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25 Dollars - Elizabeth II 3rd Portrait - Koala - Platinum
| Issuer | Perth Mint |
|---|---|
| Year | 1990-1991 |
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| Shape | Round |
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| Obverse description | The third-portrait effigy of Queen Elizabeth II, designed by Raphael Maklouf, is depicted in right-facing profile, wearing the George IV State Diadem, drop earrings, and a necklace. The truncation of the bust is visible at the lower field. The legend ELIZABETH II arcs along the upper left rim, with AUSTRALIA continuing along the upper right, and the denomination 25 DOLLARS inscribed along the lower rim. The entire design is framed by a continuous border of raised beads. |
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| Reverse script | Latin |
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| Additional information |
Australia's platinum koala series launched in 1988, making Perth one of the earliest mints globally to issue a continuous platinum bullion program for the investment market. The fractional quarter-ounce denomination was designed to capture buyers priced out of the full-ounce piece, which by 1990 was trading well above $600 USD spot. The reverse design changed annually — a deliberate policy distinguishing the koala from static bullion issues and driving collector demand alongside investor demand.
Arnold Machin's third portrait of Elizabeth II, adopted by Australia in 1985, was already approaching the end of its tenure on Australian coinage by this date.