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AUSTRALIAN GOLD KANGAROO/NUGGET COINS

AUSTRALIAN GOLD KANGAROO/NUGGET COINS

 

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The first Gold Kangaroo/Nugget coin was issued in 1987, and had a gold content of .999. The first issue contained 1oz, ½oz, ¼oz and a 10 gram gold bullion coin.

The design of the coin featured a classic depiction of a kangaroo at rest. Today, the obverse side displays Queen Elizabeth II wearing her royal crown as she looks to her right with some flowers on both sides behind her as well as the year of minting. On the reverse side is the image of an Australian Gold Nugget from 1888 with some engravings around it such as “Australian Nugget” and “1 oz 9999 Fine Gold“. At the bottom-center is written “1987”, which indicates the year of minting.

The Australian Kangaroo/Nugget coins are considered non-circulating legal tender (NCLT) in Australia, which means they aren’t used to purchase goods or services and thus have no set value. However, the coin itself can be exchanged for its gold weight at any major bank or financial institution across Australia. This makes it one of the only NCLTs with a fluctuating market price depending on the current gold rate. Other NCLTs include collectable coins such as the Big Ben Coin Series from London, United Kingdom.

Today there are two separate series available for these Gold Kangaroos/Nuggets: The Classic Sculptures series, which features beautiful designs of some kangaroos in their natural habitat, and the Australian Gold Nugget series which is dedicated to the history of Australia’s gold mining. The newest addition to this series is the 2014 1oz 9999 pure Australian Gold Kangaroo Nugget coin, which shows a nugget with some engravings around it such as “Australian Nugget” and “1 oz 9999 Fine Gold“.

At today’s market price for 1 troy ounce of .9999 fine gold (as of February 22, 2021), these coins are valued at $1900.36 each, making them extremely sought-after by investors who purchase them strictly for their value. Luckily for investors though, collectability is very likely due to its limited minting quantities per year and beautiful designs. The Australian Gold Kangaroo Coin is allowed by the IRS to be added to a gold IRA and therefore is a perfect addition to your gold IRA rollover.

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gold trends admin
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Written by gold trends admin