Nugget

(i) Chunks or pieces of gold, mainly found in alluvial deposits, are known as nuggets. Many are of beautiful crystalline design; some are large: the biggest nugget is the Welcome Stranger, found in Australia in 1858, which weighed 2,284 ounces (71.04 kilograms) and is featured on the original Australian Nugget one ounce bullion coin.

Private collection of nuggets found by a Western Australian prospector
(Credit: Timothy Green)

Prospectors in Brazil’s gold rush to Serra Pelada in 1980 also found sizeable nuggets, including one of 215 ounces (6.7 kilograms). Nuggets often have a gold content over 900 fine and may even be close to 995. They are usually sold at a premium over their gold content and are bought by collectors or used as jewellery.

(ii) Australian Nugget coins are the Perth Mint of Western Australia’s range of 24 carat (999.9) legal tender proof (numismatic) and bullion gold coins. Officially launched in 1986 as a limited edition proof issue, the name ‘Nugget’ reflected the design of famous Australian nugget discoveries featured on the reverse of each coin from 1986 to 1988.

Australia's Nugget bullion coin originally featured famous
nuggets, but after 1990 the red kangaroo was substituted
(Credit: courtesy Gold Corporation)

In 1989 a major design change introduced the kangaroo to replace the Nugget, tying in with the koala on the reverse of the Australian platinum coin and the kookaburra on the silver coin. An emu palladium coin was added to the Australian Precious Metals Coin Programme in 1995.

Australian Nugget coins are available in eight sizes – 1 kilogram, 10 ounce, 2 ounce, 1 ounce, half ounce, quarter ounce, one-tenth of an ounce and one-twentieth of an ounce.