#gold purchasing

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A small gold rush is underway in Victoria. In accordance with this news report, prospectors are discovering glimmering nuggets after recent rains washed away topsoil.

The story can be a reminder of Australia's 170-year dependence on gold prospecting. Significant Nineteenth century finds were the catalysts or Australia's three gold rush mints - Sydney (1855), Melbourne (1872) and Perth (1899).

Identifying the first European to discover gold in Australia is difficult. Early finds were kept quiet because of the effect they were thought likely to have upon the largely convict population.

Anglican churchman and geologist William Branwhite Clarke found gold in the Blue Mountains in 1841. When he informed Sir George Gipps, the Governor told him: "Put it away, Mr. Clarke, or we shall all have our throats cut."

Edward Hargraves discovered gold near Bathhurst ten years later. He is reputed to have shouted to a companion over his panning dish: "This is a memorable day. I shall be a baronet, you will be knighted and my old horse will be stuffed, put into a glass case and sent to the British Museum."

Ignoring pleas for secrecy, Hargraves named the area Ophir, whipped up enthusiasm in the district and sparked Australia's first gold frenzy.

The find was soon overshadowed by discoveries at Bendigo and Ballarat. By 1860 there were more than 80,000 miners on the Victorian goldfields alone. In 1869, two lucky miners pulled up the largest gold nugget ever discovered – Welcome Stranger – near the township of Moliagul.

By 1893, diggers were swarming inland from Perth after word got out of a major new find by Irish prospector Paddy Hannan. Subsequently known as the ‘Golden Mile', it was said to be the richest concentration of gold mineralisation in the world.

Unemployment during the Great Depression inspired more to try their luck, particularly after the discovery in 1931 of Golden Eagle, a huge natural nugget weighing 1,235 ounces.

The Great Depression was at its darkest, when Jim Larcombe and his 16-year old son, also named Jim, down to their last provisions, money and hope, unearthed a long flat nugget. Other prospectors working in the area heard their shouts and it is said they thought the Larcombes were carrying a dead eagle. Certainly the resemblance is undeniable – hence the name, Golden Eagle.

Many who trudged towards Kalgoorlie though had little or no experience of life on the goldfields.  Concern motivated Hugh Corbet, the head of The Perth Mint, to prepare Hints to Prospectors, a pamphlet in which he observed: "Our miners are very energetic and resourceful but in most cases they lack the rudiments of technical training." His valuable guidance proved extremely popular and was revised and re-issued several times. (read original extract from 1933.)

It remains a long held dream for many to head out into the bush to prospect for gold. But are there still any gold nuggets out there? Well clearly, if you believe the above news article. But it isn't easy. As one expert told us recently, "…it takes time to read the land and recognise where gold is likely to be found… you might be lucky and you might not."

Prime Minister Bob Hawke introduced Australian Nugget gold bullion coins only a few days after Easter in 1987.

The West Australian newspaper revealed that Mr Hawke wrote out a $1,236 personal cheque to secure a mint group of the newest coins!

The launch marked Australia's official entry into the international gold bullion coin market. The Nugget "taps into the romance and nostalgia of the Australian gold rushes" and celebrates "the resurgence of Australia as one of the top four gold producing countries," The Perth Mint announced.

The coins were offered in four sizes containing 1oz, 1/2oz, 1/4oz and 1/10oz of 99.99% pure gold. Each coin featured a different reverse portraying a famous Australian natural nugget.  

The four portrayals were created by Australian-born Stuart Devlin, who was described by London's Investor's Chronicle as "arguably the greatest living goldsmith". He'd previously designed Australia's decimal coinage.

The fascinating stories of prospecting behind the designs were enthusiastically proclaimed by the Mint:

1oz Welcome Stranger

The Welcome Stranger is the largest gold nugget ever found. It weighed 2,284 ounces and was unearthed in 1869 in Moliagul, Victoria, by John Deason and Richard Oates. They found their hidden treasure at the base of a tree, just ten inches below the ground. Not surprisingly their discovery sparked another gold rush to the area. 

1/2oz Hand of Faith 

The Hand of Faith is the largest nugget discovered using a metal detector. It weighed 720 ounces (later corrected to 874 ounces) and was found in 1980 near Wedderburn, Victoria by the Hillier family. They unearthed the nugget, valued at $1million, behind the local church. This factor, along with the family's religious leanings, was the reason for its name. 

1/4oz Golden Eagle 

The Golden Eagle is the largest nugget found in Australia this century. It weighed 1,235 ounces and was discovered 18 inches below the surface near Larkinville, Western Australia in 1931 by James Larcombe and his son. Other prospectors working the area heard their shouts and it is said they thought the Larcombes were carrying a dead eagle. Certainly the resemblance is undeniable and the nugget was aptly named. 

1/10oz Little Hero 

The Little Hero was the first of a series of large nuggets discovered in Western Australia in 1890. It weighed 333 ounces and was found on a much travelled track where it had been ignored by hundreds of men who thought it was simply a piece of ironstone. The find, for prospector Jack Doyle and his mates, was a happy ending to a story of treachery, an earlier discovery at Shark Gully having been lost to claim jumping by other prospectors.