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

M

Matthew 26:14

New Member
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
 
MrSilverAG said:
that sucks for anyone who paid a premium for something already due to its perceived scarcity
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Key word: "perceived". These are bullion coins! And the Perth Mint have been upfront about reserving the right to do this
 
rbaggio said:
Key word: "perceived". These are bullion coins! And the Perth Mint have been upfront about reserving the right to do this
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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.
 
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!
 
alexisio said:
O.K. so how are to really know how many they have minted could be double what they say for all we know
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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.
 
SilverSale said:
While that is the accepted norm Big A.D - I think you should keep an open mind.
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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.
 
Big A.D. said:
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.
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This is basically it.

No-one seems to complain about the Austrian Mint still making 1915 dated Ducats & Coronas in 2011.
 
goldpelican said:
Big A.D. said:
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.
Click to expand...

This is basically it.

No-one seems to complain about the Austrian Mint still making 1915 dated Ducats & Coronas in 2011.
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Difference is that they dont claim any limits on production.
 
Matthew 26:14 said:
Question asked on the Perth Mint Bullion blog about the Series 2 Lunars restriking.

David.M. says:
Thank-you for your reply. My 2 cents worth is that the Perth Mint should not begin striking more of the Mouse, Ox or Tiger because:
a) It will disadvantage those Perth Mint customers who bought their coins 1-3 years ago when they were released by the mint. To strike more now would reduce any numismatic premiums to the detriment of those loyal Perth Mint customers who supported the mint's coin program in 2008-10
b) If a dealer were to commission further coins, it would be a large quantity and they could therefore control the market in say the 2008 Lunar Mouse, dictating price. This would again be to the detriment of Perth Mint coin collectors, the real Perth Mint customers.

I don't see how striking past Lunars can be positive for Perth Mint customers who over the years deligently buy their coins from the mint. To wash new coins through the Lunar market will only make those coins already bought by collectors less scarce and allow those who have not supported the Mint's program an opportunity to "cash in" on the success of the Lunar Series, success made largely by the Perth Mint's loyal customers.

And the reply to points made by the Perth Mint today:

Ron Currie says:
Hi David

Thanks for the points you make above, which we take on board. However, the Australian Lunar coins you're talking about are part of our 'bullion' program attractively designed and priced for investors seeking exposure to precious metals. Each year we clearly state the maximum mintage for these 1oz coins with the following rider: "Production will cease when the mintage is fully sold or at the end of the series, whichever comes first". Because of the low margin on these coins, we will always reserve the right to re-make previous issues within the stated mintage limit.

Yes, they have some numismatic features but that is not to say that they qualify as numismatic issues which by our definition require extremely limited mintages, premium packaging, Certificates of Authenticity, and, of course, exquisite proof quality finishes and/or special treatments.

Regards

Ron Currie
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hobo-jo said:
Perth Mint now listing 1oz 2008 Mouse as available:
http://www.perthmintbullion.com/blog/blog/11-02-09/Australian_Lunar_Series_II_Sales_Update.aspx
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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.
 
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