PERTH MINT NEWS
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.