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 Replies: 16 / Views: 5,262 |
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Valued Member
Australia
301 Posts |
Just read an article in the paper about the RAM , It appears the NCLT commemorative coins are all going to be axed. The article says the RAM has stopped all manufacturing of these coins including telling Perth Mint no more as well. They have lost millions due to very low sales of these types of coins so just maybe these will be the futures big dollar items in the Coin World. I would like to no the mint and sales numbers of these , might pay to grab a couple before there gone. |
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New Member
Australia
32 Posts |
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Moderator
 Australia
16827 Posts |
The RAM has no authority to tell the Perth Mint what it can and can't do. Treasury (ie. the government) gives them both orders. Indeed, if the RAM stopped making NCLT, I suspect Perth Mint would ramp things up, to take up the slack. I'm finding this article reprinted all over the place, but it certainly doesn't mention the above details. Remaining skeptical. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
 Australia
301 Posts |
Sorry SAP you are correct the gov tell both what to do its what I meant. And apparently commemoratives are on the hit list. But again I'm not sure ?.
As for source it was on TV and paper similar story to the one SAP posted just had a bit more details , but its second hand info that's why I put the ? mark as its more of a question that a comment.
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Pillar of the Community
United States
1388 Posts |
I am sorry for being the clueless American here, but does Australia have two national mints?
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Moderator
Australia
16827 Posts |
The Royal Australian Mint is owned by the Federal government in Canberra (though they have made noises lately about wanting to sell it off; I suspect this whole "making a loss" hubbub may be just chaff the bureaucrats have launched in an attempt to prevent a selloff). The RAM makes circulation coins, the mint sets and proof sets, and some other NCLT. The Perth Mint is owned by the state government of Western Australia, who bought it off the British Royal Mint back in 1970. Perth Mint used to make circulation coins (mostly coppers) but ceased doing so after the 1986 restructure when it was repurposed to strike bullion only. They make the mass-produced bullion pieces as well as some collector NCLT items. The two mints hire different artists, set their own prices for NCLT items from their own gift shops, send their own coinage proposals for NCLT to the Federal government for approval and are in most respects in direct competition with each other for the collector NCLT market. It's why you will sometimes find two different "Australian" coin series commemorating exactly the same thing; one is RAM, the other is Perth. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
Australia
852 Posts |
Don't believe everything you see on TV or read in the viewspapers (not a typo). The article that SAP brought up is an example of this with the claim that the RAM is Australia's only producer of coins. Strange that I purchased a 2015 one dollar Kook' this morning from a mint that does not exist (Perth).
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Valued Member
Australia
301 Posts |
Neal I believe the article was referring to circulated currency only. The article I seen was on the Perth Mint and it was on either 7 or 9 news over the weekend. I believe they were referring to NCLT coins but I only caught the end of the segment hence I posted here to see if anyone else new what has happened. And yes Neal it wouldn't be the first time media journo,s stuffed up. But we must go buy what they say LOL. |
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Pillar of the Community
Australia
762 Posts |
The Gold and Silver price has plummeted the past few years yet the price of gold and silver coins hasn't. I can't see these bullion coins being very popular at the moment and that would put a hole in their budget. Plus I think they have alienated a lot of collectors by the shear volume of their product (26 alphabet $1 coins for example) Quote:just maybe these will be the futures big dollar items in the Coin World. Not if nobody wants them. It doesn't matter how small the mintage is, if nobody wants them then they won't be worth anything. |
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Pillar of the Community
Australia
552 Posts |
Well said MobOfRoos I've been saying for quite a while now that the practices adopted by both mints will ultimately drive people away from coin collecting rather than driving them towards them The sheer volumes of coins produced these days are simply put ridiculous Coins not selling and a downturn in profits were going to be the results of such policies Perhaps the time has come, especially for the Royal Australian Mint to concentrate purely on circulation coins with mint + proof sets with the odd commemorative coin every now and then, the same formula they used in the 1990's and early 2000's Perth Mint can really do as it sees fit but they too should be feeling a drop in sales A collector can no longer realistically aim at purchasing all coins minted in a single year as the volumes and costs are prohibitive For example - silver coins - silver is under $20 an ounce, similar to pre-2009 price yet coins are retailing close to $100 per ounce compared to $60-$70 pricing in 2009. Inflation alone is not enough to explain price differential - both mints should come back to the real world and drop their prices or collectors will simply wait to aquire coins on the secondary market Edited by mrcruise
11/04/2014 06:52 am
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Pillar of the Community
Australia
1041 Posts |
thank god no more crap expensive
design coins
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Pillar of the Community
Australia
1040 Posts |
Quote:
Not if nobody wants them. It doesn't matter how small the mintage is, if nobody wants them then they won't be worth anything Yep,also every dealer I've spoken to over the last few years says the number of people actively collecting coins/stamps is declining,combine this with the rise of the Internet and you have B&M stores battling to survive.The younger,post baby boomers,generations are just not interested,if they inherit a set of stamps or coins the majority have them straight onto ebay. Just my opinion but I see the vast majority of the Mints Silver/Gold Coins having Bullion value in the years ahead,in fact many of them are there now in market value.Throw Asian fakes into the mix and it will be a brave person stocking up on these,i just can't see a longterm market. Edited by Basil
11/05/2014 06:17 am
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Bedrock of the Community
United Kingdom
17930 Posts |
 Look at the commemoratives issued by the Franklin Mint in the 1970s on behalf of various countries - collectors lost interest in the seemingly endless flood of new issues, and many of the coins got melted when silver prices went really high in 1980. |
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Valued Member
Australia
301 Posts |
Hmm makes it all a bit of a worry no point collecting if there going to be worthless might as well sell sell sell. If ya can.
But on a bright side I think the new gen will take on coin collecting once they get older and look for something to do.
And if circulated coins are taken out of production because of a so called down turn due to the use of auto transactions on the internet etc they may just have a small chance of taking off again. Stamps though I sadly think the end is coming for them.
Maybe I should sell everything while I have a chance.? Cut my losses and go as the saying goes.?
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Valued Member
Australia
222 Posts |
People often say that the "next generation" is not interested in collecting. I want to rephrase that and say that the next generation is not interested in collecting at the moment - but once they hit 40 and 50, once the kids move out and the mortage is paid down, a lot of these people start to look for something else to do. Some of them take up golf, buy a sports car, or go travelling. And, of course, some will start to collect coins.
I'm not worried about coin collecting dying out - not in the next decade or two, anyway (who knows what will happen after). I am seeing more and more younger people getting into coins (people younger than 50, say). In fact, most of the collectors I deal with are younger than, say 50. Collectors in their 50s have a good 10 or 20 years ahead of them to collect.
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Valued Member
Australia
55 Posts |
I'm new to coin collecting and am 37 years old. I have a friend who is about the same age and collects for her kids as they get older.
I think people should be collecting coins for the enjoyment out of it rather than the potential investment opportunities, and if it turns out the coins are worth more later down the track then that's a bonus.
I take note of whats popular and whats not but on the same hand if I see something that I like then I'll just buy it .
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Replies: 16 / Views: 5,262 |
Posted 11/02/2014 11:27 pm
