Platypus Silver

Perth Mint's Platinum Pioneer Turned Silver Collectible

The Platypus is an Australian legal tender bullion coin from the Perth Mint, featuring one of the world's most distinctive animals. The series launched in 2011 as a platinum bullion coin and ran until 2018, producing just 87,179 coins across eight years. Silver versions appeared in 2021 in 1.5 oz and 2 oz sizes, the latter as part of Perth Mint's "Next Generation" premium range.

The platinum Platypus filled a gap in Perth Mint's lineup. After discontinuing the Platinum Koala in 2000, the Perth Mint had no dedicated platinum bullion coin for over a decade. The Platypus bridged that gap before being succeeded by the Platinum Kangaroo in 2018/2019, which aligned Perth Mint's platinum offering with its broader Kangaroo branding across gold and silver.

The silver versions introduced a different dynamic. The 1.5 oz .9999 fine silver coin is an unusual weight that Perth Mint has used across several series (including its Koala programme). The 2 oz silver version, part of the Next Generation series, was limited to 75,000 pieces and featured a more detailed platypus design than the standard platinum coin.

The platypus itself gives this series a natural monopoly on subject matter. No other sovereign mint produces a platypus bullion coin, and the animal's bizarre combination of features (duck bill, beaver tail, venomous spurs, egg-laying mammal) makes it one of the most recognisable creatures on any bullion product worldwide. When European scientists first examined platypus specimens in 1798, they suspected a taxidermist's hoax.

Platypus Coin Specifications by Format

Platinum Mintage by Year

The platinum version was packaged in individual capsules (32 mm), tubes of 20, and boxes of 100. The silver 1.5 oz version had unlimited mintage, while the 2 oz Next Generation version was capped at 75,000 pieces.

The .9995 platinum purity matches the LPPM (London Platinum and Palladium Market) Good Delivery standard, which is the benchmark for investment platinum worldwide. Perth Mint's silver products use .9999 purity, one step above the .999 standard used by most other mints.

Platypus Tax Treatment Across Key Markets

As Australian legal tender from the Perth Mint, the Platypus benefits from sovereign-coin tax status in most jurisdictions. Its treatment differs by metal.

Australia

Both platinum and silver versions are GST-free as investment-grade precious metals. Australia exempts gold at 99.5%+ purity and silver at 99.9%+ purity from the 10% GST when in tradeable form. The Platypus meets these thresholds comfortably. Capital gains tax applies on disposal, with a 50% CGT discount for assets held longer than 12 months.

United Kingdom

The silver versions are subject to 20% VAT on purchase, as silver bullion receives no VAT exemption in the UK regardless of legal tender status. The Platypus is not CGT-exempt because it is not UK legal tender. For UK buyers seeking silver with CGT advantages, the 1 oz Silver Britannia remains the only option.

United States

The platinum version is IRA-eligible, meeting the IRS Section 408(m) requirements for platinum at .9995 purity from a sovereign mint. The silver versions at .9999 purity exceed the .999 minimum for silver IRA holdings. State sales tax treatment varies; approximately 35 states exempt precious metals from sales tax. Long-term capital gains on bullion are taxed at the collectibles rate of 28%.

Canada

Both metals qualify for GST/HST exemption as investment bullion from a sovereign mint meeting the 99.9% minimum purity threshold. RRSP and TFSA eligibility depends on custodian acceptance of Perth Mint products.

Singapore and Hong Kong

Singapore exempts qualifying Investment Precious Metals from the 9% GST. Perth Mint coins are widely stocked by Singapore dealers. Hong Kong has no sales tax, import duty, or capital gains tax on precious metals.

From Platinum Pioneer to Closed Collectible

The Platypus filled a specific gap in Perth Mint's product range. After the Platinum Koala was discontinued in 2000, Australia's premier bullion producer had no dedicated platinum coin for eleven years. The Platypus launched in 2011 with an initial mintage cap of 30,000 pieces, establishing Perth Mint's return to the platinum bullion market.

The reverse design, by Perth Mint engraver Natasha Muhl, depicts a platypus swimming beneath lily pads in its natural freshwater habitat. The animal is captured mid-stroke with its distinctive duck-like bill and beaver-like tail visible. Inscriptions include "AUSTRALIAN PLATYPUS," the weight, purity, year, and Muhl's initials "NM." The design remained unchanged throughout the series' eight-year run, making it a consistent and immediately recognisable product.

The obverse carried Ian Rank-Broadley's portrait of Queen Elizabeth II throughout the platinum era (2011-2018). The 2021 silver versions transitioned to Jody Clark's portrait.

Mintage figures tell an interesting story about market demand. The first two years saw strong production (30,000 and 26,580), but 2013 collapsed to just 2,000 coins and 2014 fell further to 1,616. These are exceptionally low figures for any modern bullion coin and have made the 2013 and 2014 vintages scarce collector items that command significant premiums on the secondary market. Production recovered somewhat in later years but never returned to the 2011 peak.

The Platinum Kangaroo replaced the Platypus starting in 2018/2019, part of Perth Mint's strategy to unify its bullion branding under the Kangaroo name across gold, silver, and platinum. The Platypus's total lifetime production of 87,179 coins is tiny compared to major competitors (the American Platinum Eagle and Canadian Platinum Maple Leaf produce that volume in a single strong year), which continues to support secondary market interest.

Platypus vs Other Platinum and Silver Bullion Coins

The Platypus competes in two distinct markets: platinum bullion (where it is now a secondary-market-only product) and silver bullion (where the 2021 versions compete with active series).

Platinum Platypus vs American Platinum Eagle

The Platinum Eagle from the US Mint matches the Platypus at .9995 purity and $100 AUD / $100 USD face values respectively. The Eagle has far higher mintages and a deeper secondary market, making it more liquid. Since 2018, the Eagle has featured annual reverse design changes, adding collector appeal. The Platypus's advantage is scarcity: its total production across all years (87,179) is a fraction of the Eagle's cumulative output, and the low-mintage 2013-2014 vintages are genuinely rare for modern bullion.

Platinum Platypus vs Canadian Platinum Maple Leaf

The Maple Leaf from the Royal Canadian Mint is available in sizes from 1/20 oz to 1 oz at .9995 purity. It offers greater size flexibility and stronger global brand recognition. The Maple Leaf's consistent design and wide availability make it the more practical choice for buyers seeking platinum exposure with easy resale.

Platinum Platypus vs Perth Mint Platinum Kangaroo

The Kangaroo is the Platypus's direct successor, sharing the same mint, same purity, and same weight. The Kangaroo features annual-changing designs (compared to the Platypus's static design) and benefits from Perth Mint's active marketing and distribution. For current-production platinum, the Kangaroo is the obvious Perth Mint choice. The Platypus appeals to collectors interested in the closed series and its limited total mintage.

Silver Platypus vs Other Perth Mint Silver

The 1.5 oz silver Platypus is an uncommon weight that Perth Mint also uses for its Koala programme. This non-standard sizing may deter stackers who prefer uniform 1 oz holdings. The 2 oz Next Generation version competes with Perth Mint's broader silver catalogue, including the Silver Kangaroo at .9999 purity and various wildlife themes. The Platypus's subject matter (uniquely Australian, no competing products from other mints) is its strongest differentiator in silver.