The E-Sylum:  Volume 6, Number 22, June 1, 2003, Article 10

AUSTRALIA HAS CENTENARY MEDAL SURPLUS

  Dick Johnson writes: "It was announced Wednesday this
  week, May 28, that the Government of Australia has 2,500
  Centenary Medals from two years ago that have not been
  bestowed.  They ordered too many.

  More than 15,500 Australians got their medals, issued for
  the 100th anniversary of the first Parliament of the Australian
  Commonwealth, albeit two years late.   Officials cannot find
  300 others who were entitled to receive theirs -- but what is
  concerning officials at the Government House in Sydney are
  the 2,500 medals they have on hand.

  It cost the Australian Federal Government A$21 each, so
  these unbestowed medals cost A$52,458.  The news article,
  written by Fleur Anderson, stated "The Opposition said the
  award system was a fiasco." It termed these "wasted
  centenary medals."

  Well, this retired art medal dealer in America has a suggestion
  for the Australian Government:  Sell these medals worldwide!
  Save out the 300 for replacement or finding the lost awardees,
  but sell 2,200.

  Offer these to medal collectors, Australian history buffs, recent
  Australian tourists, and pure Australiaphiles, on the world
  market. I am certain there are that many potential buyers in
  America alone.

  Also -- and of far more importance! -- with that many medals
  overhanging the market, their value will never increase on the
  secondary market. Yes, your 2001 Centenary Medal must
  ultimately come on the collector market (present owners
  cannot keep them forever!) they will be sold whether it is this
  year or a hundred years from now.  Collectors and museums
  are the obvious custodians of these historically important art
  objects.

  By completely dispersing the entire issue immediately makes
  everyone's medal worth more.  Particularly the 15,500 who
  received the medals officially.  At the instant all medals are
  completely dispersed, then market forces kick in and demand
  must confront supply. But don't keep that unsold supply on
  hand or nobody wins."

  [What to do with remaining supplies of medals has always
  been a quandary.  What were some of the more creative
  ways of disposing of an overage?   One tactic is to pretend
  it doesn't exist, or even lie about the issue being "sold out".
  After making a public offer to buy back the medals, the issuer
  then offers a new supply for sale at a higher price.  Classic
  price manipulation, but one way to coax more money out of
  collectors' pockets.  This is what happened with the Scott
  restrikes of the Confederate Half Dollar.  Does anyone
  happen to know who first revealed this story, and where it
  first appeared in print?  -Editor]

  Wayne Homren, Editor

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