Australian Kangaroo/Nugget Coins
Australian Kangaroo/Nugget Coins are the only Australian legal tender coin with a denomination. They are made of 99% silver and 1% copper, making them more expensive than other coins in circulation.
They were first issued on September 14, 1988, to celebrate the bicentenary of European settlement in Australia. The reverse features an adult kangaroo standing on its hind legs, holding in its paws what appears to be a nugget or small.
Table of Contents
- Development, Introduction, and History
- The Production of the Australian Kangaroo
- Australian Gold Nugget/Kangaroo Physical Characteristics
- Australian Kangaroo/Nugget Pricing
- Buying Australian Kangaroo Coins
- Investing in Australian Kangaroo/Nugget Coins Through an IRA
Development, Introduction, and History
Australian Gold Nugget bullion was introduced in 1986 by the Gold Corporation. The Gold Corporation is a company owned by the Western Australian government. The Gold Corporation has a special agreement with the Australian Department of the Treasury.
This means that The Gold Corporation can make money for collectors and investors. The Australian Gold Nugget series sold over 155,000 ounces of gold on the first day. It was worth nearly $103 million. People have stayed interested since then.
Originally, only one troy ounce coins were minted for the series. But then, in 1991, they started making 2 oz, 10 oz, and 1 kilogram (kg) sizes of gold coins. These are some of the biggest gold coins ever made. Today, the Gold Nugget Series coins range from 1/60 oz. to 1 kg. In 2011, the Perth Mint made a very large gold coin. The result was a 1,000 kilogram (2,204.62 lbs) coin that is 31 inches in diameter and nearly 5 inches thick.
This coin is worth a lot of money. It was worth $1,000,000 before it was made. But after it was made, it became nearly $49 million. That makes this the most expensive gold ever produced.
The Production of the Australian Kangaroo
The Perth Mint is a branch of Britain’s Royal Mint. It was established in 1899 and continues to this day. Its main job is refining gold from the Eastern Goldfields and making gold coins onsite at the mint. The Perth Mint also refines gold from other places, like the Western Australian National Refinery.
The Perth Mint is famous for making good coins. They make coins of very high quality because they have been doing it for so long and they use the best technology. Australian Kangaroos are made of gold and are valued because the Perth Mint is really good at crafting them. The Perth Mint spends a lot of time on these coins, from the design to the finishing. They take care of everything and put a lot of effort into it, which makes them worth more than other coins.
Australian Gold Nugget/Kangaroo Physical Characteristics
The Australian Gold Nugget coin is one of the few gold coins that both change its design every year and is accepted as money. In the first three years of production (1986-1988), different images of gold ore (hence the name “nugget”) appeared on the back, or “reverse,” side of Gold Nugget coins. In 1989, the Perth Mint changed the design of the coin to show a Kangaroo. It was believed that people wanted a more attractive and recognizable representation of Australia.
The words “AUSTRALIAN KANGAROO” and “9999 GOLD” surround a coin’s kangaroo image. The year it was minted, how heavy the coin is, and other information is written on the coin as well.
The front side of the Australian Kangaroo/Nugget coins, which are made in Australia, shows a picture of Queen Elizabeth II. The figure of Elizabeth II was designed by Ian-Rank Broadley. He made the portrait of a young queen wearing a tiara. The edge of a coin has text with information about its value, the name “QUEEN ELIZABETH II,” and other things (depending on the year that it was minted).
All Gold Kangaroos are pressed and struck multiple times to make them look frosty. The other side of the coin is polished, too, so they’re shiny. Sometimes this is called a two-tone effect.
You can buy different-sized Australian Gold Kangaroos. The most common ones are the 1 oz coins, but eight other weights of coins are available.
Values of the Kangaroo
In Australia, the Australian Gold Nugget is legal tender. The face values are $5, $15, $25, $50, $100, and so on up to 3000 dollars. In 1991, a 2-ounce coin had a face value of $500, and the 1-kg coin had a face value of $10,000. In 2010, due to gold price fluctuations, the coins were adjusted to introduce smaller denominations, with the most expensive valued at A$20.
Originally, only one troy ounce coins were made in this series. Weight denominations of 2 oz, 10 oz, and 1 kilogram (kg) sizes were issued beginning in 1991 and remain some of the largest gold coins ever made. Today, Gold Nugget series coins range from 1/60 oz to 1 kg. One troy ounce Australian Gold Kangaroo ($100), 1/2 troy ounce ($50), 1/4 troy ounce ($25), and 1/10 Troy ounce ($15).
Australian Kangaroo/Nugget Pricing
You can trade it for some things. Each coin has a different weight, and you can get one with the money on it that is worth more than another one. This coin is worth more than the cost of it. It’s not worth as much as the cost to make it, but it’s still worth a lot.
The price of Australian Gold Kangaroo coins is always changing. The reason for this change is the price of gold. This changes how much value the coin is worth. The price of gold changes each day, so the value of your Australian Kangaroo/Nugget bullion investments will change.
Due to their world-renowned pureness, quality, limited supply, and unique yearly mintage, Gold Kangaroos can carry a value that is higher than the market value. Numismatic value means that they are worth more than just the money you will get from them.
Buying Australian Kangaroo Coins
You can buy the Australian Kangeroo from the CoinInvest online store. Add it to your basket by choosing a coin and then clicking on the product page. Here are some coins. They have faces on them. Money is in Australian dollars. You should know that the money is not worth as much as it used to be because of how many there are and how much they weigh.
Investing in Australian Kangaroo/Nugget Coins Through an IRA
The IRS allows specific types of IRAs to be filled with gold, silver, platinum, and palladium bullion. These are called “precious metal IRAs.” They can only have the approved bullion in them. The IRS says that Australian Kangaroo/Nugget coins can be put in an IRA. You have more options for what you want to do with your money when it is in a gold IRA. It is not just stocks or bonds but also gold.
All Australian Kangaroo/Nugget series coins meet the minimum requirements for purity set by the IRS. If you want to buy some, you have to spend at least $5,000 in order to establish an IRA for gold. All future purchases must be at least $1,000. When an investor purchases Australian Gold Kangaroos (or any high-quality bullion), the IRS mandates that they be a qualified depositor responsible for the security and maintenance of the metal. If you already own an IRA, you can transfer or rollover the money into a gold IRA.
The newest coins made with gold are available on the official website of the Perth Mint. You can buy them if you live in Australia or if you live somewhere else in the world. But, if you buy from a country other than Australia, your coins may be subject to more fees when they go through customs. You can find old coins with coin dealers around the world. For example, there is a company called American Precious Metals Exchange (APMEX).
The Australian Kangaroo/Nugget coin is a beautiful, valuable, and collectible investment asset! These coins are backed by the Western Australia Government. They also qualify as physical assets that can be invested inside of an IRA.
These coins are a popular choice for investors because they come in capsules and have low premiums. They also feature many different denominations, which makes them ideal for investing purposes.