Sunday, June 1, 2014

Gods of Olympus – Poseidon 2014 2oz Silver High Relief Coin From Perth Mint

Gods of Olympus – Poseidon 2014 2oz Silver High Relief Coin
No lunar coins in the forthcoming releases about to be launched by Perth Mint, although they did release a commissioned horse themed set a few days ago which appears to have quickly sold out 'Horses of Lore and Legend 2014 1oz Silver Proof Three-Coin Set'.

Coming up is the Poseidon 2014 2oz Silver High Relief Coin from the Gods of Olympus series.


This coin will be in addition to the 'Gods of Olympus – Zeus 2014 2oz Silver High Relief Coin' which was released in February and the 'Gods of Olympus – Hades 2014 2oz Silver High Relief Coin' which is due in the near future (presumably later this year).

Gods of Olympus – Zeus 2014 2oz Silver High Relief Coin
I had speculated that the Zeus coin would be a hit (suggesting a quick rise to $300+) on the morning of it's release after seeing the design and product specifications, citing the following reasons in a thread on Silver Stackers:

  • Low mintage
  • Copying the style of some of those popular coins coming out of Europe that start with ridiculous price tags
  • First of it's type by Perth Mint
  • First in the series
  • Custom display case (unusual for Perth Mint, but a step in the right direction!)
They were selling hot on the morning and I was too slow to checkout the 5 I tried to buy. Within days they had doubled in value on secondary markets such as ebay, selling for A$350-400+ after launching at $179. I don't think Perth Mint had anticipated the demand for the coin, but they have since announced they will be limiting sales on the new coin to one per customer:
The Perth Mint is reversing its previously stated position and will now restrict the number of Poseidon 2014 2oz Silver High Relief Coins to one per existing retail customer.

In recent days it has become increasingly clear that this coin, which has a maximum mintage of just 1,500, will be highly sought-after.

Unauthorised publication of a Poseidon coin image at the weekend increased enquiries at the Mint today with collectors expressing concern they could miss out if purchases remained unrestricted.

Under the one-per-customer policy, we are confident that more collectors will now get the opportunity to purchase the coin at issue price from the Mint.

The Poseidon 2014 2oz Silver High Relief Coin will be available on The Perth Mint website from 12.01am 3 June 2014 (AWST).
This is probably a fair policy to adopt to ensure collectors have the best opportunity to purchase the coin, but will reduce the ability to speculate on the coin, especially given that it means no free shipping (Perth Mint currently offers this worldwide for orders over $400) unless you intend on purchasing other coins.

In my opinion the high relief, rimless design with an antique finish is a winner and it reminds me of the success of the 'Mongolian Wildlife Protection series' which included popular designs such as the Hedge Hog, Owl & Wolverine:


Though I think Perth Mint will need to take more care in the production and finish of the coins going forward as some owners had reported scratches and dents were present on the back of the Zeus coins, presumably occurring during the antiquing process.

No further news on the 2015 Year of the Goat Coins (Lunar Series II) from Perth Mint yet, but I will be keeping my eyes peeled and will update the blog with information as it comes to hand.



Cheers


Bullion Baron.

The Perth Mint Australia

5 comments:

"This is probably a fair policy to adopt to ensure collectors have the best opportunity to purchase the coin, but will reduce the ability to speculate on the coin"

LOLOLOLOLOLOLOLOLOLOLOL

An increasing number of ebay listings offering multiple coins say different, and they speak volumes on the epic fail of those from the PM.

http://www.ebay.com.au/sch/i.html?_trksid=p5468.m570.l1313.TR0.TRC0.H0&_nkw=2014+Gods+Of+Olympus+Poseidon+2oz+High+Relief+Silver+Coin&_sacat=0&_from=R40

one hour to place the order, multiple web site errors.
Wait half an hour to confirm order, the item is out of stock

Shame to hear so many had problems, the 1 person coin limit was for retail customers, any selling multiple on ebay are likely to be distributors.

I'm still under the assumption that this is a 3 coin series that will end with Hades. But I recall reading an interview with the designer that hinted at possible additions beyond Hades with a "watch this space" or similar response when asked.

I admit I won't be obsessing over a "complete" collection if it's any more than 3 coins. They may be nice, if over-hyped, coins. But as the distributors continue to raise the prices on coins they are strangely yet to even get in stock, I find it's all getting a bit too "Emperor's new clothes" for my liking. A Poseidon-like rinse and repeat with Hades and beyond is an experience I'd want to avoid like the plague.

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