Perth Mint facts for kids
| Headquarters | 310 Hay Street, East Perth,
Perth, Western Australia
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Australia
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Key people
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| Revenue | A$25,373,999,000 (2024) |
| Owner | Government of Western Australia |
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Number of employees
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749 (2024) |
| Parent | Gold Corporation |
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Building details
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Perth Mint
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| General information | |
| Location | Hay Street, East Perth, Western Australia |
| Coordinates | Lua error in Module:Coordinates at line 614: attempt to index field 'wikibase' (a nil value). |
| Opened | 20 June 1899 |
| Design and construction | |
| Architect | George Temple-Poole |
| Type | State Registered Place |
| Designated | 15 December 2000 |
| Reference no. | 2166 |
| Footnotes / references Fiscal Year 2024 (FY24) is 1 July 2023 to 30 June 2024. Source: Annual Report |
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The Perth Mint is Australia's official place for making and refining bullion (precious metals like gold and silver). It is fully owned by the Government of Western Australia. The Mint opened on 20 June 1899. This was two years before Australia became a united country in 1901.
It was one of three Australian branches of the United Kingdom's Royal Mint. Its main job was to refine gold found during the Australian gold rushes. It also made gold sovereigns and half-sovereigns for the British Empire. Today, the Perth Mint and the Royal Australian Mint are Australia's two mints. The Royal Australian Mint makes everyday coins. The Perth Mint makes special coins that are legal tender (official money).
Contents
A Look Back: History of the Mint
The Perth Mint started as a branch of the Royal Mint in the United Kingdom. This happened in the 1890s. The first stone for the Mint building was laid in 1896 by Sir John Forrest. The building officially opened on 20 June 1899.
At that time, many people were moving to Western Australia (WA). This was because lots of gold had been found. Big gold discoveries were made in places like Coolgardie and Kalgoorlie.
Why the Mint Was Needed
The Mint had two main jobs at first. Its first job was to make coins for use in Western Australia. Before this, coins came from outside WA. This often meant there were not enough coins for people to use.
Its second job was to buy most of the gold mined in WA. Many gold miners were "diggers" or small, independent miners. They had come to WA from other parts of Australia and overseas. Mining companies could sell their raw gold directly to the Mint. The Mint then turned this gold into coins and bullion bars.
Changes in Ownership and Production
Even though WA joined the Australian colonies in 1901, the UK government controlled the Mint for 69 more years. On 1 July 1970, the state government of Western Australia took over. It became a special public organization.
For 32 years, until 1931, the Perth Mint made over 106 million gold sovereigns. It also made nearly 735,000 half-sovereigns. These coins were used as money in Australia and the British Empire. The Mint stopped making gold sovereigns when Britain stopped using the gold standard in 1931.
However, the Mint's refinery stayed busy. Staff used their skills to make fine gold bullion bars. During World War II, the Perth Mint started making Australian coins from less valuable metals. Until 1983, the Perth Mint also made many of Australia's smaller coins.
Achieving High Purity Gold
In 1957, the Perth Mint made some of the purest gold ever. It produced a special plate of gold that was almost 99.9999% pure. This was checked by experts and was considered incredibly pure. The Royal Mint in the UK was so impressed that it ordered some of this gold. They used it as a standard for their own gold.
New Focus: Investor and Collector Coins
The Mint's new direction became official in 1987. This happened when Gold Corporation was created by a special law. The Perth Mint was given permission to make and sell gold, silver, and platinum coins. These coins were legal tender in Australia. They were sold to investors and collectors around the world.
Prime Minister Bob Hawke launched the Australian Nugget Gold Coins Series in 1987. On the first day, they sold A$103 million worth of gold. This was much more than they expected!
By the year 2000, the Perth Mint had refined a huge amount of gold. This was about 3.25% of all the gold ever produced by humans. This amount is similar to the gold stored at Fort Knox in the United States.
In 2003, the Perth Mint opened a new, modern building. It was built next to its original limestone building. This new facility is 8,400-square-metre (90,000 sq ft) in size.
World's Largest Gold Coin
In October 2011, the Perth Mint made the world's largest, heaviest, and most valuable gold coin. This coin is about 80 centimetres (31 in) wide and 12 centimetres (4.7 in) thick. It is made from 1,012 kilograms (2,231 lb) of 99.99% pure gold.
One side of the coin shows Queen Elizabeth II. The other side shows a red kangaroo. It is official money in Australia with a face value of A$1 million. But when it was made, its gold value was A$53.5 million!
The Mint Today
Today, the Perth Mint still refines gold and offers other services to the gold industry. It makes many special items for investors and coin collectors. It is in charge of making and selling most of Australia's official precious metal coins. These include proof quality Australian Nugget gold coins, Australian Platinum Koala coins, Australian Silver Kookaburra coins, and Swan series coins.
As of November 2019, the Perth Mint refines about 79% of the gold from Australia and nearby areas. It also refines 30% of the world's silver. This happens at a separate secure location. The Mint makes coins and bars from both Australian gold and metal from other countries. This makes up 10% of the world's total production. In 2018, it sold about A$18.9 billion in pure gold, silver, and platinum bars and coins.
Images for kids
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Perth Mint
