Temporary Suspension Of Silver Dragon Orders

31 Comments

• September 05 2011

  jimmy says:

  china mint imposed limit maiximum of 600,000 for its one oz silver panda.  now they increase their 1 oz silver panda from 600,000 to 3,000,000.  why not the perth mint also increase its dragon products.  put it unlimited.  and see what will be the new next limit for this lunar II series.

• September 06 2011

  Ron Currie says:

  Hi Jimmy
  
  Throughout the course of the first 12-year Australian Lunar bullion coin series and also during the second 12-year series, 1oz releases have been limited by mintage: 30,000 gold and 300,000 silver. As well as investors, these mintage quotas have also attracted collectors to the series.
  
  To increase mintages of 1oz coins during a particularly popular year could be interpreted as opportunistic and possibly damage our credibility as a Mint.
  
  But please remember that no mintage limits apply to other weights in the program:
  
  Gold - no mintage limit applies to 1kg, 10oz, 2oz, 1/2oz, 1/4oz, 1/10oz, and 1/20oz coins. Production will close at the end of 2012, when The Perth Mint will declare each coin's official mintage.  
  
  Silver - no mintage limit applies to 1 kilo, 10oz, 5oz, 2oz and 1/2oz coins. Except for the 1 kilo release, production of these coins will close at the end of 2012 and The Perth Mint will declare each coin's official mintage.
  
  Regards
  Ron Currie
  Sales & Marketing Director

• September 06 2011

  jimmy says:

  the u.s. mint report its sales every week.  now with modern and advanced technology.  just a bottom "enter" in your computerized system.   the sales figures should come out immediately.  why take a year or so to report those sales figures or mintage.
  
  if one ounce silver limit is 300,000.  why make 170,000 for one ounce colorized on the same design.  that's another way to increase total mintage for a particular coin.  and why not report in your sales figure a separate colorized sales figure.  so we collectors can know the total mintage on its coin denomination.  ex:  proof 10,000, uncirculated 300,000, uncirculated colorized 170,000, 4 coin set 5,000 and so forth.
  
  on my total collections.  i just type in spot gold and silver prices every day or every miniutes.  then i know how much i gain or loss immediately.  how many i added or minus my coins.  how many pieces of silver or gold coin i have.  how many ounces i owned.  and many other things.  thanks to modern technology.
  
  thanks for replying me and please answer this one too.

• September 06 2011

  Jeff says:

  China can increase the limit of their Pandas to 1 billion for all I care but the uniqueness of PM's 1oz bullion lunars' mintage should be left alone for the remaining years of this series II.  Worry about the III when the time comes.  Don't touch this.
  
  

• September 06 2011

  Ron Currie says:

  Hi Jimmy
  
  In answer to your questions:
  
  We will not supply weekly sales figures. It's too time-consuming to compile and expensive to undertake. However, we do notify clients via the blog when a sell out occurs.
  
  Where colour is applied, the surface is different to a standard bullion coin. The coloured versions are packaged and considered by us to be numismatic issues. Therefore, the two cannot be added together as one mintage.
  
  Modern technology is great, but as a mint we still need to regularly count our stock physically so that we can account for all the metals under our control. We also have to go through the proper audit functions.
  
  Regards
  Ron Currie
  Sales & Marketing Director

• September 06 2011

  jimmy says:

  my suggestion to the Perth mint.
  
  Now i understand.  with 1.35 billion Chinese hungry and dying for 2012 Perth Mint lunar dragon.  with Australian population began to aware this sleepy dragon and in demand.  and with American and around the world chasing this artistic and collectible dragon.  well.  only 300,000 pieces are available.  what can we do?.  well.  my suggestion for Perth mint is if they want to sell this dragon to the Chinese.  issue each year an obverse dragon (not lunar type). and a reverse with Australia popular scene or symbol.  and compete with Chinese panda.  issue it as bullion and distribute worldwide.

• September 07 2011

  Jeff says:

  @ Jimmy
  
  But then your suggestion will forgo the obligatory "head".  Is this acceptable as far as the coinage of legal tender is concerned here?
  
  Or are you suggesting dragon rounds (rather than coin$)?  I think it's the legal tender status rather than mere rounds that adds to its appeal.

• September 07 2011

  J. says:

  If I may add, Jimmy,
  
  1. It's a temporary suspension of orders;  and
  
  2. Apart from 1oz, all other denominations, according to Ron, will be of unlimited mintage until production close for 2012.  We're still in 2011 !!
  
  Therefore, to go hungry and die, as you had put it, was totally unnecessary  : )
  
  

• September 07 2011

  BillyBlackSmith says:

  Dear Ron, great job to you and the team on the recent release of the Bullion coins on the 01 September 2011, you probably all need a rest after the huge amount of phone orders.
  
  Online Orders IT
  
  Although the launch was a success be assured that the online Bullion sales need attention. (Proof as well).
  
  The Perth Mint Web site crashed time and time again not only on 01 September but also 06 September 2011.
  
  It is very frustrating to be half way through an online order to have the system crash and even more heart breaking to make a phone order to be told the mint is out of stock.
  In one  instance on the 6th, when I thought I had an order through I received the order through my email with no reference number; obviously the stock had sold out.
  
  This anomally, may be one for your IT professionals to look at and somehow coordinate your phone sales with the online system so that as the stock is depleted a customer doesn't have to waste time with an online order that won't materialize.
  
  
  Hard copy September 2011 Bulletin sent by mail.
  
  Also, The Perth Mint September 2011 Bulletin ("Hard copy"; not the online brochure) and order form sent to customers arrived on the day the Proof copies were released.
  
  Obviously the Bulletin and order form could perhaps arrive on the same date as the online brochure on the web site "24 August 2011". I'd say you may have a lot of paper orders that will cause your sales staff many hours and of course orders won't be filled and of course every person who received the September 2011 Bulletine who wanted proof coins will be disappointed.
  
  With a limit of one proof item per family, perhaps in future you could look at closer coordination and ensure that enough stock is put aside for those who are on the Bulletin list or are previous clients.
  
  My last point on mintages.
  
  I think you have the perfect balance for the bullion coins and the proof.
  30,000 limited mintage for the gold bullion Dragon 1oz
  300,000 limited mintage for the silver bullion Dragon 1oz
  500,000 limited fot the 1oz Kooks
  Proof mintage is very good for the collectors.
  
  Congratulations.
  

• September 07 2011

  Jeff says:

  In line with PM's ever continuing pursuit for excellence in customer service, may I suggest something for the bullion retail counter?  Is it possible for PM to allocate 1 out of the 3 counters specifically for customers who have:
  
  1.  Have already made up their mind what they wanted to buy;
  2.  Have the correct amount of cash;
  3.  Have ID all ready, and
  4.  Have their better halves' permission to buy.
  
  And the other 2 for all others who do not have the above points, for example the ummms and ammms and 15 minutes discussions with their partners at the expense of others whom might need to have their lunches and rush back to work or avoid getting fined by the parking attendant.
  
  I borrowed this idea from express checkout counters at supermarkets and shops.
  
  Other than that, congrats and thank you for the very beautiful silver dragons for 2012 !

• September 07 2011

  Ron Currie says:

  Hi BillyBlackSmith
  
  Many thanks for your thoughtful comments about the online launch of our Dragon coins.
  
  Firstly, I’m sorry that you were frustrated and inconvenienced on 1 September (bullion launch) and 6 September (proof launch). We have previously never experienced such extreme demand and to be frank it has taught us some valuable lessons.
  
  In actual fact, the preparations we made ensured that the bullion website performed well on the day. Unfortunately, the large volume of traffic caused other Mint systems to drop out temporarily with knock-on consequences.
  
  Our I.T. staff are carrying out a complete review of the bullion infrastructure and the older architecture of our numismatic site which will result in the implementation of improvements to prevent such issues in the future.
  
  In response to other points you make:
  
  1.   According to our established sales practices, limited mintage coins are allocated to different divisions within the organisation i.e. web sales, telephone sales, shop sales, bulletin sales.  Having failed to secure coins via the website, some customers telephoned the Mint to place their orders. Unfortunately, by the time they got through, the telephone sales allocation was already sold out due to heavy demand.  We are looking at this.
  
  2.   The Bullion Brochures were uploaded on the ‘embargo’ date of 24 August. The embargo date is the first date we are permitted to advertise new products for sale.  Essentially it is designed to create a level playing field for The Perth Mint and all our dealers worldwide. No orders can be taken until the ‘availability’ date, which for Dragon bullion coins fell on 1 September.
  
  3.   The numismatic Bulletin/Order Form is scheduled to drop on the day new collectable coins become available. Proof Dragons coins were not offered for sale until 6 September – hopefully the day your bulletin was delivered by Australia Post.
  
  4.   Putting coins aside for existing clients is a great idea – however, with the low mintages of silver proof Dragons, our allocations were so small that we felt it would be fairer to limit one coin per person and offer them on a first come, first served basis.
  
  On the issue of mintages, we certainly appreciate your support.
  
  Kind regards
  Ron Currie
  Sales & Marketing Director

• September 07 2011

  jimmy says:

  the most heavily demand is the one ounce silver dragon.  while half ounce is the most profitable but a little bit costly at first.  other sizes are for outsiders rather than old time coin collectors.  just my opinion.

• September 08 2011

  ANONYMOUS says:

  @Jimmy
  
  You state that
  
  "with 1.35 billion Chinese hungry and dying for 2012 Perth Mint lunar dragon.  with Australian population began to aware this sleepy dragon and in demand.  and with American and around the world chasing this artistic and collectible dragon.  well.  only 300,000 pieces are available."
  
  But then you say that the 1 oz is for old time coin collectors while the other sizes are for outsiders. So you're rebutting your own initial argument... why not allow all these Chinese you are talking about, who I'm assuming aren't all "old time coin collectors" purchase from the other sizes then?

• September 08 2011

  J. says:

  That's the whole point behind the 1oz's appeal.  Go unlimited and that'll put the 1oz in the same league as what you've described as the "sizes for outsiders" with immediate. 
  
  So how now?  I'll say just stick to it.

• September 08 2011

  paul says:

  I'm from Canada. I say the Perth Mint doing a great job of striking a balance of suppy and demand while maintaining long term interest in their bullion coinage. No doubt the dragon series is the most popular but I hope long term planning shouldn't be base on 1 series.

• September 08 2011

  Opinion Only says:

  @Jimmy
  
  PM made available all other denominations unlimited for 2012, except for the 1oz and that's not good enough?
  
  With PM's current arrangements, they are keeping both your so-called "outsiders" whatever that means and "old time coin collectors" happy... yeah - at the same time.
  
  If they do as you have suggested, you're only contradicting your position as a collector I'm afraid.

• September 08 2011

  BillyBlackSmith says:

  Ron Currie
  
  Thankyou for replying and explaining in detail what I see as sound explanations to my original post; I truly hope the IT staff can provide suitable outcomes before the new release on 4 October 2011.
  
  I did note your comment about "first come first served basis"; unfortunately Ron, there was many of us logged in before 1030 your time in WA, waiting to execute an order, not once or twice but 3 times.
  
  May I suggest that the IT team have the web site fully functional before you open for business.
  
  As you may be aware, the collector section had bits of information about the proofs which seemed to be loading as I was trying to purchase.
  
  By having the site fully amended the day before release of the issue could have avoided many problems, I don't know why the site is amened and fully functional before the release, perhaps this could be looked into, that way, those people like myself who are keen collectors will be served on a first come first served basis.
  
  Please take my comments as a "respectful" suggestion, they aren't meant to be abrasive because, I understand that the dragon issue was a once off occurrence, that over -loaded the system.
  
  Anyway, I trust you'll use your strong leadership and management skills to ensure we can have faith with the on-line system for bullion and the coin collector section in due course.
  
  Ron, The Perth Mint is the envy of many mints throughout the world, and as we have seen, the demand for quality Australian Perth Mint products is in demand.
  
  Please keep the wonderful products coming, and lets hope, that unlike other countries who mass produce to ensure volume instead of quality, that Perth will always bring Australian precious metal bullion and collector items that are the best in the world.
  
  Best wishes Ron to you and to all the staff.
  
  Regards
  
  BillyBlackSmith
   
  

• September 09 2011

  pyeshinoda says:

  Why 1oz is the least minted coin? I'm sure there are more collectors collecting this size compared to the others.

• September 12 2011

  J. says:

  It is least minted that is why it is most collectable.

• September 12 2011

  Mike says:

  Can you please advise the fabrication fee for a 10 kilo silver coin. Thanks.

• September 14 2011

  Stephen Ward says:

  Hi Mike
  
  Subtract the the current Perth Mint spot price (silver spot x 321.510toz) from the retail price of the 10 kilo silver coin to determine the premium.
  
  Regards
  
  Stephen ward

• September 24 2011

  picturefun says:

  The problem is that some big buyer(s) are hording 1 oz dragon! and looks Perth Mint has no limit for uncirculated on how many each person/dealer can buy.  They are then sell it on 2nd hand market to make a killing profit!  1 oz uncirculated  2012 dragon is now selling on Ebay for as high as $150 a piece!
  
  Perth Mint should do something about this. This  is not fair for many of small time collectors. All they want is just ONE single piece at affordable price.
  
  Just like this year rabbit coin, ONLY worse.   At least 1 oz Rabbit coins had NOT sold out until this Feb.

• September 30 2011

  Julian says:

  Hello,
  Whats the status on Dragon coins? It appears that only the 1kilo and 10kilo dragon are available.
  Thanks.

• September 30 2011

  David Kerbey says:

  Hi Julian
  
  1oz Dragon silver bullion coins are sold out.  As per my original blog, we'll be posting again just as soon as the other small Lunar coins become available.
  
  Regards
  
  David Kerbey 

• October 12 2011

  donna says:

  hi,
  i'm new to this posting and frankly to precious metal collecting outside the u.s. but am trying to learn as much as i can.
  
  In reading thru all the blogs i have the take away that only the 1oz colored dragons for 2012 have a limited mintage which the PM states to be 10k.  However the PM also states that the 1/2 oz is limited to 10k.
  
  i've purchased a 1/2 oz and am now wanting to understand the facts regarding the 1/2 oz mintage... also, i'm wondering if the 1/2oz will be as desirable in the secondary market either now or in the future.
  
  thanks for all the info .. appreciate your insight
  donna

• October 12 2011

  Stephen Ward says:

  Hi Donna,
  
  The numismatic 1/2oz Coloured Proof Dragon coins also have a mintage of 10,000. Both products are very close to sell out, so they might be highly desirable in the secondary market.
  
  You might also refer to the Perth Mint Coin Collector Blog for posts related to collectible items.
  
  Regards
  
  Stephen Ward

• November 03 2011

  Bill says:

  Dear Sir,

   

  Will the Perth Mint cast special Cameo coins in the 2012 1oz Silver Dragon Coloured proofs?

   Or will graders pick out the ones from the 10,000 batch that show this greater depth between the colored dragon and the mirror background and grade those as Cameo, Ultra Cameo, etc?

   If the Perth Mint does strike separate 1 oz Silver Cameo Coloured Dragon coins will that number be included in the 10,000 mintage limit of the 1oz coloured silver drgaon or will it be a separate and additional amount?

   Thank you,

  Bill

• November 03 2011

  Stephen Ward says:

  Hi Bill
  
  We will only issue 10,000 of each Coloured Proof release from the Australian Lunar Silver Coin Series - 2012 Year of the Dragon. Each coin has a mirror like table and the same high quality coloured treatment.
  
  Regards
  
  Stephen Ward  

• February 06 2012

  Ron says:

  Hi,
  
  When 1/2oz dragon silver bullion will be available?

• February 06 2012

  Stephen Ward says:

  Hi Ron
  
  We'll have an update for you later this month. Please look out for an announcement.
  
  Regards
  
  Stephen Ward

• February 17 2012

  K. D. says:

  Shipped 90% overseas, and imposed customer limit on the local allocation.  Nice.