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The silver Kangaroo coins of the Australian mint are in short supply in the United States, writes the Wall Street Journal. This new investment coin, which was launched last year as a cheaper alternative to the Canadian Maple Leaf and the American Silver Eagle, is proving to be well received by investors worldwide.
The Perth Mint expected to sell 5 million of these 1 troy ounce silver investment coins in the first year, but it is likely to be more than twice as many. According to Richard Hayes, director of the Australian mint, production had to be scaled up much earlier than expected.
The Perth Mint has totalled 15.6 million in the last twelve months. Silver Coins more than double the 7.1 million units sold in the previous 12 months.
With the silver Kangaroo, the Perth Mint launched its first investment coin that can be delivered in large volume. Unlike coins such as the Koala, Lunar and Kookaburra, the Kangaroo is not individually packed, but in sample boxes of 250 pieces that can easily be stacked in a safe.
"All of our competitors have silver investment coins that they sell in large volume. We really needed a product that would put us on the map in the United States and we certainly succeeded," Hayes stated.
By packing the coins in large volumes, the mint can market them at a very competitive price. But the competitive price is not the only reason why investors choose the Kangaroo. Coin collectors and silver investors also like the design of the coin, which depicts Australia's most recognisable animal.
The United States is an important market for the producers of silver coins. Of all the Kangaroo coins that roll off the production line in Australia, about 65% are shipped to US distributors. Significant quantities of coins are also shipped to Germany, the most important market on the European mainland.
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Kangaroo silver coins
