Mar 132013
 

It might not be world domination yet but The Perth Mint has developed a truly global presence. This week our Agents travelled to Perth from around the world with thoughts and ideas about our coins from key overseas regions including Hong Kong and China, North America, Japan and Germany.

Perth_Mint_Agents_2013

Perth Mint Agents from around the world with our Sales & Marketing Director Ron Currie and CEO Ed Harbuz (holding map).

Sales and Marketing Director Ron Currie said the annual summit of overseas Agents had taken on added importance with massive changes in the coin market occurring in recent years.

On the supply side, he said the industry had become fiercely competitive with national and private mints moving into commemoratives, all looking to cash in on the booming sector. Rising precious metal prices and popular themes like the Year of the Dragon had helped drive interest to new heights, he said.

From a demand perspective, much greater choice was having a huge impact on collectors. But it was not all necessarily positive, with some seemingly overwhelmed by the mind-boggling number of alternative programs available.

Many questions face the team this week. Is there the possibility now of collector fatigue setting in? What product strategies are needed to keep collecting fresh and relevant in various world markets? What else can committed, long-term players in the market like The Perth Mint do to preserve enthusiasm among collectors?

If you have views on how the numismatics industry should develop, please join the debate by leaving your comment below.

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  5 Responses to “Perth Mint maps out the future”

  1. 1. Lower the price, maybe at 2x spot still maintain the margin while boost sales.
    2. Inovatif design, including the packaging

     
  2. You hit the nail on the head Blog Team!

    Your comment:

    “collector fatigue setting in?”

    The fatigue has certainly set in due to lack of continuity with your numismatic products and bullion coins.

    Your numismatic coins are not suited to collectors because you do not start or end a series.

    For example, the Koala series.
    The Koala series started with the 2007 design, followed by 2008, 2009, 2010, 2011, 2012, 2013.

    During that time you introduced the 5oz Koala Silver Proof coin in 2011 (Sold-Out), followed by 2012 5oz Silver Proof coin.

    Now we come to the year 2013 and you decide not to mint the 5oz Koala Silver Proof coin in it’s standard proof format but decide to issue a 5oz High Relief Proof coin instead.

    This is just one example of coins that have absolutely no collect ability because you do not provide collectors with what they want.

    I want to collect a series of coins from the first issue to the last, I don’t want to buy and collect coins that I can’t make a complete set of.

    You do seem to have some continuity with the bullion coins but even then you swap and change the size coins so that sets, again, don’t have the desired continuity.

    An example would be the half-kilo (1/2Kg) Series 2 – Lunar coins; you issued the half-kilo coins in 2008, 2009 and 2010 and then discontinued for the years, 2011, 2012, and 2013.

    The Bullion coins also suffered discontinuity when you issued the Privy Mark Coins for the Silver Series 2 Lunars.

    No Privy Mark for 2008, 2009, 2010, then you issued in 2011 for the dragon, then 2012 and 2013.

    Same goes for the privy mark Koala and Kookaburra.

    I understand that you have to run a profitable business but you are not balancing the new products you mint and discontinue against your collectors.

    Do you understand what I mean?

    If I want to buy your collectable coins I want to be re-assured by you “Perth” that you will enable me to complete my collection.

    As it stands now, you make it very difficult for this Perth Fan to support you.

    The worst thing you can do is destroy your collector base but that’s exactly what you are doing.

    It’s NOT collector fatigue that is dropping your sales, it’s your start, stop policy that makes me and others say, why bother to collect.

    Your clients buy your products either as collectable items for personal collections or for flipping for a quick profit; at this stage you are not providing the market with what we want!

    It’s easier enough to provide continuity for your collectors, as well as new designs to cater for your wholesale distributors.

    Continuity Perth – Continuity!

    Kind regards

    Billy Black Smith

     
  3. Too bad you quality is dropping instead of your pricing. My blue dragon color was off by an eighth of an inch, and my last DOL coin has the same problem. It is cost prohibitive to return coins from the US.

     
    • Hi Michael

      We will gladly replace a coin if there is genuine problem. A member of our customer services will be in touch with you shortly,

      Kind regards

      Blog Team

       
  4. I think you should lower the mint amounts, 50,000, 10,000, and even 5,000 seem like they sit around a long time. The best you were able to do with such a stunning Tiger gilded coin is 15k+. And those have been on the market since 2010. I think you should stick with 2,500 and use a bit more creativity…have you seem the Mongolia antique finish coins? Bravo. I’m not touting another mint on your site intentionally. I’m just trying to show you that if you think outside the box, lower your mintage amount, people like me will pay 500.00 for a coin (silver). Heck, I’m not even finishing the Dragon series. I loved the Red Welsh and St George, but 3 of the 5 sure do look similar, why buy? I’m not wasting my money. I’d just as well sink my money more into the welsh or st George.

    Anyway, maybe instead of releasing collectors every month, try every couple or every quarter…and put a bit more thought into it. I stopped sinking money into collector coins, I see no value. I probably wasted a lot of money…when much of it could have gone into you bullion series. Bummer.

     

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