History of Gold in Australia
Australia's gold rushes, starting in New South Wales and Victoria in 1851, transformed the colonies: the population roughly quadrupled in twenty years and Victoria alone supplied more than a third of the world's gold in the 1850s. Gold was struck into sovereigns at the Sydney, Melbourne and Perth branches of the Royal Mint, and the Perth Mint now runs the national bullion coin program that began with the Australian Nugget. Australia is the world's third-largest gold miner, and BHP began mining silver, zinc and lead at Broken Hill in 1885.
Facts checked 26 October 2026
Gold in Australia today
- The Reserve Bank of Australia held 80 tonnes of gold as at 30 June 2026, unchanged since 1997; about 99.9% of it is stored at the Bank of England in London.
- Australian mines produced an estimated 280 tonnes of gold in 2025 (284 tonnes in 2024), ranking third in the world after China and Russia (USGS, January 2026).
- Digital currency exchanges must register with AUSTRAC, verify customers, report suspicious activity and run an AML/CTF programme; running an unregistered exchange can bring up to two years' prison and fines.
Timeline: gold in Australia
- 1851Victoria's gold rush
Victoria offered a reward for gold near Melbourne, and within six months finds were made at Clunes, Ballarat, Castlemaine and Bendigo. In the 1850s Victoria produced more than a third of the world's gold.
- 1851Hargraves finds payable gold
12 February 1851. Edward Hargraves, back from California, found gold near Bathurst, New South Wales. By 15 May about 300 diggers had reached Ophir, and he was later awarded £10,000.
- 1852The Adelaide pound
South Australia issued the Adelaide pound, Australia's first gold 'coin', without British approval.
- 1854Eureka Stockade
Gold miners rebelled against the authorities at the Eureka Stockade in Ballarat, Victoria.
- 1855Sydney Mint opens
A branch of the Royal Mint opened in Sydney to turn colonial gold into sovereigns with 'Australia' in the design. Mints in Melbourne and Perth followed.
- 1871A nation transformed by gold
Between 1851 and 1871 Australia's population grew from about 430,000 to 1.7 million. About 20,000 Chinese miners were on the Victorian diggings by 1855.
- 1890sWestern Australian gold rush
Arthur Bayley and William Ford found gold at Coolgardie, setting off the Western Australian gold rush, followed by rushes around Kalgoorlie.
- 1899Perth Mint opens
20 June 1899. The Perth branch of the Royal Mint opened to process Western Australian gold. It made about 106 million sovereigns in the years up to 1931.
- 1931Last Australian sovereigns
The Melbourne and Perth branches stopped making sovereigns in 1931; Sydney had stopped in 1926.
- 1970Perth Mint passes to WA
1 July 1970. The Western Australian government took ownership of the Perth Mint.
- 1976Gold freed for private trading
Gold was freed for private trading in Australia.
- 1982The Perth Mint Swindle
Thieves took 49 gold bars weighing 69 kg, worth over A$650,000 at the time. The Mickelberg brothers' convictions were overturned in 2004, and they were paid A$1 million in 2008.
- 1987Australian Nugget bullion coin
23 June 1987. After federal approval in August 1985 and a first proof coin in late 1986, the Perth Mint launched the Australian Nugget bullion coin, with Prime Minister Bob Hawke present. It sold 155,000 ounces on day one, and the kangaroo design replaced the nugget in 1989.
- 1997RBA sells two-thirds of its gold
3 July 1997. The Reserve Bank announced it had sold 167 tonnes of gold over six months, cutting its holding from 247 to 80 tonnes. It said Australia, as a big gold producer, gained little from holding so much gold.
- 2012The one-tonne gold coin
The Perth Mint made a one-tonne gold Kangaroo coin, almost 80 cm across, confirmed by Guinness World Records as the largest gold coin in the world.
- 2025World's third-largest gold miner
Australia produced about 280 tonnes of gold in 2025, behind only China and Russia.
FAQ
When did the Australian gold rush start?
Edward Hargraves found payable gold near Bathurst, New South Wales, on 12 February 1851. Victoria's finds at Ballarat, Bendigo, Castlemaine and Clunes followed within months, and in the 1850s Victoria produced more than a third of the world's gold.
When did the Perth Mint open?
On 20 June 1899, as a branch of the Royal Mint, to process Western Australian gold. It made about 106 million sovereigns up to 1931.
How much gold does the Reserve Bank of Australia hold?
80 tonnes as at 30 June 2026, unchanged since 1997, when it sold 167 tonnes; about 99.9% of it is stored at the Bank of England in London.
What is the largest gold coin in the world?
The Perth Mint's one-tonne gold Kangaroo coin of 2012, almost 80 cm across, confirmed by Guinness World Records as the largest gold coin in the world.
Sources (17)
- Gold rushes - Defining Moments - National Museum of Australia
- Defining Moments in Australian History (print version) - National Museum of Australia
- Short history of Australian coins - The Perth Mint
- Your story is our story - 125 years - The Perth Mint
- Iconic moments in The Perth Mint's history - The Perth Mint
- George V - Royal Mint Museum
- Perth Mint marks 40 years of bullion coins - The Perth Mint
- Official Sales of Gold - RBA Media Release 1997-13
- Mineral Commodity Summaries 2026: Gold - USGS
- Department of the Prime Minister and Cabinet – Australian Symbols: Australia's national gemstone
- Rio Tinto (Business Wire) – Rio Tinto unveils iconic A$2 million Argyle Rose jewellery piece
- Mining Weekly – End of an era as Argyle delivers its final production
- Antiques Trade Gazette – The brief history of Australian hallmarking
- Jeweller magazine – India mandates hallmarking: what about Australia?
- About Our Gold Holdings - Reserve Bank of Australia
- New AML/CTF regulations for cryptocurrency exchanges - PwC Australia Legal Talk
- AUSTRAC cryptocurrency inquiries (FOI release) - AUSTRAC
History compiled from the sources listed, which we opened and checked in October 2026. Dates follow those sources; where they differ, we say so or leave the detail out.
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@misc{corgano2026historyofgoldin, author = {{Corgano}}, title = {History of Gold in Australia}, howpublished = {\url{https://goldprice.corgano.com/gold-history/australia}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-26}}