The Perth Mint produces the Australian Kangaroo/Nugget coins. The following article can help you gather all the necessary information to add this Nugget coin to their investment portfolio.
What are Australian Kangaroo/Nugget Coins?
The official Australian bullion currency is the Australian Nugget coin. The “Australian Gold Nugget” or “Australian Gold Kangaroo” are common names for this. Renowned Perth Mint produces it. Also, Australian Kangaroos/Nuggets are among the world’s purest and best gold coins. They are meeting the minimal purity standards of the Internal Revenue Service for IRA investments.
The coins have been produced in weights of 1 kg of 24 karat gold, and 1 kg of (1/20, 1/10, 1/4, 1/2, 1 oz). These are one of the few legal tender bullion gold coins that vary their design annually. Chinese Gold Panda also vary their design like this. Australia uses it as its legal currency.
Due to this and because of the fact that each year produces a small number of them, they may have a higher numismatic value than the gold content.
Development, Introduction, and History of Australian Kangaroo/Nugget Coins
The heaviest gold coin ever produced is the 1,000-kilogram Gold Kangaroo.
The Western Australian government-owned Gold Company introduced Australian Gold Nugget bullion in 1986. The Gold Corporation has a special relationship with the Australian Department of Treasury. This treasury allows it to produce and market legal tender coins made of gold/silver/platinum for investors and collectors.
On its first day of selling, the Australian Gold Nugget series sold more than 155,000 ounces of gold. The worth of this gold was over $103 million. Since then, demand has remained high.
For the initial run of the series, production amounted to only 1 troy-ounce coin. Beginning in 1991, weights of 2 oz, 10 oz, and 1 kg were produced. These come among the largest gold coins ever produced. Current Gold Nugget series coins come in weights ranging from 1/60 oz to 1 kilogram.
The Perth Mint set out to produce the largest gold coin in the world in 2011. The outcome, a variation on the Gold Nugget, was a 1,000-kilogram coin that had a diameter of 31 inches and a thickness of almost 5 inches. Furthermore, this coin had a face value of $1,000,000 on it. Yet once it was struck, its value increased to almost $49 million, making it the most priceless gold bullion ever made.
Physical Characteristics of Australian Gold Nugget/Kangaroo
Up until 1989, Australian Gold Nugget coins included pictures of gold ore.
One of the rare bullion gold coins with a yearly design change that is also recognized as legal money is the Australian Gold Nugget coin.
The rear, or “reverse,” side of Gold Nugget coins featured various depictions of gold ore throughout the first three years of manufacture hence the term “nugget.”
The Perth Mint modified the design of the currency to depict a kangaroo starting in 1989, earning it the moniker “Gold Kangaroo.” Australia recognizes Kangaroo as the most considered and valuable image.
Around the kangaroo picture on a coin are the phrases “AUSTRALIAN KANGAROO” and “9999 GOLD,“. Also includes information on the coin’s weight denomination and their struck year. It is important to note that the kangaroo only changes for the official 1 oz coins; all other weight denominations always feature the same “Red Kangaroo” design.
All Australian Kangaroo/Nugget coins feature a young Queen Elizabeth II on the front, or “obverse,” side, in keeping with the majority of Australian gold coins. The image of Elizabeth II, created by Ian-Rank Broadley, depicts the monarch as a young woman wearing a tiara.
The coin’s perimeter is covered in text that includes the coin’s value, the name “QUEEN ELIZABETH II,” and other details.
Gold Kangaroos go through a repeating procedure of striking and pressing for a smooth and frosted background. Polished on each side in order to give the images a more fluid shine. The term “two-tone” describes this difference.
Detailed Features of Australian Kangaroo/Nugget Coins
8 various weight denominations are present for Australian Gold Kangaroos with the 1 oz coins being by far the most widely accessible.
Every Gold Kangaroo carries 999.999 parts pure gold, making it eligible for 24-karat status (similar to the Australian Lunar Gold bullion). The Perth Mint meticulously packages each coin in a durable plastic case for protection.
Pricing for Australian Kangaroo/Nugget Coin
Bullion made of Australian Gold Kangaroo/Nuggets is recognized as lawful money across the Australian Commonwealth. Each weight denomination has a face value, which is the legal minimum transactional value of the coin. Its value is mostly symbolic and often far lower than the coin’s intrinsic or market value.
The market price of gold has a significant impact on the cost of Australian Gold Kangaroo coins. The value of an investment portfolio is determined by this price. Daily changes in the price of gold imply daily changes in the value of investments in Australian Kangaroo/Nugget bullion. It is simple to keep track of the gold price because it is reported in the majority of major media.
Gold Kangaroos can have a “numismatic” value higher than their inherent market value because of their renowned purity, quality, scarcity, and distinctive yearly mintage. A coin’s “numismatic” value is worth it to collectors and experts.
Using an IRA to Buy Australian Nugget/Kanga Roo Coins
According to IRS regulations, certain kinds of IRAs are permitted to hold bullion such as gold, silver, platinum, and palladium in a portfolio. These IRAs, often known as “precious metals IRAs,” are self-directed and may only hold bullion that has received IRS approval.
Australian Kangaroo/Nugget coins are permitted to be deposited into an IRA by the IRS (IRA). Gold Kangaroos provide a level of diversification that is independent of changes in equities or bond prices by putting genuine gold inside IRAs.
Every coin in the Australian Kangaroo/Nugget series satisfies the IRS’s minimal purity standards. Those who want to create a precious metals IRA must first spend at least $5,000 in order to add eligible bullion. Any purchase after that must cost at least $1,000.
The IRS also stipulates that investors must store their Australian Gold Kangaroos in a qualified “depository,” which is in charge of the metal’s security and upkeep, after making a purchase.
It is possible to transfer or roll over money from an existing IRA into a precious metals IRA.
On the Perth Mint’s official website, one may directly buy the most recent Gold Kangaroos. Non-Australian investors can ship their investments internationally, however, doing so may incur extra costs as the coins pass through customs. Coin dealers worldwide, including JM Bullion and APMEX, carry older coins.
Australian Kangaroo gold bullion coins provide the highest levels of liquidity, mobility, and value retention, making them an excellent choice for retirement investments.
These are one of the few legal tender bullion gold coins that vary their design annually, along with the Chinese Gold Panda, and are recognized as legal currency in Australia
Thus while considering retirement investment so they prove to be a wonderful and smart option to be invested upon.
Therefore it is important to consult with a financial advisor before making any investment decisions for Australian Kangaroo/Nugget Coins through IRA. If you want to make gold investments, I suggest you visit our list of the Best Gold IRA Companies of 2023.
There, you can find the highest-rated sellers for this coin.