Australian Gold Nugget/Kangaroo One Ounce 1987

The 1987 Australian Gold Nugget One Ounce coin represents the inaugural release of what would become one of the world’s most recognized and respected gold bullion coin series. Introduced by the Perth Mint, this coin launched Australia’s premier contribution to the international gold bullion market. Known initially as the “Australian Nugget,” the series took its name and theme from the famous gold nuggets that had been unearthed in Australian soil, paying homage to the country’s rich gold mining history. The 1987 issue holds special significance as the foundation of the Gold Nugget series, which later transitioned into the better-known Gold Kangaroo series in the 1990s.

Australia’s historical connection with gold dates back to the 1850s when gold rushes transformed cities like Ballarat and Bendigo into booming centers of commerce. The Gold Nugget coin series was created not only to tap into the bullion coin market but also to showcase Australia’s wealth of natural resources. By the time of its launch in 1986 (with coins dated 1987), the world had already seen the success of similar bullion issues such as the South African Krugerrand and the Canadian Maple Leaf. The Perth Mint’s answer to these came with an innovative design that set it apart—particularly the inclusion of a protective, clear plastic capsule issued with every coin to help preserve its pristine condition.

The design of the 1987 Australian Gold Nugget is both historic and unique among bullion coins. Rather than depicting wildlife, the coin’s reverse features a detailed image of the “Welcome Stranger” nugget, the largest alluvial gold nugget ever discovered, found in Victoria in 1869. Surrounding the nugget image are inscriptions reading “THE AUSTRALIAN NUGGET,” the year “1987,” the coin’s gold purity “1 OZ. FINE GOLD,” and its denomination, “100 DOLLARS.” The mirrored background and frosted relief create a proof-like finish, a characteristic that distinguished this coin from more matte-finished bullion competitors and added visual appeal to collectors and investors alike.

The obverse of the coin carries the classic portrait of Her Majesty Queen Elizabeth II, designed by Raphael Maklouf. This effigy, used on many Commonwealth coinages in the 1980s and early 1990s, presents the Queen wearing the royal diadem, facing right. Surrounding the portrait are the inscriptions “ELIZABETH II” and “AUSTRALIA,” emphasizing the coin’s sovereign origin. The Queen’s depiction offers a regal counterbalance to the naturalistic subject matter of the reverse, and the use of her portrait also affirms the coin’s legal tender status under Australian law.

The 1987 Gold Nugget one-ounce coin was minted by the Perth Mint, which had been producing gold coinage since the early 20th century and remains one of the most respected refineries and mints in the world. While the Perth Mint is officially owned by the Government of Western Australia, it operates with a global distribution reach and is ISO 9001 certified. The introduction of the Gold Nugget series marked a new era for the Mint, leveraging cutting-edge minting technology and high-quality packaging to compete directly with international bullion leaders. The capsules provided with each coin set a precedent for coin protection and preservation in the bullion industry.

Mintage for the 1987 one-ounce Gold Nugget was limited, with a maximum authorized mintage of 131,000 coins, though actual mintage was lower—approximately 131,000 pieces were ultimately produced across all denominations and sizes that year. This one-ounce version is among the most sought-after from the series due to its inaugural status, elegant design, and historical importance. As the series evolved in the years to come, future coins would feature depictions of the red kangaroo and other variations of Australia’s wildlife, beginning in 1989, but the 1987 coin remains distinct for featuring an actual nugget and initiating the legacy.

The coin is struck from one troy ounce of 99.99% pure gold, a standard that places it among the highest-purity gold bullion coins available. Its diameter measures 32.1 mm with a thickness of 2.8 mm, and it bears a legal tender face value of 100 Australian dollars. While this nominal face value does not reflect its actual gold value, it does establish the coin’s sovereign status, providing added confidence to investors and international acceptability in trade and banking environments. Its fine gold content and precise craftsmanship make it attractive not only to collectors but also to those seeking a stable, physical store of wealth.

Condition-wise, many surviving examples of the 1987 one-ounce Gold Nugget are found in exceptional condition due to the Mint’s use of protective capsules at the time of issue. Coins that remain in their original capsules often exhibit minimal contact marks, strong luster, and no signs of handling or environmental damage. These coins are frequently graded by third-party certification services such as PCGS or NGC, where they often achieve Mint State 69 or even perfect Mint State 70 grades, depending on preservation. As the first issue in the series, they are considered key-date coins, with premiums often higher than for later issues, especially in high grades.

The early Gold Nugget series stands out from other bullion series for its design changes and artistic boldness. The decision to shift from nugget depictions to kangaroos in 1989 was based on a desire for international appeal, as Australia’s native wildlife had more symbolic resonance than static images of gold finds. However, the 1987 coin and its immediate successors remain unique, marking a transition in the marketing and branding of bullion coins from raw resource representation to national symbolism. As such, the 1987 coin is highly desirable among both series completists and collectors of key-date bullion issues.

The 1987 Australian Gold Nugget One Ounce coin is more than a bullion investment—it is a landmark in numismatic history. It represents Australia’s entry into the global bullion market with a product that combined artistry, high purity, and innovative packaging. As the beginning of what would become the world-renowned Gold Kangaroo series, the 1987 issue carries intrinsic, historical, and collectible value. It offers a snapshot of Australia’s gold mining heritage and a symbol of national pride, encapsulated in beautifully executed .9999 fine gold. Its enduring appeal among collectors and investors alike underscores its importance as a modern classic in gold coinage.

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• Year: 1987
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