimen quality.

    http://www.perthmint.com.au/catalogue/australian-koala-2012-1oz-silver-coin.aspx

    Last of all the Bullion “limited” issue Kooks etc.

    CURRENCY (PERTH MINT) DETERMINATIONS CURRENCY ACT 1965 THE PERTH MINT COINING PRACTICES

    1.Once the maximum mintage is reached, the coin is declared ‘sold out’ and no further coins are minted;

    2.The mintage remains open and the Mint reserves the right to mint further coins at any time, but only until the maximum mintage is reached; or

    *****3.The Mint decides to declare the mintage closed even before the maximum mintage is reached, after which no further coins are minted.

    In conclusion, I’d like to say this:

    *Para 3. Gives you power to close the mintage of the Kooks you didn’t!

    “I can’t find any-where on your bullion site web site where it says if the coins don’t reach their limited mintage, Perth will re-mint them.

    *You had the power to close the mintage of the 2oz Lunar Proof coins, you didn’t.

    *You have the power to gain collector confidence as well as make a profit.

    This subject is not about a few hundred thousand Kooks and a handful of 2oz Proofs.

    It’s an issue about all of your products, Gold, Silver and Platinum that over many years have not reached their mintage limit.

    We are very scared that many of your numismatic products will be re-struck and to gain our confidence especially on the collector side of things we really need you to look at closing some of those coins that didn’t reach their potential and ar now classed as collector items.

    Please view your pdf documents on the Bullion and collector mintage areas of your web site. “We are Alarmed Ron”

    Bullion
    http://www.perthmint.com.au/investment-bullion-bars-and-coins-mintages.aspx

    Numismatic
    http://www.perthmint.com.au/numismatic-mintages.aspx

    AS you can see, it’s just not your numismatic collector coins but also bullion producta that need attention.

    In short, if a bullion product does not reach it’s limited mintage, either close the mintage at the end of the year or place a note on your bullion site that says, the limited mintage coins may be restruck at some other time; that way I can choose to buy or select an un-limited product.

    Sorry if I have repeated myself and I honestly hope we can soon put all of this behind us.

    My last comment is to the Bloggers and comments I’ve read about legal stuff!
    Some of the forums have talked about claass actions and crap like that! We don’t want that sort of USA stuff coming to our shores!

    I wouldn’t burden Perth with such BS for a small number of coins, especially on the numi side. There’s heaps of HR product that still available so a handful of coins mean nothing; just as a thousand more 2oz proof coins won’t upset the market medium or long term.

    The issue here is for Perth to make clear concise policy so that we can buy coins knowing they are unique and won’t be reminted.

    We should be looking at the big picture.

    Kind regards

    Billy Black Smith

     
    • BBS, great post.

      The change in the wording is an improvement (to previous suggestion of packaging mintage) and I look forward to seeing the full documents, but as BBS points out, one of the main concerns is that there is no clarification on which previous coins can be reminted.

       
  2. Why don’t you put the remint date on the coin along with the original issue date,that way there is no confusion?

     
  3. Bravo – well done, I am glad to see that the team take the time to actually listen, re-evaluate and communicate with their customers.

    I personally would be happy with the new method as I would know upfront what the actual mintage of the coin is, as well as how many will be presented in that packaging. No more unexpected restrikes…

    Well done guys, I like a forward thinking company.

     
  4. Ron, I am happy that you have taken the proper steps in taking care of and respecting your collector base. If it wasn’t for this honesty, I would have stopped collecting your High Relief’s. I said I was going to purchase just one, but after further thought, I was actually done with your mint. Not now ! I am very pleased and now wish our country’s laws would be changed, and hope one day that it does not take an act of Congress, to get new coins/designs/idea’s in place, and leave the coinage to the patriotic artist, which it should have been from the start.
    But now I will look forward to your next “HR” silver coin/’s. Because I would have been upset at missing these as they were released. So thanks to all you officials to listening to the “Collector” ! We’ll stay tuned….and no worries… from “DAVE in CT.”

     
  5. Too little too late, the damage has been done to the mints reputation and the value to colectors this seams a lot like shutting the barn door after the horse has well and truly bolted.

     
  6. A step in the right direction PM. Good to see. I’m not sure if I am ready to jump totally back on board but this is a very positive step.

     
  7. As a new collector I was very troubled by this whole issue of mintage limits not being what they first appeared to be. This clarification and the direction PM seems to be heading now is doing a lot to give me back the confidence that I need to seriously invest in PM products.

     
  8. Can anyone name several good coins (Perth mint product) like RCM’s ladybug and bumble bee silver coin?

     
  9. How is it possible to mint a coin in 2012 and write 2008 or any other year on it? This seems extremely unethical to say the least. What does the year on a coin actually stand for? Is it just part of the design and nothing else? These coins are legal tender and writing a wrong year on them sounds like fraud or forgery to me.

    The last series I lunar coins were all made in 2008 and they say 2008 in addition to the year they are supposed to represent. This is the right thing to do.

    If the Perth Mint really wants to remint old coins we cannot stop them, but they should at least be so honest and write the year on these coins when they were reminted.

     
  10. A good example of properly reminting coins is the 20 year Kookaburra set. All coins have the original design but say 2009 as they were made in 2009.

    All the newly reminted Kookaburras, Lunars, etc should also have the year on them when they were reminted.

     
  11. Hi folks i am a new collector of Lunar series and i am about to purchase two sets of 2008 Lunar Mouse 3 coin proof sets @ $1,000.00 ea is the perth mint going to make more of these coins and if so i wiould not wast my money thank you for any assistance Regards Garry

     
    • Hi Garry
      Both Series I and Series II have been declared and therefore no more product will be made by The Perth Mint. There is also no stock on hand so none available for sale.
      King Regards
      Blog Team

       

 Leave a Reply

(required)

(required)

Captcha Verification: *
Time limit is exhausted. Please reload CAPTCHA.