Super Pit Silver

Perth Mint's Annual Mining Heritage Silver Coin

The Super Pit is an annual bullion coin from the Perth Mint celebrating the Fimiston Open Pit, one of Australia's largest open-cut gold mines. Located near Kalgoorlie in Western Australia, the mine stretches 3.5 km long, 1.5 km wide, and over 600 metres deep, and it is visible from space. The coin series launched in 2019, coinciding with the 30th anniversary of the mine's consolidation from a honeycomb of underground shafts into a single open pit in 1989.

Available in both 1 oz silver and 1 oz gold each year, the Super Pit features a new reverse design annually, each depicting different perspectives of the mining operation. The silver version carries a mintage of 100,000 per year, placing it in a middle ground between unlimited-mintage bullion programmes and tightly limited collector coins. The gold version is considerably scarcer at 5,000 to 15,000 pieces per year.

As a thematic choice, the Super Pit is unusual in world bullion. Most series depict fauna, flora, or national symbols. A working industrial mine as the primary subject is distinctive, and it connects the coin directly to the gold mining industry that created the commodity it is made from. The mine produces approximately 700,000 ounces of gold per year, operated by Northern Star Resources (previously a Barrick Gold and Newmont joint venture).

The history of the mine site dates back to 14 June 1893, when Paddy Hannan discovered gold in the area. Kalgoorlie-Boulder grew into one of Australia's most significant mining towns, and the Super Pit lookout is now a major tourist attraction. For buyers who want Australian silver bullion with a story beyond the standard wildlife themes, the Super Pit offers a coin whose subject is the mining industry itself.

Super Pit Silver and Gold Coin Specifications

The .9999 purity places the Super Pit alongside the Silver Kangaroo and Silver Maple Leaf at the top of the fineness scale for bullion coins. Most other sovereign coins, including the Silver Britannia, American Silver Eagle, and Silver Krugerrand, are struck at .999 (three nines).

Perth Mint's micro-laser engraved authentication mark appears on each coin, detectable under magnification. The 2024 editions carry a special "P125" mintmark commemorating the Perth Mint's 125th anniversary (founded 1899). A 5 oz gold variant was also produced for 2023.

Super Pit Tax Treatment by Country

As Australian legal tender under the Currency Act 1965, the Super Pit's tax treatment follows the standard rules for sovereign-issued bullion coins in each jurisdiction.

Australia

Gold coins at 99.5%+ purity are GST-free. The silver version at .9999 purity exceeds Australia's 99.9% threshold for silver GST exemption, so it also qualifies for GST-free treatment. Capital gains are subject to CGT with a 50% discount for individuals holding longer than 12 months.

United Kingdom

The gold version is VAT-free as investment gold. The silver version is subject to 20% VAT, though it may be available under the margin scheme from dealers selling pre-owned stock. The Super Pit is not CGT-exempt in the UK because CGT exemption applies only to UK legal tender (Britannias and Sovereigns), not Australian coins.

United States

As a .9999 fine government-issued coin, the Super Pit is IRA-eligible, exceeding the IRS requirement of 99.9% fineness for silver. Sales tax treatment varies by state, with roughly 35 states exempting investment bullion. Capital gains are taxed at the collectibles rate of up to 28% for long-term holdings.

Canada

Silver bullion at 99.9%+ purity is GST/HST-exempt. The Super Pit's .9999 purity clears this threshold easily. Capital gains are subject to the 50% inclusion rate.

New Zealand

Fine silver at 99.9%+ purity is GST-exempt. The Super Pit qualifies. New Zealand has no formal capital gains tax, though profits from bullion may be treated as income if purchased with the intent to resell.

Singapore

Silver coins that are or were legal tender and meet 99.9% purity qualify as Investment Precious Metals (IPM), exempt from the 9% GST. The Super Pit meets both criteria.

From Paddy Hannan's Discovery to a Coin Series

The Fimiston Open Pit traces its origins to 14 June 1893, when Irish-born prospector Paddy Hannan and his companions Thomas Flanagan and Daniel Shea discovered alluvial gold approximately 3 km south of what is now Kalgoorlie's town centre. The discovery triggered one of Australia's last great gold rushes, and within weeks hundreds of prospectors had staked claims across the area. The original mining was done through a dense network of underground shafts, with dozens of individual operations honeycombing the ground beneath the surface.

The consolidation into a single open pit began in 1989, when Kalgoorlie Consolidated Gold Mines (KCGM), a joint venture between Barrick Gold and Newmont Mining, received approval to merge the underground workings and surrounding claims into one enormous open-cut operation. The transformation took years and required the relocation of residential streets that had been built directly above the mining leases. By the time the Perth Mint launched the coin series in 2019, the Super Pit had grown to 3.5 km long, 1.5 km wide, and over 600 metres deep.

The first coin (2019) was designed by Lucas Bowers, depicting the mine viewed from the rim with the sun just above the horizon. Gold mintage for that inaugural year was 15,000, later reduced to 5,000 in subsequent years. The 2022 design featured a Komatsu excavator working in the open-cast mine and a headframe similar to those used at the nearby Mt Charlotte Underground Mine. The 2024 design by Sean Rogers depicts the mining operation's industrial landscape, and both gold and silver versions of that year carry the P125 mintmark celebrating the Perth Mint's 125th anniversary. The 2024 silver coin also marked the transition to the King Charles III obverse by Dan Thorne.

Super Pit vs Other Perth Mint Silver Series

The Perth Mint produces several annual silver bullion series, each with its own character and collector profile. The Super Pit occupies a specific niche among them.

The Silver Kangaroo is Perth Mint's flagship unlimited-mintage bullion coin, designed primarily for the investment market with competitive premiums and maximum liquidity. The Super Pit, at 100,000 mintage, is significantly more limited and trades at modestly higher premiums. Buyers prioritising cost-per-ounce favour the Kangaroo; those seeking a more distinctive coin with potential collector value lean toward the Super Pit.

The Silver Kookaburra has a 500,000-piece mintage and has been running since 1990, building deep collector following and strong secondary market liquidity. The Kookaburra's annual design changes and longer history give it broader recognition, though the Super Pit's mining theme is thematically unique among world bullion.

The Silver Koala launched in 2007 with annual designs and limited mintages. It follows a similar collector-bullion hybrid model to the Super Pit but with Australian fauna rather than industrial heritage.

The Silver Swan is the most limited of Perth Mint's annual silver series at just 25,000 mintage, commanding the highest premiums and the strongest secondary market appreciation. The 2017 inaugural Swan sold out in under 48 hours and early years trade at significant multiples of melt value. The Super Pit's 100,000 mintage is four times larger, making it more accessible at purchase but less likely to appreciate as dramatically.

Against non-Perth Mint sovereign coins, the Super Pit's .9999 purity matches the Silver Maple Leaf and exceeds the .999 of the American Silver Eagle and Silver Britannia. For buyers outside Australia, the main consideration is that the Super Pit lacks the universal dealer recognition of these major sovereign coins, which may affect buyback ease in some markets.