# The Gold Kangaroo and Australia´s First Gold Mint

The Gold Kangaroo, also known as the Australian Gold Nugget, is produced by the Perth Mint and is Australia´s most valuable coin. Kangaroo coins were first issued in 1987 to celebrate the history and natural wonders of the Land Down Under and have since become a popular collector´s item and a profitable acquisition for investors.

The history of the Kangaroo coin and Australia´s first mint is an intriguing tale that dates back to the 19th century when two English entrepreneurs arrived in Oz with the intention of establishing the countries first private mint and cashing in on a roaring trade. But all did not go to plan!

The mint was named the Kangaroo Office, and was expected to make a fortune from manufacturing quarter-ounce, half-ounce, one ounce and two-ounce coins – but things did not get off to a good start and despite the fortune that was to be made in gold Messrs Hodgkin, Taylor and Tyndall managed to lose money.

Part of the investment involved a 600 ton coining press which was dubbed the Kangaroo, the vessel had been made in Britain and shipped to Hobson Bay together with specially made dies that were used to help convince investors of the coins authenticity.

‘The Kangaroo’ was too heavy to transport over land and had to be disassembled and moved part by part. It took an entire six months before the Mint could even start producing. By the time operations were in full flow gold prices had doubled and a glut of British gold sovereigns was in circulation.

The English businessmen were despondent and after giving up all hope of turning a profit the Kangaroo Office was closed. Although the enterprise failed, the Patterns that were designed by the manufacturers lived on and today are considered rarities of the highest order.

Gold prices fell $19.10 today following news that the US Federal Reserve will taper its quantitative easing program by a further$10m and prices are expected to continue on a downward trend for the next year. Some analysts believe prices could drop close to the \$1000 mark.