Perth Mint Will Consider Back Minting Lunars Depending on "Interest"

Reply by the Perth Mint to a question about minting more of the Mouse, Ox and Tiger up to their 300k limits. Pretty much if someone fronts up with a pile of fiat, presses will be turn on it seems.

Ron Currie says:
Hi David M

Welcome to the blog - appreciate your input. In principle we have the ability to strike previous 1oz silver Lunars from Series II only up to a maximum of 300,000 each. We're currently looking at this but the final decision will be dependent on what interest we receive.

Regards

Ron

 

Is that minting coins this year with previous year dates on them?

 

Yes.

 

that sucks for anyone who paid a premium for something already due to its perceived scarcity

 

Key word: "perceived". These are bullion coins! And the Perth Mint have been upfront about reserving the right to do this

 

Seems a bit like cheating.

 

Exactly

 

Of course you expect some type of numismatic premium on bullion coins, because if there wasn't a premium, then you'd just buy 1oz bars.

 

if i'm not mistaken they done that with 2007 and 2009 kooka and still sold out

 

O.K. so how are to really know how many they have minted could be double what they say for all we know

 

The Perth Mint is authorised by the Commonwealth government to mint a certain number of coins with a certain design dated a certain year.

They do mint a certain number of coins with a certain design dated a certain year.

I really don't see where the confusion is.

 

While that is the accepted norm Big A.D - I think you should keep an open mind.

People thought Bernie Madoff was legit until he was investigated.

Corruption is everywhere, especially in the precious metals market.

While I believe the Perth Mint is most likely doing the right thing...

If they were not, would they tell you of their involvement in the worldwide scheme to suppress PM's?

No they would not!

 

The Perth Mint only knows how much they mint.
This does not mean what currently exists out there in the market.
If the spot price goes up people cash in their bullion.
It goes into the melting pot. No records are taken.

Mintage might be 30,000 for a certain coin.
However, there might be only 5000 in existence.

 

Oh I do, but I think the likelihood of the Perth Mint, being a wholly owned enterprise of the government of Western Australia, churning out more coins than the Commonwealth government of Australia has authorised them to is low enough to consider it a negligible risk.

They set the limit on 1oz silver lunars at 300k coins per year date at the beginning of the series and its fair to assume that they'll produce 300k 1oz coins per year date. That's just part and parcel of making coins with a limited mintage.

Ultimately, the limited mintages increases the desirability of the Perth Mint brand. They've positioned themselves as excellent manufacturers of limited edition products and that's one of the reasons why they're able to charge 500% more premium over spot that the U.S. Mint charges for the ASEs that get churned out by the millions.

They don't deal in the secondary market so if someone sells a particularly rare bullion coin back to them, they either resell it at their published rates or they toss it into the melting pot. There just isn't enough benefit for them in running off extras.

 

Difference is that they dont claim any limits on production.

 

Well thats not cricket!!

 

Indeed. I just rang and ordered 50 of the them. Its not on their computer system apparently but I told them its listed on their webpage and she we off and found they are being ordered. Freight isnt bad these days from the PM, $17.50 and $22.00 to insure my 50 coins.

Selling them for $39.99 a coin which is $10 over spot but still pretty good.