Sales of 2016 Australian Kangaroo Silver Bullion Coins hit the 10 million level to double expectations, the Perth Mint of Australia announced July 20.
The Perth Mint introduced this newest bullion product in September, predicting it would reach 5 million in sales as it competed against other world coins, including its own silver issues depicting the Kookaburra, Koala and Lunar animals. The Mint now projects higher sales for next year’s edition.
"Now that we can better gauge the popularity of the release, we predict sales in excess of 12 million this coming year," said Perth Mint CEO, Richard Hayes.
The Kangaroo coin is produced in .9999 fine silver and it is only available in the 1 ounce size, unlike the Mint’s other bullion coins which range in weights from 1/2 ounce to 10 kilograms. The 1 ounce weight was specifically selected for the new annual series because investors favor the size.
"These issues sell out of their limited mintages consistently each year," the Mint said. "With this in mind, the Silver Kangaroo was issued in a 1 ounce weight only and to an unlimited mintage."
Appearing on the coin’s reverse is the classic red kangaroo image, by Stuart Devlin, surrounded by a radiating design. The words AUSTRALIAN KANGAROO, 2016, 1oz 9999 SILVER and the Mint’s ‘P’ mint mark are inscribed in an outer ring.
Added as a counterfeiting measure, the first A of AUSTRALIAN includes a micro-engraved ‘A’ that shows up under magnification.
"We made sure that the new Kangaroo satisfies investors’ key aims — to secure an asset which features an Australian icon — to secure silver at an affordable price — to add 9999 fine silver to their portfolio — and to stack precious metals in convenient one ounce coins," Hayes said.
In related news, the Perth Mint recently announced the availability of a 2015-dated Kangaroo silver bullion coin. This edition is struck in 99.9% pure silver — one less nine, and is being promoted as a "limited forerunner of the annual Australian Kangaroo 1oz 99.99% pure silver bullion coin." The coin’s total mintage is set at 300,000. Of that, 50,000 have been set aside for sale in Australia.
Obverses of both the 2015- and 2016-dated coins bear the Ian Rank-Broadley effigy of Her Majesty along with inscriptions of ELIZABETH II, AUSTRALIA, and 1 DOLLAR. In a difference between their surrounding rings, the .999 fine 2015 silver coin has a frosted finish while the .9999 fine 2016 silver coins has a pattern of wavy lines.
The two Kangaroo coins are available from the Perth Mint and through bullion coin dealers from around the world.