Updated Market Comparison: This guide was updated on April 9, 2026, to accurately reflect current availability and performance of the Chinese and Australian Lunar Series.
Anyone who invests in or collects gold coins inevitably encounters the fascinating motifs of the Chinese zodiac. Many investors initially think of the Australian “Lunar I, II & III” series from the Perth Mint . However, the numismatic origin of modern zodiac coins clearly lies in China.
This guide explains the key differences between the Chinese Zodiac issues and the Australian Lunar programs – and explains why minting quality, mintage and certification are crucial for market value.
1. The Chinese Zodiac Gold Coins – Their Origins Since 1981
The first modern Chinese gold coin featuring a zodiac motif was issued in 1981, the Year of the Rooster. These coins were issued under the supervision of the People’s Bank of China . Production and distribution are handled by state-run entities such as the China Gold Coin Group Co., Ltd. (formerly China Gold Coin Incorporation).
Thus, China was not only the cultural origin of the zodiac concept, but also a numismatic pioneer in modern precious metal coinage with zodiac motifs.
Characteristic features of the Chinese editions
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Variety of shapes: In addition to classic round embossings, there are also fan shapes, wavy “flower shapes” and rectangular special editions, depending on the year and sub-series.
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Cultural authenticity: The depictions of the zodiac signs are deeply rooted in Chinese symbolism and primarily follow a cultural tradition.
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Early low mintages: Issues from the 1980s, in particular, were minted in significantly smaller quantities than modern mass-market bullion programs. This explains the considerable collector interest today.
2. The comparison: China vs. Perth Mint (Australia)
While the China Lunar Series laid the foundation as early as 1981, the Australian Perth Mint only launched its Lunar I Series in 1996, followed by Lunar II (2008) and Lunar III (2020). These programs made zodiac coins popular worldwide, especially in the investment sector.
A key difference lies in the market focus: Chinese issues are extremely well-established in the collector segment, particularly early proof and special editions. Australian series, on the other hand, are known as globally established bullion programs with high liquidity. They also differ significantly in terms of currency: China uses the yuan (RMB) as its legal tender, while Australia uses the Australian dollar (AUD) .
3. Proof (PR/PF) vs. Mint State (MS) – Impact on Market Value
Not every Lunar coin automatically fetches high collector premiums. The minting quality is crucial.
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MS (Mint State ): This designates coins in regular uncirculated condition with no signs of circulation. This is the standard variant in pure bullion programs.
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PR or PF (English and German: Proof / German: Polierte Platte): These are coins that have been struck multiple times using specially polished dies. They are characterized by mirrored surfaces and matte reliefs. Proof issues are often strictly limited and specifically designed for the collector market.
It’s important to know that Proof is not automatically more valuable than MS. Market value always results from the interplay of print run, demand, and condition. Particularly low print runs combined with exceptionally high condition can command significant premiums.
4. The role of certification (NGC & PCGS)
In the high-priced segment, independent appraisal plays a crucial role. Certification by recognized institutes such as NGC or PCGS creates market transparency and trust. The assigned grade – for example, PR/PF70 or MS70 – objectively documents the coin’s condition. Especially with early Chinese Zodiac issues, a high grade can significantly influence the market price, as it officially confirms rarity.
5. Lunar coins in a diversified collection
For discerning collectors, a targeted selection can be beneficial. A mix of the following is recommended:
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Early Chinese proof editions with demonstrably low print runs.
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High-grade specimens (70s gradings) with independent certification for maximum value retention.
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Liquid bullion series from the Perth Mint, which contribute to portfolio stabilization.
Conclusion: Quality over quantity
The Chinese Zodiac gold coins mark the modern origin of the lunar theme and impress with their cultural authenticity. The Australian programs, on the other hand, offer excellent international marketability.
However, the decisive factor is not solely the country of origin, but the specific edition, the print run, and the documented condition. Those who consider these factors make informed decisions – regardless of whether the focus is on China or Australia.
About the author: Larissa Wasserthal
When it comes to rare gold coins, Larissa Wasserthal is the expert: numismatics is her passion and her field of expertise. As editor for RareCoin.Store, she keeps track of the most popular coin series worldwide – from the artistic designs from China to the classics from Australia.
With over 30 years of experience in the coin market, she knows exactly what collectors need to look for to distinguish genuine treasures from mere mass-produced items. Her goal is to share this knowledge in an understandable way, so that you can expand your own collection with confidence and enjoyment.
