In 1985, the 5 cent coin was not issued for circulation creating a run on mint and proof sets of that year - the only source of the coin. The days of building a complete collection from shiny new coins obtained from the local bank branch were gone. It would not be until 1993 (long after 1c and 2c coins had left the stage) that all circulating coins would be issued in the same year - even then, the 20 cent mintage was only 1.5 million coins and the 50 cent not many more.

By 1986, demand for new circulation coins within Australia had dropped to zero. Earlier year's production runs, combined with the huge amount of coinage already in circulation proved more than capable of meeting economic demand. As a result, only 1986 Peace Dollars were minted in quantity. The six lower denomination coins (1, 2, 5, 10, 20 and 50 cent) were released only in mint and proof sets. Unlike the previous year, collectors were aware of the situation and took steps to secure their requirements early. As a result, the collector sets of 1986 have not appreciated in value to the same extent as the 1985 issue.

Since then, all circulation denominations have missed production runs in various years. The reserve capacity of the Royal Australian Mint in recent years has meant that there is no need to stockpile coins and production runs can be scheduled as demand emerges. The following table lists the coins not released for circulation and available only in mint and proof sets:

In 1991, the Royal Australian Mint introduced a new mintage concept - mint your own coin - where a coin operated press striking $1 coins was made available to the public. Despite the 100% mark-up in price, the practice proved to be very popular with visitors and tourists, and has become a fixture at the mint and at agricultural shows throughout Australia where a small mintmark denoting the city ( Canberra, Sydney, Melbourne, Adelaide or Brisbane) now appears on the reverse of dollar coins struck in this way.

Numismatic Collector Issues

Australia now produces three categories of coins:

Circulating coins:

Standard day-to-day currency used in normal commercial transactions.

Collector coins:

Commemorative and other coins not in general circulation. They are legal tender and may be used for commercial transactions; however, most are sold at a significant premium above face value. Collector coins are classified as 'proof' or 'uncirculated', the latter often being referred to as 'specimen' releases.

Bullion coins:

Gold, silver, platinum or palladium coins where the bullion value of the metal used in the manufacture of each coin is greater than its face value. These are classified as 'non circulating legal tender (NCLT)'.

The decimal series has spawned an immense array of collector-orientated material. Proof and Uncirculated Mint sets of Australia's coins have been produced by the Royal Australian Mint in 1966 and every year since 1969. In addition, commemorative issues are released on a regular basis. These issues are classified as Non-Circulating Legal Tender (NCLT). This means that, for example, you could take your gold proof $200 to your local bank and the teller is compelled by law to give you $200 (face value) for the piece.

You will very rapidly build a small fortune from a large one in this way, but it does make the point that these pieces, unlike medallic issues, do have a legal value. Some collectors resent this NCLT trend arguing that the pieces are no more than glorified medals.

The initial foray into this market by the Royal Australian Mint had its problems. The 1966 proof set was housed in either a dark blue wooden-framed box or a light blue metal-framed case. The coins were exposed to the atmosphere and a perfect set without any toning in now very difficult to acquire.

The withdrawal of the 50 cent piece then put paid to any plans for sets to be issued in 1967 or 1968. In 1969, clear plastic acrylic cases were used. The material had a tendency to emit corrosive vapours during the ultrasonic sealing process which stained or toned the coins. The process was rectified for later 1969 proof sets when a more inert type of plastic was used. Until the mid-1970's, demand for the sets was only luke-warm - it was possible for collectors visiting the mint to buy 'back-copies' of most sets.

Collector demand slowly picked up and the mint seemed only too happy to increase production limits. By the early 1980's, despite huge mintage figures exceeding 100,000 sets - ten times the figures of the early sets - demand was great enough to ensure quick sell outs. The bubble was about to burst. Huge numbers of sets were being salted away as investments, creating an apparent shortage in the marketplace. By the second half of the decade, it was realized that far more of the later sets existed than were necessary to meet normal collector demand - all collectors who wished to own a set already had one. The inevitable downward price spiral as no new buyers were found meant that investors quickly discovered that their hoards were worth far less than they had anticipated. It was not until well into the 1990's, with strictly imposed limited mintages in place, that the proof series regained its lost support in the collector community.

The economy version of the proof set - the Uncirculated Mint Set - has been popular with collectors from its beginnings in 1966. A number of differently packaged sets were released in that first year, presumably to gauge collector reaction.

Small plastic wallets became the standard packaging for Mint sets until 1984 when the coins were sealed in a colourful see-both sides fold-out card. The first dollar coin was released too late to be included in the set so it was distributed separately, sealed on its own card.

In 1993, Baby Gumnut Mint sets were first released. The sets were specifically designed to be given as a memento at the birth of a child. Their popularity was such that the mint has released proof versions of the set since 1995.

In 1988, a new concept - Masterpieces in Silver - was introduced which has seen the release, each year, of a set of exquisitely crafted proof coins in Sterling Silver. The 1991 set, containing silver examples of each of the eight circulation coin types (including the last 1 and 2 cent pieces) is a true masterpiece.

In 1992, the series moved away from circulation coin types to commemoratives, in that year celebrating the women of the Royal Family. A gold version of the set was also released. Since 1993, the series has concentrated on themes connected with the people, events and pastimes that made Australia what it is today.

Perth Mint Bullion Coins

The Perth Mint is internationally recognized as one of the world's most dynamic and innovative producers of gold, platinum, silver and palladium coinage. Originally founded as a branch of the British Royal Mint, the Perth Mint was established to provide a refining facility close to the goldfields and also to mint much needed coinage for Western Australia's rapidly growing population.

Until it opened in 1899, all the gold that was unearthed in Western Australia was shipped out of the colony, either to the mints in Sydney and Melbourne or to the Royal Mint in London. The Premier of the day, Sir John Forrest, was adamant that at least some of the wealth being dug from the ground should be used to the benefit of the state. He put a plan to the British Government that it open a branch of the Royal Mint in Perth to refine the gold from the goldfields and turn it into sovereigns and half sovereigns.

The Lords Commissioners of the Treasury in London agreed to the proposal and Forrest raced into action. After a construction period of three years, on June 20, 1899, Forrest pressed the button setting the coining presses in motion and the Governor, Sir Gerard Smith declared the mint open.

The Perth Mint continued to mint sovereigns and half sovereigns for the next 32 years until Britain went off the gold standard in 1931.

In 1970 the Perth Mint became a statutory authority of the Western Australian government. Subsequently, it was part of a redevelopment program and in the mid 1980's, the Australian Precious Metals Coin Program was begun, under agreement with and on behalf of the Australian Government.