Nov 202012
 

The new Perth Mint Mintage Policy has been finalised.

It addresses issues and questions raised on our blogs and in other coin forums about some Perth Mint practices.

If you are one of those who contributed, thanks for your input. The opportunity to review our practices and provide clarity to collectors and investors is timely.

Here are the key points that will be of most interest:

Maximum Mintage

Every limited issue coin will have its Maximum Mintage clearly stated upfront. A Maximum Mintage is the total number of pieces we will strike for release – without exception.

The Maximum Mintage will be announced in advertising and promotional materials, on our web platforms, and (for collectable issues) in accompanying Certificates of Authenticity.

Packaging Variation Issue Limit

We will continue to release some coins in packaging variations – ie individually, in a set, or as part of a collection. As stressed above, however, Maximum Mintages will not be exceeded.

In such a scenario, we will apply an Issue Limit to each packaging variation. Both the Issue Limit and the Maximum Mintage of the coin or coins concerned will be clearly stated in promotional materials and the Certificate.

Bullion Manufacturing

Some commenters have discussed what they refer to as “re-strikes”, a case in point being the 1992 Australian Kookaburra 1oz silver bullion coin which has become something of a cause célèbre.

It is not. It simply demonstrates the Mint’s prerogative to mint bullion and numismatic coins to their Maximum Mintage over time while interest remains. (The exception being the Australian Lunar I Series, which was permanently cut-off in 2007 and its mintage Declared.)

On a related point, we cannot change the year-date on any coin without submitting it as a design change to Australian Federal Treasury. If we were to do so, it would be deemed a new and separate coin issue.

Specimen Coins

Although we thought it was based on sound reasons, the previous decision to describe packaged bullion coins as specimen quality was inappropriate.

This practice is amended and our definition of specimen quality now relates exclusively to bullion-like strikes featuring one or more numismatic treatments.

Policy Implementation

The new Mintage Policy is being implemented immediately. As I said in my previous post, however, because we work in advance there are some products now awaiting release that may not fully adhere to its principles.

As usual, we’d value your feedback. Please leave comments or questions and I’ll be delighted to respond should further explanations be required.

POST A COMMENT

 

  20 Responses to “Perth Mint Announces New Mintage Policy”

  1. Are we to assume that apart from Series 1 Lunars (which are confirmed a closed mintage) that any other numismatic coins which haven’t reached their maximum mintage could be struck up to their limit? For example those listed in this post:
    http://forums.silverstackers.com/message-430568.html#p430568

     
  2. Hi Ron,

    As foreigners, it easier if we can buy your bullion coin via web. I can stand for additional price up to 15%.
    Cause, it’s quite difficult to buy your coin here..

     
  3. Ron,

    I’m glad this has been clarified, but very unhappy that there is now complete uncertainty about what is going to happen with each indivudual numismatic coin that has been issued in the past 25 years. Only very few of them have reached their maximum mintage.

    The right thing to do now is to declare the mintages of all old numismatic coins. Before that happens I will most certainly not buy any new Perth Mint release.

     
    • Hi JR

      We are looking at all numismatic products dating back to 1987 that are not sold out. Where appropriate we will declare the mintage of each coin or set, formally signalling that no more will ever be manufactured. Please bear with us during the next few months as we complete this process. In the meantime, it is extremely unlikely that we would release older numismatic issues. Should the need arise, the most likely course of action would be to re-date the coin, as we did for the Australian Kookaburra 20th Edition Silver Coin Set.

      Kind regards

      Ron Currie

       
  4. Hi Ron,

    The clarification of maximum mintage is a start, but when I look at the collector coins, there is no mention of what the maximum mintage will be. However, there are references to limited mintage or extremely limited mintages. Could the Mint list the maximum mintage of a particular coin in its product description? Then any additional descriptor of a limited mintage or extremely limited mintages would better help to describe the intentions of the Mint. These types of descriptors would provide transparency to the coin enthusiasts and would help them make informed decisions when purchasing a particular coin.

    Many thanks,

    Merlin

     
    • Hi Merlin

      Thanks for commenting.

      Yes, going forward that is exactly what will be happening. Each coin’s maximum mintage will be clearly stated upfront to help enthusiasts make informed decisions.

      Kind regards

      Blog Team

       
  5. hi perth mint! i would like to ask about the mintage of koala coin. is it possible for you guys to go back and remint the older coins when perth mint has already declared the mintage of it?

     
    • Hi Melvin

      Once the mintage for the 1oz silver Koala on card is declared, no more will be produced.

      Kind regards

      Blog Team

       
  6. I am going to buy a 2 OZ lunar silver coin collection set, but hopefully perth mint release at least two coins every time (for example: release horse and sheep coin at the end of 2014) for the next 6 coins. If released one by one, we will pay too much shipping cost. Thank you.

     
  7. Hi Ron,
    I have been reading the various threads regarding the topic of closing mintages of previously released coins but somehow it appears something is missing in the revised policy.

    Why it is not possible for PM just to say: “PM closes any future mintage as soon as the end of the respective mintage year has ended”?

    E.g. Mintage for the Lunar Snake ends 31 December 2013.

    Makes perfectly sense and it ends all uncertainty about unpleasant surprises in the future.

    End of discussion, I would say.

    Mzzl,

    Mokum

     
    • Hi Mokum

      Thanks for commenting. We’re committed to reviewing previous numismatic releases with a view to declaring the mintages for as many as possible early next year. We’ll keep you informed of any policy developments in this area as we go forward.

      Kind regards

      Ron Currie

       
      • Hi Ron,

        Thanks for your rather diplomatic response though you have not answered the question yet…

        As everybody would expect from the Pert Mint SMD a more firm statement to the question remains:

        ‘Why does PM not declare closure of mintages of its coins at the end of the respective year?’

        Mzzl,

        Mokum

         
        • Hi Mokum

          I certainly didn’t mean to be evasive.

          On the bullion side of the business, there are many examples where we close-off coins at the end of the calendar year – including the Australian Koalas and most of the Australian Lunar releases. We’ve also undertaken to review our Australian Kookaburra policy and will be saying more about that next year.

          As you posted your question on the collector’s blog, I assume your focus is on our numismatic issues.

          Our collectable coins are very limited. The maximum mintage is what determines their rarity. With proof and specimen treatments, they’re also much more expensive to fabricate than bullion coins.

          To make it profitable for us to design, tool, strike, treat, inspect and package proof and specimen issues, we have to achieve as high a level of sales within mintage as possible. Ideally, we’d like to sell everything out.

          Obviously, cutting off production at the end of the calendar year of a fixed mintage collectable would make this extremely difficult. Also, we release coins up until quite late in the year, which would add to this problem.

          There comes a point when it becomes quite clear that the market has no further interest in certain coins. In my post Perth Mint Declares I announced that we would be officially declaring 1986 to 2002-dated numismatic coins that have not sold their maximum mintage. By the close of business today, you will see updates in the relevant tables on our website.

          We are now engaged in a similar process for the rest of our numismatic issues, which I hope to have completed early in the New Year.

          Hopefully my overview of the some of the issues your question raises is useful.

          Kind regards

          Ron Currie

           
  8. Last updated 13 September 2012
    statistic for 1oz Lunar Silver Coloured Mouse Coin 2008
    mintage: 170,000
    sales: 69,450

    are all 170.000 coloured lunar silver coloured 1oz mouse already minted?
    do you have 100.000 mouses in stock?
    or there is an official closed date for production and declaration of final mintages for 1oz coloured silver mouse?
    kind regards

     
    • Hi Sylvester

      As you correctly point out, the maximum allowable mintage for this coin is 170,000. As of 13 September, we had sold 69,450.

      The full mintage has not been manufactured. As of today, we have about 400 of these coins on hand.

      We expect to declare the final mintage of 2008 1oz coloured silver Mouse within the next month.

      Kind regards

      Stephen Ward

       
  9. Hello, I was checking mintages on the Lunar series 2 coins, and I don’t see the 2012 10 oz Dragon even listed ! I have one . what’s the scoop ? also, I just purchased a 1 kg 2011 Lunar Rabbit coin, and was told it was a reissue, could there really be only 500 minted ? thanks

     
    • Hi Ralph

      Please refer to our bullion coin mintage page where you will see the 2012 Australian Lunar 10oz Year of the Dragon silver bullion coin has a declared (final) mintage of 47,390.

      Our numismatic coin mintage page confirms that the 2011 Australian Lunar 1kg Year of the Rabbit silver proof coin sold it full mintage of 500.

      Only 500 of these coins were made – therefore there is no question of a “re-issue”. Dealers may still hold unsold stock or they may be available on the secondary market.

      Hope this helps,

      Kind regards

      Blog team

       

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