Tuesday, June 27th, 2017

Australian Gold Bullion

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Australian gold bullion and the origin of the Perth Mint Australian gold sovereign

Australia is a commodity driven economy that exports a high quantity of gold. In fact, gold ranks fourth behind coal, iron ore and petroleum based products. The Australian gold rush of the nineteenth century was a defining moment in Australian history that helped to boost the economy and shape the development of the nation. It began in a waterhole near Bathurst, NSW in 1851, where gold deposits were first discovered. The Colonial authorities responded by instituting ‘Commissioners of Land’ to regulate and to collect license fees for each claim. Gold fever quickly gained momentum and spread to neighboring Australian states. Word traveled quickly of gold discoveries and the inflow of immigrants to Australia was significant. During the 1850’s, Australian gold bullion accounted for 1/3 of the world’s total gold output with a significant portion of the gold shipped offshore.[1]

Australian Gold Bullion Used to Mint Gold Sovereigns

The Perth Mint was founded in 1899 as a branch of Britain’s Royal Mint.[2] Previously, Australian gold bullion was exported to London where it was transformed into gold sovereigns and half sovereigns for circulation as coins. The establishment of Royal Mint branch units throughout Australian states where gold was located was designed to circumvent the need to ship the gold to London and redistribute the coins back to the colonies. Gold mined from Kalgoorlie and Coolgardie found its way to the mint where it was turned into gold sovereigns. Each mint throughout Australia has a recognized ‘mintmark’ symbol of authority; today the ‘P’ on the Perth Mint Australian gold sovereign is a defining mark that is universally recognized throughout the world.

The Evolution of Australian Gold Bullion Coins

As the Perth Mint evolved its operations changed in line with the times. When sovereigns were withdrawn in 1931, the mint transformed into the production of other Australian gold bullion coins. The ownership of the mint passed from British ownership in 1970 to the Western Australian Government who retains control today. The Gold Corporations Act of 1987 established the mandate for Gold Corporation which owns and operates the Perth Mint today. The Western Australia gold fields are a major source of Australian gold and the Perth Mint, through its 40% interest in AGR Matthey, refines the majority of this mine output averaging over 400 tonnes of gold annually. The derived gold and silver output from the BHP Olympic Dam mine finds its way to the mints refineries for coin and bar manufacture.[3]

Australian Gold Sovereign

Buy Australian Gold Bullion – It’s Universally Recognized!

Today, the Perth Mint transforms Australian gold bullion into an extensive range of Australian gold bullion coins, silver bullion coins, Commemorative Australian coins and numismatic coins. It is also exports precious metal blanks to other mints. The Australian Gold Sovereign it manufactures is considered legal tender under the Australian Currency Act of 1965. Struck from 91.67% pure 22K gold in proof quality, the Australian gold sovereign coin is universally recognized as a subset of what is arguably the most famous gold coin in the world. This makes it a natural choice for collectors and investors who buy the Australian gold sovereign for its store of universal value, role as legal tender and easy convertibility to cash.

[1] The Australian Gold Rush
[2] The Perth Mint – More than a century in precious metals
[3] BHP continues Mining at Olympic Dam

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