Koala coin next month

Press, 24 August 1988, Page 37

Koala coin next month

NZPA-AAP Perth One ,of Australia’s best known exports, the Koala Bear, is to spearhead the launch of the world’s second platinum bullion coin, the Australian Koala. The series of legal tender coins will be minted by the Perth Mint and go on sale throughout Gold Corp Australia’s world marketing network next month. Gold Corp Australia, the State-owned marketing arm of Western Australia’s. Gold Corp, launched the successful Gold Nugget bullion series on to the international market in November,

1986. The organisation’s chief executive officer, Mr Don Mackay-Coghill, said the Australia Koala coins would have nominal face values of sAustloo (containing not less than one ounce of platinum), sAustso (half-ounce), sAust2s (one-quarter) and sAustls (one-tenth). They would wholesale at premiums of between 3 per cent and 9 per cent above the prevailing platinum price, depending on their face value. Mr Mackay-Coghill said that only one other legal tender platinum bullion coin, the Noble, was currently being marketed. The Noble was intro-

duced by Ayrton Metals in Britain about three years ago and is legal tender in the Isle of Man, he said. Gold Corp is reluctant to reveal its targets for the Australian Koala, but Mr Mackay-Coghill said it would not have been floated if Gold Corp was not confident of selling at least 100,000 ounces. Gold Corp Australia plans to follow up on the Australian Koala with a series of silver coins within two to three months aimed chiefly at the numismatic market. The new platinum coins will feature a portrait of the Queen on one side and a Koala on the other.