Why does the Perth Mint have such high prices for their one ounce silver coins? Is there some aspect other their bullion value? I was looking at this coin in particular because I like the design on it http://www.perthmint.com.au/catalogue/2011-platypus-dreaming-1oz-silver-coin.aspx, but the high price is putting me off. Do their coins tend to keep their high value or does it usually plummet soon after they go off sale at the mint?
They're very popular collectors items, and have a large demand. The Perth Mint is in the process of releasing the 2011 Lunar Dragon coin right now; with the limited quantity of 1oz silver coins produced, the demand is quite high, and accordingly so the price. Certain fractional silver and gold denominations sold out within hours of being put onto Gainsville/APMEX.
Perth Mint coins are only produced if explicitly ordered, so by default that have very low mintages. Some in the less than 200,000 range. People who know this are willing to pay the premiums, because historically the premiums on these only increase on a percentage basis. Look at the Lunar Silver coins of years past. Many of them have 50% premiums over spot and some (like Series I) are much more than that. They all come in sealed capsules, and the designs are top notch.
There is a listing on their website of dealers/distributors in the US. I would suggest you look at them and see if they have what you're looking for. I do know that for the month of August any order of $300 from Perth mint does get free shipping, but those specialty items do carry a very stiff premium.
I work at The Perth Mint. We sell bullion coins (http://www.perthmintbullion.com) to those interested in precious metal investing. Prices move in line with international gold and silver markets. We also sell numismatic coins (http://www.perthmint.com.au/) which are aimed at collectors. These coins are sold at a fixed prices. Unlike bullion coins, which come in capsules only, very limited collectable coins are housed in presentation packaging and usually include a Certificate of Authenticity - which adds to the cost. Hope this is helpful.
Irene nocked my power out so I'm replying on my phone, so forgive any mistakes. So in your opinions, should I buy the coin if I like it, or put that money into something else? I guess since I'm in a new territory with non-U.S. coins, I feel like I might overpay for an item like I did way back when I first started collecting.
If you like it, then you are not overpaying if that is why you are buying it. If your only purpose is to make money, then stick to common bullion or collector's coins issued by the country you happen to be located in. In my case, sometimes I will just buy a coin because I like it and don't care much about its future return.
I think it's because of their unique designs. Admittedly, some of their coins are very attractive. I tend to avoid Perth Mint products, though, because I have found their customer service to be very lacking. I do find the upcoming Year of the Dragon series pretty interesting though. It's too bad they continue to put the image of Mrs. Personality on the other side of every coin.
It's cool that you work there and took the time to reply. What do you do at the mint, or what is your job title? Many don't understand why it costs more for Perth Mint coins and if you could shed more light on that I'm sure many would appreciate it.
Thanks for asking. I’ve worked at The Perth Mint for 10 years and there have been many aspects to my job during that time – most of them pretty fascinating. One of the most interesting has been writing the Certificates of Authenticity we issue with collectable precious metal coins. As a history graduate, I love researching and discovering the past. It’s given me enormous opportunities to delve into Australian history, find out about famous people and their achievements, and discover huge amounts about the many other commemorative themes we’ve celebrated over the years – famous battles, ships, wildlife, sports, royalty, airplanes, cars, motorbikes, movies, astronomy – the list is huge! Another thing I’m really enjoying at the moment is making short videos about our products. I guess I’m still a novice at it, but the beauty of YouTube is you don’t have to be a Hollywood director. Anyone can have a go! We have two channels – one for bullion (our investment coins and bars), and the other for our limited mintage collectables. My most successful movie to date was about our 10 kilo Year of the Rabbit silver coin which seems to have caught people’s imagination because it’s so big! I’m based in the marketing department which includes our coin and packaging design studio. We have a team of five in-house designers in the studio which is a constant hub of creative activity. I’ll often get the chance to go into the factory too and over time have witnessed the many processes required to produce our precious metal coins. I found it intriguing when I first joined the Mint to learn about tool and die manufacturing, die polishing, sculpting, engraving, reducing and the many other traditional skills we combine with modern production techniques to create one of the world’s most diverse precious metal coin programs. We think Perth Mint collector coins are individual works of art – very limited, beautifully housed in presentation packaging and struck in stunning proof quality. I guess the high value of the Australian dollar makes them more expensive in overseas markets, but don’t forget about our free worldwide shipping offer on www.perthmint.com.au.
Thanks for the info Mr Ward. So I guess it's safe to say you can't get us a deal at spot or anything like that on your proof coins or coin sets? I kid, I kid... You should go to introductions and introduce yourself. You'll get a nice warm welcome.
