25 Dollars - Elizabeth II 3rd Portrait - Kangaroo - Gold Bullion Coin

Australia's switch to .9999 fine gold for the Kangaroo series in 1989 was a direct commercial challenge to the South African Krugerrand, which had long dominated the bullion market but was increasingly radioactive to institutional buyers under apartheid-era sanctions. The Perth Mint positioned the four-nines purity as a selling point over the Krugerrand's .9167 fineness, targeting both European and North American markets frozen out of South African product.

The 1989–1990 issues are the earliest in the series under KM#119, before the design was changed annually — a marketing decision adopted in 1990 to drive collector demand alongside bullion buyers.