How much are you worth in gold?

Saturday, 21 March 2015 00:02 -     - {{hitsCtrl.values.hits}}

I step on to a weighing scale, quite a solid one. Within a few seconds, I hear a thud. Soon a receipt appears. It is a congratulatory note saying I am worth over three million Australian dollars – 386,078.12 to be exact – in gold at “today’s price”! Wow!! This happened a few days back at the Perth Mint at the end of a guided tour. The Perth Mint is a major attraction in Western Australia’s (WA) capital. It has a cherished history dating back to 1899 starting as a colonial branch of the Royal Mint. It was set up following one of the greatest gold rushes in history near Karlgoorlie, over 500 kilometres away from Perth, in 1893. As you enter the Perth Mint, you see the pioneer who discovered gold – Arthur Bailey by name - sculpted with another of his mates busy looking for gold. The recorded date of their discovery is 17 September 1892. Then you walk into the huge building made of sandstone to be greeted at the reception desk where one can get registered for the tour. The guide tells you the history of the gold rush before showing samples of gold-coloured chunks (not pure gold!) which you yourself can carry and feel the weight. She relates interesting anecdotes relating to the early days. The primary purpose of the Mint was to refine gold and turn it into bullion bars and sovereigns for use throughout the British Empire. Sovereign production at the Perth Mint ended in 1931 by which time it had produced 106 million sovereigns and 735,000 half-sovereigns from the gold mined in the State of Western Australia. After that the Mint started producing large quantities of Australia’s circulating coins. In 1970, the ownership of the Perth Mint was transferred from the British Government to the Government of Western Australia. It is now managed by the Gold Corporation under the authority of the Commonwealth (Central Government) Department of the Treasury. The star attraction at the Gold Exhibition at the Mint is what is claimed to be the largest coin in the world. Cast from one tonne of pure gold, valued at more than $50 million. You can get a close view of the revolving coin but photographs are not permitted. It ‘vanishes’ every evening after the Mint is closed, being sent down to a high security zone. Also exhibited are natural gold nuggets and a wide selection of coins which have become part of Australia’s numismatic history. Interactive multimedia displays takes you through Australia’s gold mining past. Coming into the Melting House one can watch a traditional gold pouring performance with the demonstrator explaining the process in detail. He told us that the brick walls and ceiling of the room are literally embedded with gold dust over many decades of continuous refining. For 91 years refining of most of the gold mined in the State had gone through this room. The process had now moved to a purpose-built facility in a Perth suburb. Through glass windows of the Coining Department we watched millions of dollars-worth of precious metal coins being manufactured. Before moving into the Mint Shop, one can create his or her own medallion inscribed with a personal message as a unique memento of the visit. These are available in aluminium bronze, gold plate, pure silver or pure gold and they feature an array of deigns to choose from. One can also get a souvenir coin for two dollars with picture of the heritage Mint building on one side and the legend ‘Struck at The Perth Mint’ on the other. At the Mint Shop is a wide range of jewellery featuring diamonds, pearls, natural gold nuggets and fine Australian opals. A selection of limited edition Perth Mint coins is also available – ideal for collectors who are willing to spend to improve their collection. As I walked out of the gate, I noticed a display board which said ‘We also pour coffee’ – a message from the coffee shop in the premises.

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