1 oz Super Pit Silver Coin

A Working Gold Mine on a Silver Coin

The 1 oz Super Pit silver coin is an annual bullion series from the Perth Mint, launched in 2019 to commemorate the Fimiston Open Pit in Kalgoorlie, Western Australia. Known as the "Super Pit," it is one of Australia's largest open-pit gold mines: 3.5 km long, 1.5 km wide, and over 600 metres deep, visible from space and a major tourist destination. The first release coincided with the 30th anniversary of the mine's creation as an open-pit operation, consolidated from a honeycomb of underground shafts in 1989.

The coin is struck in .9999 fine silver with a face value of AUD $1, making it Australian legal tender under the Currency Act 1965. Annual reverse designs depict different perspectives of the mining operation, each created by a different Perth Mint artist. This is thematically unusual among world bullion programmes: where most series feature fauna, flora, or national symbols, the Super Pit celebrates an industrial working mine. The closest thematic parallel is the South African Krugerrand's historical connection to the gold rush, but even the Krugerrand depicts Paul Kruger and a springbok rather than the mines themselves.

For buyers browsing 1 oz silver coins, the Super Pit occupies a mid-tier position between the Perth Mint's unlimited-mintage flagship coins and its more limited collector programmes. Silver mintage is 100,000 per year, substantially lower than the Australian Kangaroo (unlimited) but higher than the Perth Mint Swan (25,000). Gold mintage ranges from 5,000 to 15,000, placing it in a moderately collectible range. Premiums are comparable to the Silver Kookaburra for the silver version, with the more limited gold version commanding slightly higher premiums.

Super Pit Specifications and Design History

Annual Releases

The 2024 coins carry a special "P125" mintmark commemorating the Perth Mint's founding in 1899. The obverse transitioned from the Jody Clark portrait of Queen Elizabeth II to the Dan Thorne effigy of King Charles III.

Each coin features the Perth Mint's micro-laser engraved authentication letter on the reverse, detectable under magnification. This security feature is standard across Perth Mint bullion and makes counterfeiting significantly more difficult.

Super Pit Tax Treatment by Country

The Super Pit is Australian legal tender under the Currency Act 1965, struck at .9999 fine silver. Its tax treatment benefits from both the legal tender status and the high purity.

Australia

Gold coins from the Perth Mint at 99.5% purity or higher are GST-free. Silver coins in Australia are treated differently: silver bullion is generally subject to 10% GST at the retail level, though some dealers and circumstances may qualify for exemption on investment-grade silver. Capital gains on all bullion are subject to CGT, with a 50% discount for holdings over 12 months. There is no CGT exemption for any bullion coins in Australia.

United Kingdom

The gold Super Pit is VAT-exempt as investment gold. The silver version is subject to 20% VAT. The Super Pit is not CGT-exempt in the UK, as CGT exemption applies only to UK legal tender coins from The Royal Mint (such as the Silver Britannia). Silver Super Pit coins may be available under the margin scheme from UK dealers selling pre-owned stock.

United States

No federal sales tax. State-level exemptions cover bullion in approximately 35 states. The .9999 purity exceeds the IRS 99.9% minimum for silver IRA eligibility under Section 408(m). As a government-issued legal tender coin from a recognised sovereign mint, the Super Pit is well-positioned for IRA qualification. Capital gains are taxed at the 28% collectibles rate for long-term holdings.

Canada

GST/HST-exempt as foreign legal tender bullion at 99.9% or higher purity.

New Zealand and Singapore

New Zealand exempts fine silver at 99.9% purity from GST (15%). Singapore's IPM scheme exempts qualifying silver at 99.9% in coin form from qualifying sources. Hong Kong has no sales tax on bullion.

Super Pit vs Other Perth Mint Silver Series

The Perth Mint produces several annual-design silver bullion series, and the Super Pit's positioning relative to its stablemates is defined by mintage and theme. The Australian Kangaroo is the flagship with unlimited mintage and the lowest premiums. The Kookaburra has run since 1990 with 500,000 mintage and strong collector history. The Koala sits at a similar level. The Super Pit at 100,000 is more limited than these three but far more accessible than the Perth Mint Swan at 25,000, which sells out annually and commands significant secondary market premiums.

The thematic distinction is the Super Pit's strongest differentiator. Every other Perth Mint silver series features Australian wildlife or cultural symbols. The Super Pit features heavy industrial mining equipment, stepped mine walls, and the vast scale of an open-pit gold mine. For collectors and investors who are drawn to the precious metals industry itself rather than the animals that live nearby, the Super Pit has no direct competitor. The Fimiston Open Pit produces approximately 700,000 ounces of gold per year (operated by Northern Star Resources), making the mine a fitting subject for a coin that represents the metals industry.

Against international competitors, the Super Pit compares to other annually designed silver coins in the 100,000-mintage range. The Silver Krugerrand shares a gold-mining heritage theme but has a higher mintage and a fixed design. The Krugerrand also carries 15% VAT in its home market of South Africa, whereas the Super Pit's Australian GST treatment on silver is 10%. Both are .999+ purity and carry government legal tender status.