Although platinum has a wide range of industrial applications, it has also appealed to coin and bullion investors. At the time this article was published in August 2021, its spot price stood at $1,050 per ounce. In the years leading up to publication, platinum had attracted more attention as an investment-grade commodity, partly because it is among the world’s rarest precious metals. This historical overview considers platinum’s use in currencies around the world and compares the price reported at publication with its past value.
The Earliest Documented Uses of Platinum
Archaeologists identify the ancient Egyptians as the earliest people known to mine and use platinum. A well-known surviving object from that era is the Casket of Thebes, decorated with platinum alongside gold and silver. Platinum’s distinctive bright sheen also drew the attention of indigenous peoples in South America, who used platinum alloys in jewelry and elaborate ornamental work.
Platinum Production at Publication
When this article was originally published, South Africa was described as the leading platinum producer, with its mines producing 75% of global platinum. The World Platinum Investment Council reported that approximately 6 million ounces of platinum is mined annually. For comparison, the original article cited approximately 90 million ounces of gold and 890 million ounces of silver. At publication, South Africa was again identified as the largest platinum source, and its mines were said to produce approximately 72% of the world’s supply. The article noted that South African platinum miners faced a history of mine strikes, circumstances that had historically contributed to marketplace shortages. It also stated that, at the time of writing, the country faced major political instability and was near civil war, which the article expected could affect worldwide platinum production.
Platinum’s Use as Currency
This lustrous white metal did not become official currency until the late 1820s, after Russian miners located platinum deposits in the Ural Mountains. Russia minted and circulated the first platinum coins from 1828 through 1845. In 1988, the Royal Canadian Mint and Australia’s Perth Mint began producing platinum coins: the Canadian Platinum Maple Leaf and Platinum Koala, respectively. The United States launched its first platinum coin, the American Platinum Eagle, in 1997. The U.S. Mint produced American Platinum Eagles in denominations of $10, $25, $50, and $100. It stopped issuing four-coin platinum proof sets and fractional sizes in 2008, while continuing to produce 1 oz proof platinum coins annually from the inaugural issue onward. The U.S. Mint also paused issuance of the 1 oz bullion coin from 2009-2013 and once more in 2015.
Platinum’s Historical Value
As noted earlier, platinum has historically been used mainly as an industrial metal, so its price has often reflected economic conditions. For instance, when automobile makers manufacture more vehicles requiring catalytic converters, demand commonly strengthens and prices rise. During recessions, by contrast, platinum prices have generally declined. Its all-time high of $2,270 occurred in March 2008, more than twice the platinum price reported when this article was published. Platinum also performed strongly in 2011 amid loose monetary policies, when gold and silver reached $1,900 and $50, respectively. The original article anticipated higher platinum prices as the metal became more widely recognized for investment purposes.
Platinum Coins Identified for Investment
When the article was published, readers considering domestic or foreign platinum coins investments were told these four options were widely available and likely to provide a sound store of value:
- American Platinum Eagle
- Canadian Platinum Maple Leaf
- Austrian Platinum Philharmonic
- Australian Platinum Koala
Historical Platinum Coin and Bullion Trading
When this article was originally published, Atlanta Gold & Coin Buyers offered coin investors an opportunity to buy and sell platinum bullion and coins online. The original article reported two metro Atlanta locations and explained that Atlanta Gold & Coin could help collectors expand a collection or sell coins for liquidity. It further stated that people selling platinum coins or bullion from outside Atlanta could use a USPS mail-in appraisal program. At publication, readers were invited to Complete our contact form to arrange an appointment with industry experts offering competitive rates and transparent investment advice.
