The Wall Street Journal Notes the Popularity of Perth Mint’s Silver Kangaroo Coin.
The Perth Mint Silver Kangaroo Coin Gets Silver Sales Hopping at the Perth Mint.
Perth Mint Silver Kangaroo coins have been a surprise best seller.
The Wall Street Journal took note of the soaring silver sales at the Perth Mint earlier this week. The sales increase is mostly due to the introduction of the Perth Mint’s Australian Silver Kangaroo one ounce silver coin.
According to the Wall Street Journal, Perth Mint’s Chief Executive Office Richard Hayes was taken aback by the initial demand for the new Silver Kangaroo coins. Mr. Hayes had expected that perhaps sales of the coin would be around five million during the first year of issuance and perhaps they would grow to seven and a half million the second year.
The new coin, however far exceeded Mr. Hayes expectations and was an immediate blockbuster. In nine months (September 2015- May 2016) the Perth Mint has sold 13,925,936 ounces of silver, up 169% from the period of September 2014 – May 2015 when 5,168,675 ounces of silver were sold.
In September 2015, the Perth Mint reacted to the silver shortages at the U.S. and Canadian Mints by introducing a new silver bullion coin that would be not be of limited mintage, but rather would be minted in such quantities to meet demand – the Silver Australian Kangaroo one ounce coin.
Perth Mint Silver Sales May 2015 – May 2016
Perth Mint silver sales of 974,865 were the lowest since the Australian Silver Kangaroo coin was introduced in September 2015.
Perth Mint Sales Growth Exceeds the Sales Growth at the U.S. Mint
The Wall Street Journal noted that silver sales growth at the Perth Mint is outpacing that of the world’s largest producer of silver coins, United States Mint. While sales growth at the Perth Mint has exploded on a percentage basis, the Perth Mint is starting from a much smaller base. The United States Mint has sold a record amount of American Silver Eagles in each of the past three years and is on pace to do it again this year.
Sales of silver at the Perth Mint through May were 6,415,339 ounces, while sales of silver at the United States Mint were 23,413,000 ounces at the end of May.
Compare prices and shipping of Perth Mint Silver Kangaroo Coins for sale at these online bullion dealers:
Golden Eagle Coin
Money Metals Exchange
Read more about the Wall Street Journal’s take on the Australian Silver Kangaroo and the Perth Mint here.
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