A Beginner's Guide to Australian Gold Coins

Gold coins are one of the more interesting things to come across in an estate or a forgotten safe. Some are worth their weight in gold and not much more. Others are collectables that trade for several times their melt value. Here's a quick orientation.

The Australian Sovereign (1855–1931)

Sovereigns are 22-carat gold coins originally issued throughout the British Empire. They contain 7.32 grams of pure gold (0.2354 troy oz) and were minted in Sydney, Melbourne, and Perth.

• Common dates trade close to their gold value — currently around AUD $1,300 per coin.
• Scarce dates (e.g. Sydney Mint 1855–1870, certain Perth dates) can be worth $2,000–$10,000+.
• Half-sovereigns contain half the gold (3.66 g) and are valued accordingly.

Mint marks are the small letter under the wreath or shield on the reverse: S for Sydney, M for Melbourne, P for Perth.

Perth Mint Kangaroo / Nugget series (1986–present)

These are modern bullion coins, struck in 99.99% pure gold, in sizes from 1/20 oz up to 1 kilo. Common sizes:

• 1 oz Kangaroo: ~31.1 g pure gold
• 1/2 oz: ~15.55 g
• 1/4 oz: ~7.78 g
• 1/10 oz: ~3.11 g

They typically trade at a small premium (5–10%) over spot for the 1 oz, with bigger premiums for fractional sizes. The 1986–1988 "Nugget" designs and certain rare proof issues can be worth significantly more than melt.

Perth Mint Lunar series (1996–present)

Each coin features the Chinese zodiac animal for the year. Some — particularly the 1996 Lunar Mouse and certain later proofs — have collector value well above spot. Most modern issues sit close to bullion value.

Pre-decimal sovereign-era coins

The 1909–1910 Sydney sovereigns are particularly interesting to collectors. So are the rare Melbourne and Perth issues from the late Victorian era. If you have any sovereign dated 1855–1880, it's worth getting it individually identified before sending it for melt.

What we look for

When a parcel of coins arrives at our Bundall office, we sort it into two piles:

1. Numismatic — coins with a collector premium above their melt value
2. Bullion — coins valued purely for their gold content

You'll receive separate offers for each — the bullion coins at our standard spot-based rate, and the collector coins at their numismatic value. You can choose to accept one, both, or neither.

If you're holding a tin of old sovereigns and aren't sure what's in there, just send the lot through — we'll do the work and you'll get a clear breakdown.

A note on counterfeits

Modern counterfeit sovereigns and bullion coins do exist, particularly online. Tell-tale signs include:

• Wrong weight (real sovereigns are exactly 7.98 g total)
• Magnetic response (real gold isn't magnetic)
• Sound (real gold rings; tungsten-cored fakes thud)
• Fuzzy or off-centre detail

We use XRF analysis to verify every coin we buy, so you don't need to worry about being caught with a fake — we'll spot it and tell you.

Should you sell or keep?

If a coin has sentimental significance, or you believe it's a scarce date, getting it individually appraised by a numismatist may be worth it. For common-date sovereigns and modern bullion, the gold content is typically the main story.

Order a free Gold Kit and we'll evaluate any coins you send alongside other items at no extra cost.