Super Pit Gold

Perth Mint Super Pit Gold Coins

The Super Pit is an annual gold and silver bullion coin series launched in 2019 by the Perth Mint, commemorating the Fimiston Open Pit in Kalgoorlie, Western Australia. The mine is one of Australia's largest open-pit gold operations: 3.5 kilometres long, 1.5 kilometres wide, and over 600 metres deep. It is visible from space and produces approximately 700,000 ounces of gold per year, operated by Northern Star Resources.

Gold Super Pit coins are struck in 9999 fine gold and carry Australian legal tender status under the Currency Act 1965. The 1 oz gold version has a face value of AUD $100, and a 5 oz gold version was also produced for 2023. Reverse designs change each year, depicting different perspectives of the mining operation, with each edition created by a different Perth Mint artist. The annual design changes follow the same model as the Perth Mint's Kookaburra and Koala series.

The coin's theme is unusual among world bullion. Most series depict fauna, flora, monarchs, or national symbols. A working industrial gold mine as the subject is distinctive, and it connects the coin directly to the source of the metal it contains. The first release in 2019 coincided with the 30th anniversary of the Super Pit's creation as a consolidated open-pit mine (the area was previously a network of underground shafts, dating back to Paddy Hannan's gold discovery on 14 June 1893).

Gold mintages are moderate: typically 5,000 to 15,000 pieces per year for the 1 oz gold. This is significantly tighter than the unlimited-mintage Gold Kangaroo but comparable to other annual Perth Mint series like the Gold Swan. The resulting premium over spot sits between mass-market bullion and collector-oriented limited editions.

Super Pit Gold Coin Denominations and Dimensions

Each coin carries the Perth Mint's micro-laser engraved authentication mark on the reverse, detectable under magnification. This is the same security technology used across Perth Mint bullion coins, providing a verifiable anti-counterfeiting feature without requiring a separate decoder device. The 2024 coins carry a special "P125" mintmark celebrating the Perth Mint's 125th anniversary (the mint was founded in 1899).

The obverse transitioned from Queen Elizabeth II to King Charles III in 2024, using the Dan Thorne effigy design. The 2023 coins served as a transitional year, featuring Elizabeth II's portrait with the dates "1952-2022" acknowledging her reign.

Design History by Year

The 2019 inaugural design by Lucas Bowers depicted the Super Pit viewed from the rim with the sun above the horizon. The 2022 edition featured a Komatsu excavator working in the open-cast mine alongside a headframe similar to those at the nearby Mt Charlotte Underground Mine. The 2023 design showed the mine's stepped slopes and roadways. The 2024 design by Sean Rogers depicted the mining operation's industrial landscape. Each year's reverse is unique and retired after its production run.

Super Pit Gold Coin Tax Treatment by Country

Australia: Gold coins of 99.5% or higher purity qualify as GST-free investment gold under the GST Act. The Super Pit's 9999 purity comfortably exceeds this threshold. On disposal, capital gains tax applies, with a 50% discount available for holdings over 12 months. The coin is available direct from the Perth Mint website.

United Kingdom: The gold Super Pit qualifies for VAT exemption as investment gold: it exceeds 995 fineness, was minted after 1800, and is legal tender in Australia. Capital gains tax applies on disposal at standard rates (18% basic, 24% higher), with the GBP 3,000 annual allowance. The Super Pit is not CGT-exempt because only UK legal tender coins (the Gold Britannia and Sovereign) carry that exemption. Perth Mint gold coins are eligible for SIPP inclusion.

United States: No federal sales tax. The Super Pit qualifies for state-level bullion exemptions in the majority of states that exempt precious metals, given its legal tender status and 9999 purity. IRA-eligible as a government-issued gold coin meeting the IRS fineness requirement. Capital gains are taxed at the collectibles rate of up to 28% for long-term holdings.

Canada: GST/HST-exempt as a foreign legal tender gold coin with purity exceeding 99.5%. Capital gains subject to the standard inclusion rate.

Singapore: Qualifies as an Investment Precious Metal (government-issued, 9999 gold coin), exempt from 9% GST. No capital gains tax applies in Singapore.

Hong Kong: No sales tax, import duty, or capital gains tax on gold in any form.

South Africa: Gold bullion is zero-rated for VAT purposes under specific provisions. Capital gains tax applies with a 40% inclusion rate for individuals.

From Hannan's Discovery to a Coin Series

The history behind the Super Pit coin begins with one of Australia's most significant gold discoveries. On 14 June 1893, Irish-born prospector Paddy Hannan and two companions found alluvial gold near what would become Kalgoorlie-Boulder, triggering a gold rush that drew thousands to Western Australia's arid interior. The discovery site sat above what would prove to be one of the richest gold deposits in the world.

For nearly a century, the gold was extracted through a honeycomb of underground mines, each operated independently. The most famous were the Golden Mile mines, concentrated in a strip barely 4 kilometres long but extraordinarily rich. By the 1980s, the patchwork of individual shafts had become inefficient, and in 1989 a consortium (later known as Kalgoorlie Consolidated Gold Mines, or KCGM) consolidated the underground workings into a single open-pit mine. The Fimiston Open Pit, immediately nicknamed "the Super Pit" by locals, began consuming the old shafts and surrounding ground at an enormous scale.

The mine grew rapidly. By the 2000s it stretched over 3.5 kilometres in length, making it one of the most visible man-made structures in Australia. The Super Pit lookout became a major tourist attraction, drawing visitors to watch the massive haul trucks and excavators working at a scale that is difficult to grasp without seeing it in person. The mine has operated continuously under various ownership structures: originally a joint venture between Barrick Gold and Newmont, it passed to Northern Star Resources in 2020.

The Perth Mint launched the Super Pit coin series in 2019, timing the first release to the 30th anniversary of the open-pit consolidation. The choice of subject was deliberate: Western Australia's identity is intertwined with gold mining, and the Super Pit is the most visible symbol of that industry. The mine produces roughly 700,000 ounces of gold annually, enough to fill approximately 700,000 of its own 1 oz coins. Each year's new reverse design captures a different aspect of the operation, from the rim-level panorama of the 2019 debut to the heavy machinery featured in subsequent editions.

Super Pit vs Other Perth Mint and Mining-Heritage Gold Coins

Within the Perth Mint's own range, the Super Pit competes most directly with the Gold Kangaroo, the mint's flagship unlimited-mintage bullion coin. The Kangaroo offers the lowest premiums in the Perth Mint gold lineup and the deepest secondary market liquidity. Buyers who want straightforward, cost-effective gold exposure should start there. The Super Pit's appeal is different: tighter mintages (5,000-15,000 versus unlimited), annually changing mining-heritage designs, and a thematic connection to the source of Australian gold that the Kangaroo does not share.

The Perth Mint Gold Swan has comparable mintages (5,000 for gold) and shares the annual design-change model. Both coins appeal to buyers who want Perth Mint quality with collector-tier scarcity. The Swan draws its theme from Western Australia's state emblem and the Perth Mint's own branding (the Swan River, the mint's swan logo). The Super Pit draws from Western Australia's mining heritage. Between the two, the Swan has a longer track record (launched 2017 versus 2019) and established secondary market demand, particularly for the sought-after inaugural 2017 edition. The Super Pit is younger and less tested on the secondary market but occupies a more distinctive thematic niche.

No other major sovereign mint produces a dedicated annual mining-heritage bullion coin series. The South African Gold Krugerrand has deep connections to gold mining (Paul Kruger and the South African gold rush), but it uses a fixed design and unlimited mintage, serving as a mass-market bullion standard rather than a collector crossover. The Super Pit's annually changing designs and controlled mintages position it differently.

For buyers who collect across the Perth Mint's annual series (Kangaroo, Kookaburra, Koala, Swan, Lunar, Super Pit), each year's Super Pit fills a slot that no other series covers. For pure investment purposes where the priority is tight premiums and easy resale, the Kangaroo or established sovereign coins like the Gold Maple Leaf remain more practical.