Vale Don Mackay-Coghill, inaugural CEO of Perth Mint

Don Mackay-Coghill, the inaugural chief executive of Gold Corporation and a central figure in the modern development of The Perth Mint, has died aged 83.

Mr Mackay-Coghill led Gold Corporation, the government-owned entity behind The Perth Mint, from its inception in 1987 until 2003. He returned to serve as its chairman between 2015 and 2018, during which time he remained an outspoken commentator on global monetary policy and financial risk. Born in South Africa on November 4, 1941, Mr Mackay-Coghill emigrated to Western Australia with a background in precious metals. As Chief Executive of Intergold in South Africa, he played a role in the international success of the Krugerrand – the first bullion coin to gain widespread global acceptance. According to the Perth Mint, his work was instrumental in creating the first truly international market for investment-grade coins.

"Don Mackay-Coghill’s legacy looms large at The Perth Mint, having led the rebirth and transformation of the business for the modern era," the Mint said in an obituary on Monday. "He was sought out by the WA Government to advise it as it prepared to launch the Australian Precious Metals Coin Program in 1986. "Soon after, he was offered the job of establishing the program and running the Mint as it was revitalised with the creation of Gold Corporation".

In Perth, Mr Mackay-Coghill replicated his overseas success by launching the Australian Nugget bullion coin series in 1987. Under his leadership, Gold Corporation expanded into silver and platinum coins, helping position The Perth Mint as a major player in the global precious metals market. A vocal critic of central bank policies following the Global Financial Crisis, Mr Mackay Coghill warned in 2018 of inflated debt levels and the risks posed by asset bubbles. In a keynote address at the Precious Metals Investment Symposium in Perth, he decried what he saw as unsustainable monetary settings. “Unprecedented low global interest rates encouraged a spree of public and private debt accumulation,” he said, adding that “today’s mega bubble will burst”.

Before his corporate career, Mr Mackay-Coghill was a distinguished first-class cricketer. A fast bowler and former captain of Transvaal, South Africa’s leading provincial team, he played 73 matches between 1962 and 1974. In recognition of his achievements, Mr Mackay-Coghill received the South African Marketing Award of the Year in 1978; the Vreneli-Preis Award for his contribution to Numismatics in 2001; the Australian Institute of Export's Australian Export Hero Award in 2007; and the Juan Antonio Samaranch Medal for his contribution to Olympic coin collecting in 2012.

"Mr Mackay-Coghill was seen among his colleagues as a leader who expected a lot of his people but was able to inspire them to do their best," the Perth Mint continued. "His competitive nature and his willingness to take on new challenges had parallels with his earlier [cricketing] career". Mr Mackay-Coghill leaves his wife Elaine and sons Colin and Graham. He is remembered for a lifelong commitment to precious metals markets.