2 oz Perth Mint Kangaroo Gold Coin

The 2oz Gold Kangaroo from the Perth Mint

The 2oz Gold Kangaroo contains two troy ounces (62.21 g) of .9999 fine gold and is struck by the Perth Mint, a government-owned entity of Western Australia established in 1899 and accredited by the LBMA. It carries a face value of AUD $200 and is legal tender of Australia. The 2 oz size joined the range in 1991, alongside 10 oz and 1 kg denominations that were some of the largest gold coins ever minted at the time.

The Kangaroo is one of very few government bullion coin series that changes its reverse design annually, a trait it shares with the Chinese Panda. Each year's issue is distinct, which gives the coin mild collectible appeal on top of its bullion value. Every bullion Kangaroo also carries a micro-laser engraved letter on the reverse, detectable only under magnification, alongside the mint's 'P' mintmark.

The 2 oz format itself is a relatively modern bullion weight rather than a traditional standard, and the field is thin: neither the US Mint nor the Royal Canadian Mint produces a standard 2 oz bullion coin, so the weight is less common in North American markets. The Perth Mint is one of the major producers at this size, with 2 oz gold also appearing in its Lunar series and Koala ranges. Buyers choosing 2 oz over two 1 oz coins are mostly choosing the format rather than chasing savings; 2 oz gold coins carry premiums of roughly 3-6%, similar to 1 oz coins, but with fewer product options and a larger canvas for the annually changing artwork.

Unlike the Perth Mint's limited-mintage collector series such as the Koala and Kookaburra, the Gold Kangaroo has unlimited mintage and is produced to meet demand. The mint does not publish detailed mintage figures for its gold bullion coins, so some years are simply scarcer than others because demand was lower.

2oz Gold Kangaroo Specifications

The 2 oz coin sits in the middle of a denomination ladder that runs from 1/20 oz up to 1 kg. When the 2 oz, 10 oz, and 1 kg sizes were introduced in 1991, their face values were $500, $2,500, and $10,000 respectively; in 1992 these were lowered to $200, $1,000, and $3,000 for proportional consistency with the smaller denominations, which is why early 2 oz coins carry a different face value from later issues.

The reverse typically shows a bounding or resting red kangaroo with stylised rays of sunlight and landscape elements, with the text AUSTRALIAN KANGAROO plus the weight, purity, and year-date. Security relies on a micro-laser engraved letter on the reverse, visible only under magnification, plus the 'P' mintmark and physical verification of weight and dimensions. The Perth Mint has no coin-level digital authentication system comparable to the Royal Canadian Mint's Bullion DNA.

The obverse carries the reigning monarch: Queen Elizabeth II in three successive portraits (Raphael Maklouf 1986-1998, Ian Rank-Broadley 1999-2018, Jody Clark 2019-2023), and King Charles III in the Dan Thorne effigy from 2024.

2oz Gold Kangaroo Tax Treatment by Country

At .9999 fine, the Gold Kangaroo clears every major investment-grade purity threshold, so it is sales-tax-exempt in most jurisdictions that distinguish investment gold.

• Australia: GST-free as investment-grade gold (99.5%+ purity, in a form commonly traded on commodity markets). Capital gains tax applies on disposal, with a 50% CGT discount for individuals holding longer than 12 months.
• UK: VAT-exempt as investment gold. Not CGT-exempt: that exemption is reserved for UK legal tender coins such as the gold Britannia and Sovereign, so gains on Kangaroos count against the annual CGT allowance (£3,000).
• USA: No federal sales tax; state treatment varies, with most states exempting bullion and a handful still taxing it. Long-term gains are taxed at the collectibles rate of up to 28%. The Gold Kangaroo is IRA-eligible, meeting the IRS 99.5% purity requirement, provided it is held by an approved custodian.
• Canada: 0% GST/HST, since the coin exceeds the 99.5% purity threshold for the federal exemption. Capital gains are taxable at the 50% inclusion rate. Qualifying bullion is eligible for RRSP and TFSA accounts, subject to purity and custodian rules.
• EU: VAT-exempt across member states as investment gold under Directive 98/80/EC.
• New Zealand: GST-exempt as gold of 99.5%+ purity. NZ buyers should note that 22ct coins like the Eagle and Krugerrand attract 15% GST, which the .9999 Kangaroo avoids.
• Singapore: GST-exempt as an Investment Precious Metal, and Singapore levies no capital gains tax.
• Hong Kong: No sales tax, no import duty, no capital gains tax.

From Gold Nugget to Kangaroo

The series launched in 1986 as the Australian Gold Nugget, with reverse designs featuring famous Australian gold nuggets such as the Welcome Stranger and the Hand of Faith. The original 1986-1988 coins had two features unusual for bullion: a two-tone frosted design effect and individual hard plastic encapsulation, which gave the series a distinct market niche. In 1989 the reverse switched to kangaroo motifs, a more internationally recognisable Australian symbol that improved global marketability, and the series gradually became known as the Australian Kangaroo. Both names persist; dealers still use Nugget, especially for pre-1989 coins.

The 2 oz denomination arrived in 1991 together with the 10 oz and 1 kg sizes. Since 1989 the kangaroo design has changed annually on standard denominations, making each year's coin distinct.

The Perth Mint pushed the large-format idea to its extreme in 2011 with a 1 tonne gold coin: 80 cm in diameter, 12 cm thick, 1,012 kg of .9999 gold, valued at over A$53 million at minting. It is the largest gold coin in the world, surpassing the Royal Canadian Mint's 100 kg Big Maple Leaf, and it remains legal tender with a face value of A$1,000,000, on permanent display at the Perth Mint.

The mint itself is the only Australian producer of bullion coinage; the Royal Australian Mint in Canberra produces circulating currency, while the Perth Mint handles all bullion production. In 2026 the series marks its 40th anniversary, with gold coins carrying a special nugget privy mark honouring its origins.

2oz Gold Kangaroo vs the Alternatives

The most direct alternative is another Perth Mint product: the 2 oz gold coins of the Perth Mint Lunar series. Both are .9999 gold from the same mint with annually changing designs. The Kangaroo's gold bullion mintage is unlimited and produced to demand, whereas the Lunar sits alongside the Perth Mint's collector-oriented ranges such as the Koala, which also appears in 2 oz gold. Beyond the Perth Mint the 2 oz gold field thins out quickly; neither the US Mint nor the Royal Canadian Mint issues a standard 2 oz bullion coin.

The other comparison is down the weight scale to the 1oz Gold Kangaroo. Per ounce, the 2 oz coin does not buy much: 2 oz gold coins run roughly 3-6% premiums, similar to 1 oz coins, so the case for the larger coin is the format itself, a single piece with a bigger canvas for the annual design, rather than cost efficiency. Two 1 oz coins offer more flexibility for partial liquidation.

Against the major 1 oz competitors, the Kangaroo's standing characteristics carry over to the 2 oz size. Like the 1oz gold Maple Leaf it is .9999 fine, but the Maple Leaf has more advanced security (Bullion DNA digital authentication) and is more liquid in North American and European markets, while the Kangaroo is stronger in Asia-Pacific. The Britannia matches the purity and adds CGT exemption for UK taxpayers, which the Kangaroo lacks. The Krugerrand and American Eagle are .9167 (22 karat); the Eagle shares the Kangaroo's IRA eligibility, the Krugerrand does not. None of those rivals offers a standard 2 oz bullion strike, so at this exact weight the Kangaroo competes mainly with its Perth Mint stablemates.