Platinum Koala
Encyclopedia
The Platinum Koala is an Australia
n platinum
bullion coin
minted by the Perth Mint
and is the most famous series of platinum coins of Australia. The Platinum Koala is notionally
legal tender
, that is a legal means of payment (in Australia).
On 18 June 1987, the Australian Government approved the minting of platinum and silver coins. This decision was made based on the success of gold coins issued a year earlier. The minting of the coin began in September 1988 in Perth
and in 1989 the Platinum Koala arguably became the world’s "largest selling and first international tradeable investment coin". For marketing purposes, 2 ounce, 10 ounce and 1 kilogram coins of silver, gold and platinum were introduced in 1991; the 1 kg coins were the world's heaviest bullion coins at the time. Together with the American Platinum Eagle
, the Platinum Koala is one of the very few series of platinum coins which are still being produced. Minting of 1/10 and 1/2 oz 2010 coins has been announced and will not exceed 2,500 and 1000 pieces, respectively. However, it will be enriched with the new 1/10 and 1/2 oz animal-related platinum coins depicting platypus
, frill-necked lizard
, saltwater crocodile
, wombat
, echidna
, brolga
, dolphin and kangaroo
. All these coins have coloured backgrounds.
The obverse
depicts the Queen of Australia, Elizabeth II, and the reverse contains an image of a koala
. The initials JB of the reverse face designer James Brown are present on most coins. Other designers of the coin include Raphael Maklouf (1990, 1991, 1996, 1998), Miranda Cornell (1998) and Darryl Bellotti (2010). The annual series contain coins weighing from 1/20 ounce to 1 kilogram.
The Platinum Koala never reached the popularity of the American Platinum Eagle, mostly because it has not been advertised in the US. Like most investment platinum coins, Platinum Koalas are sealed in a protective plastic case. The coins are sold at prices that reflect the current price of platinum, and not at the face value printed on the coin. Since November 1986, Perth Mint
has used more than 18 tonnes of platinum for minting. About 85% of them were sold abroad making the Gold Corporation
(owner of the Mint) one of Australia's top 30 export earners.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n platinum
Platinum
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...
bullion coin
Bullion coin
A bullion coin is a coin struck from precious metal and kept as a store of value or an investment, rather than used in day-to-day commerce. Investment coins are generally coins that have been minted after 1800, have a purity of not less than 900 thousandths and are or have been a legal tender in...
minted by the Perth Mint
Perth Mint
The Perth Mint is Australia's oldest currently operating mint ....
and is the most famous series of platinum coins of Australia. The Platinum Koala is notionally
Legal fiction
A legal fiction is a fact assumed or created by courts which is then used in order to apply a legal rule which was not necessarily designed to be used in that way...
legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
, that is a legal means of payment (in Australia).
On 18 June 1987, the Australian Government approved the minting of platinum and silver coins. This decision was made based on the success of gold coins issued a year earlier. The minting of the coin began in September 1988 in Perth
Perth, Western Australia
Perth is the capital and largest city of the Australian state of Western Australia and the fourth most populous city in Australia. The Perth metropolitan area has an estimated population of almost 1,700,000....
and in 1989 the Platinum Koala arguably became the world’s "largest selling and first international tradeable investment coin". For marketing purposes, 2 ounce, 10 ounce and 1 kilogram coins of silver, gold and platinum were introduced in 1991; the 1 kg coins were the world's heaviest bullion coins at the time. Together with the American Platinum Eagle
American Platinum Eagle
The American Platinum Eagle is the official platinum bullion coin of the United States. The coins were first released by the United States Mint in 1997. It is offered in 1/10, 1/4, 1/2, and 1 troy oz varieties and consists of .9995 fine platinum...
, the Platinum Koala is one of the very few series of platinum coins which are still being produced. Minting of 1/10 and 1/2 oz 2010 coins has been announced and will not exceed 2,500 and 1000 pieces, respectively. However, it will be enriched with the new 1/10 and 1/2 oz animal-related platinum coins depicting platypus
Platypus
The platypus is a semi-aquatic mammal endemic to eastern Australia, including Tasmania. Together with the four species of echidna, it is one of the five extant species of monotremes, the only mammals that lay eggs instead of giving birth to live young...
, frill-necked lizard
Frill-necked Lizard
The frill-necked lizard , also known as the frilled lizard or frilled dragon, is found mainly in northern Australia and southern New Guinea. Its name comes from the large frill around its neck, which usually stays folded against the lizard's body. It is largely arboreal, spending the majority of...
, saltwater crocodile
Saltwater Crocodile
The saltwater crocodile, also known as estuarine or Indo-Pacific crocodile, is the largest of all living reptiles...
, wombat
Wombat
Wombats are Australian marsupials; they are short-legged, muscular quadrupeds, approximately in length with a short, stubby tail. They are adaptable in their habitat tolerances, and are found in forested, mountainous, and heathland areas of south-eastern Australia, including Tasmania, as well as...
, echidna
Echidna
Echidnas , also known as spiny anteaters, belong to the family Tachyglossidae in the monotreme order of egg-laying mammals. There are four extant species, which, together with the platypus, are the only surviving members of that order and are the only extant mammals that lay eggs...
, brolga
Brolga
The Brolga , formerly known as the "Native Companion", is a bird in the crane family. The bird has also been given the name "Australian Crane", a term coined in 1865 by well-known ornithological artist John Gould in his Birds of Australia.The Brolga is a common gregarious wetland bird species in...
, dolphin and kangaroo
Kangaroo
A kangaroo is a marsupial from the family Macropodidae . In common use the term is used to describe the largest species from this family, especially those of the genus Macropus, Red Kangaroo, Antilopine Kangaroo, Eastern Grey Kangaroo and Western Grey Kangaroo. Kangaroos are endemic to the country...
. All these coins have coloured backgrounds.
The obverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
depicts the Queen of Australia, Elizabeth II, and the reverse contains an image of a koala
Koala
The koala is an arboreal herbivorous marsupial native to Australia, and the only extant representative of the family Phascolarctidae....
. The initials JB of the reverse face designer James Brown are present on most coins. Other designers of the coin include Raphael Maklouf (1990, 1991, 1996, 1998), Miranda Cornell (1998) and Darryl Bellotti (2010). The annual series contain coins weighing from 1/20 ounce to 1 kilogram.
| Weight | 1/20 oz | 1/10 oz | 1/4 oz | 1/2 oz | 1 oz | 2 oz | 10 oz | 1 kg |
|---|---|---|---|---|---|---|---|---|
| Face value, $ Australian dollar The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu... |
5 | 10 | 25 | 50 | 100 | 200 | 1,000 | 3,000 |
| Thickness, mm | 1.32 | 1.40 | 1.90 | 2.03 | 2.7 | 3.8 | 7.9 | 13.9 |
| Diameter, mm | 14.1 | 16.1 | 20.1 | 25.1 | 32.1 | 40.60 | 60.30 | 75.30 |
The Platinum Koala never reached the popularity of the American Platinum Eagle, mostly because it has not been advertised in the US. Like most investment platinum coins, Platinum Koalas are sealed in a protective plastic case. The coins are sold at prices that reflect the current price of platinum, and not at the face value printed on the coin. Since November 1986, Perth Mint
Perth Mint
The Perth Mint is Australia's oldest currently operating mint ....
has used more than 18 tonnes of platinum for minting. About 85% of them were sold abroad making the Gold Corporation
Gold Corporation
Gold Corporation is a company owned by the Western Australian Government, established by the Gold Corporation Act 1987, with a mandate to operate the Perth Mint, to market Australian gold and other related activities....
(owner of the Mint) one of Australia's top 30 export earners.