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The Australian Gold Nugget

Nugget reverse

Nugget Reverse from which the coin got its name

The 24 carat Gold Nugget series was introduced in 1986 by the Gold Corporation, a company wholly owned by the government of Western Australia and minted by the Perth Mint. The coins enjoy legal tender status and are composed of 99.99% pure gold. This issue of coins had two unique features: a “two-tone” frosted design effect, and individual hard plastic encapsulation of each coin. These features were unusual for a standard bullion coin and gave the Nugget a unique market niche.

The coins have been minted in eight different denominations of 1/20 oz1/10 oz1/4 oz1/2 oz1 oz2 oz10 oz, and 1 kg of 24 carat gold and have legal tender status in Australia.

nugget obv

$100 Nugget/Kangaroo obverse designed by Ian Rank Broadley

The obverse of the coin features a profile view of the face of Queen Elizabeth II, as designed by Ian Rank Broadley. She is surrounded by her name, the denomination of the coin, and the word “AUSTRALIA”. From 1986 to 1989, the reverse of these coins pictured various Australian gold nuggets, hence they were referred to as nuggets. With the 1989 proof edition, the design was changed to feature different Kangaroos, a more world-recognized symbol of Australia. The coins are today sometimes referred to as “gold kangaroos”.

The Australian Gold Nugget is one of the few legal tender bullion gold coins to change their design every year, another being the Chinese Gold Panda This and their limited annual mintage may, unlike for many other bullion coins, raise their numismatic value over the value of gold used.Each size from 1/20th-oz. to 1-oz. receives a new design each year. New designs are introduced to the proof coins each year for sizes of 1/20th-oz to 1-oz, these designs are then used for striking the bullion coins the following year.

Kangaroo revIn 1991, 2 oz, 10 oz, and 1 kilogram sizes were introduced. These were created with the intention of using economies of scale to keep premiums low, and are some of the largest gold coins ever minted. In 1992, the face values on these large coins were lowered to keep them proportional to the 1 oz coin. The reverse of these coins does not change annually like the lower denominations; the same “red kangaroo” design is used every year.

Nugget spec

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2 Responses to “The Australian Gold Nugget”

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