Platinum coin

Last updated

Common obverse of the American Eagle coins 2005 AEPlat Proof Obv.png
Common obverse of the American Eagle coins

Platinum coins are a form of currency. Platinum has an international currency symbol under ISO 4217 of XPT. The issues of legitimate platinum coins were initiated by Spain in Spanish-colonized America in the 18th century and continued by the Russian Empire in the 19th century. As a form of currency, these coins proved to be impractical: platinum resembles many less expensive metals, and, unlike the more malleable and ductile silver and gold, it is very difficult to work. Several commemorative coin sets have been issued starting from 1978 and became popular among coin collectors. The major platinum bullion coins include the American Platinum Eagle, the Canadian Platinum Maple Leaf, the Australian Platinum Koala, the Isle of Man Noble, the Chinese Platinum Panda, the Austrian Vienna Philharmonic and several series by the Soviet Union and later by the Russian Federation.

Contents

History

Platinum was first used for minting coins in Spanish-colonized America. Following the discovery of platinum in gold rocks, the Spaniards were unable to use it for a long time because they had no technology for processing this metal. The then-cheap platinum was used for various kinds of frauds, such as substituting it for the more expensive silver. After the discovery that platinum alloys with gold, counterfeiters began to add it to gold coins. The platinum confiscated from counterfeiters was likely thrown into the sea, in accordance with the royal decree of 1735, however this is not confirmed, and it may be that only a few kilos were ever thrown into rivers. Later, the practice of adding platinum to gold as a ligature was adopted by the authorities in Spain in order to lower the gold content of coins. [1] Also in Spain, in the mid-19th century, counterfeiters began producing British Sovereigns out of a gold-plated alloy of platinum and copper, relying on a similar specific weight of platinum and gold. [2]

In 1814, the United States struck a pattern half dollar in platinum.

Experimental mule sample manufactured in the United Kingdom. The obverse is the 1812 Pattern 9 Pence Bank Token (S3773A), and reverse is the farthing of 1825. George III had died in 1820 and had been succeeded by his son (George IV) whose farthing reverse design is shown (right). Probnyi platinovyi farting 1825.jpg
Experimental mule sample manufactured in the United Kingdom. The obverse is the 1812 Pattern 9 Pence Bank Token (S3773A), and reverse is the farthing of 1825. George III had died in 1820 and had been succeeded by his son (George IV) whose farthing reverse design is shown (right).

In the late 1820s, the British Royal Mint produced several trial coins as part of experiments on the use of platinum in coins. One of these coins has the same diameter as a farthing and a weak relief owing to the high hardness of platinum. The 1812 Pattern 9 Pence Bank Token (S3773A) was used for the obverse and the farthing of 1825 for the reverse parts of this coin. No dies were manufactured for these experiments, so expired dies of the corresponding coins were used instead. Coins minted using dies from two different coins are called mules. The coin bears the year of 1825, but was likely printed at a later date. Like all test coins, the platinum farthing has a high historic and numismatic value. This coin is also interesting because it features the portrait of the already deceased monarch George III (1738–1820). [3]

The only case when platinum coins were used as a regular national currency [4] was in Russia, where coins were circulated between 1828 and 1845. These coins proved to be impractical: platinum resembles many less expensive metals, and, unlike the more malleable and ductile silver and gold, it is very difficult to work. However, merchants valued platinum coins because it did not melt in fires like gold or silver. [5] The minting of platinum coins resumed only after 130 years. Between 1977 and 1980, in preparation for the 1980 Summer Olympics, the Soviet Union produced five commemorative coin sets, and since 1988 commemorative platinum coins were issued every year. The practice of regularly issuing platinum coins has continued in modern Russia, and since 1992 the Central Bank of Russia has released 16 sets of platinum coins. [6]

Since 1983, other countries have begun regular minting of platinum coins. [7] The most notable examples are the Platinum cat, [8] and Platinum Noble by the Isle of Man, Canadian Platinum Maple Leaf, [9] Chinese Platinum Panda and Australian Platinum Koala.[ citation needed ]

The minting of a trillion-dollar platinum coin was proposed as a solution to the 2023 United States debt-ceiling crisis.

Platinum coin series

Several other countries have issued platinum coins, but only as bullion coins. These coins are considered serial because the design of the reverse and obverse is the same or similar for all the coins of a given year. In addition to similarities in design, these coins are combined in the series because they are issued annually for a period of time. For example, the Platinum Panda was produced from 1987 to 2005, and the American Platinum Eagle from 1997 to 2008.

CountryNameRelease year
Flag of the United States.svg  United States American Platinum Eagle 1997–Present
Flag of Canada (Pantone).svg  Canada Canadian Platinum Maple Leaf 1988–1999, 2002
Flag of the Isle of Man.svg  Isle of Man Platinum Noble1983–1989, 2016
Flag of the Isle of Man.svg  Isle of Man Platinum Cat ?
Flag of Australia (converted).svg  Australia Platinum Koala 1988–2010
Flag of the People's Republic of China.svg  China Chinese Platinum Panda 1988–2005
Flag of Austria.svg  Austria Vienna Philharmonic 2016–Present
Flag of the United Kingdom.svg  United Kingdom Britannia 2018-Present

Single issues

Many commemorative coins were dedicated to a significant event or anniversary and issued only once. For example, Estonia released a platinum coin in 2008 to honor its 90th anniversary, and Tonga issued 400 platinum coins in 1967 for the coronation of Taufa'ahau Tupou IV. [1] Other countries that have minted commemorative platinum coins include Bulgaria, [10] Congo, [11] Panama, [12] South Africa, Portugal and France. [13]

The Estonian issue began on 24 February 2008 – Independence Day – and included silver, gold and platinum coins. The platinum coin was a first for Estonia. Its reverse featured a barn swallow  – the national symbol of Estonia – and the obverse showed the national coat of arms. The coin had a face value of 100 Estonian kroons, a platinum purity of 999/1000, a weight of 7.775 grams, [14] and a diameter of 18.0 mm. [15] The coin was designed by Tiit Jϋrna and produced by the Mint of Finland with a quantity of 3,000 pieces. [14] [16] The opening sale took place in the Hall of Independence at the National Bank, where the independence of Estonia was proclaimed 90 years ago; [14] 349 coins and 176 sets were sold within three and a half hours. [17] The entire issue is now sold out. [18]

Investing in coins and their storage

Platinum coins are a popular investment, and each year the number of such coins sold by Sberbank of Russia increases by 30–50%. [19] Most experts agree that such investments should have a long-term character, as the rise of the platinum price is relatively slow – about 80% over the last 5 years, except for a rapid rise followed by decline in 2008. [20] Also, whereas most banks can sell platinum coins, only a few buy them, as this requires evaluation by an experienced professional. For example, only 5% of offices of Sberbank (the major bank of Russia) in the capital city of Moscow redeem precious metal coins. [21] The selling price is also much affected by visible scratches, spots, patina, and other defects introduced by bad handling. [22] For this reason, most bullion coins are sealed in transparent plastic right after removal from the press. They are then stored in a dry room with relative humidity below 80% and at temperatures between 15 and 40 °C. [23] If a coin is removed from its plastic seal, it is recommended not to store it in PVC albums, as PVC molecules gradually break down, releasing organochlorine compounds which produce patina on the coins. These compounds may also form acids by reacting with moisture. Unlike silver, platinum does not corrode. [24] However, as is true for all unprotected coins, platinum coins are prone to contamination which can be caused even by washing with (chlorine-containing) tap water. [23]

See also

Related Research Articles

<span class="mw-page-title-main">Krugerrand</span> South African gold coin

The Krugerrand is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. The name is a compound of Paul Kruger, the former President of the South African Republic, and rand, the South African unit of currency. On the reverse side of the Krugerrand is a pronking springbok, South Africa's national animal.

Coins of the United States dollar were first minted in 1792. New coins have been produced annually and they make up a valuable aspect of the United States currency system. Today, circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the country's economy.

<span class="mw-page-title-main">Coins of the pound sterling</span> British current and historic coinage

The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.

<span class="mw-page-title-main">Precious metal</span> Rare, naturally occurring metallic chemical element of high economic and cultural value

Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Chemically, the precious metals tend to be less reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

<span class="mw-page-title-main">United States Mint</span> Produces circulating coinage for the United States

The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; that responsibility belongs to the Bureau of Engraving and Printing. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point.

There have been three sets of coins in Ireland since independence. In all three, the coin showed a Celtic harp on the obverse. The pre-decimal coins of the Irish pound had realistic animals on the reverse; the decimal coins retained some of these but featured ornamental birds on the lower denominations; and the euro coins used the common design of the euro currencies. The pre-decimal and original decimal coins were of the same dimensions as the same-denomination British coins, as the Irish pound was in currency union with the British pound sterling. British coins were widely accepted in Ireland, and conversely to a lesser extent. In 1979 Ireland joined the Exchange Rate Mechanism and the Irish pound left parity with sterling; coin designs introduced after this differed between the two countries.

<span class="mw-page-title-main">Perth Mint</span> Australias official bullion mint, situated in Perth, Western Australia

The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia. Established on 20 June 1899, two years before Australia's Federation in 1901, the Perth Mint was the last of three Australian colonial branches of the United Kingdom's Royal Mint intended to refine gold from the gold rushes and to mint gold sovereigns and half-sovereigns for the British Empire. Along with the Royal Australian Mint, which produces coins of the Australian dollar for circulation, the Perth Mint is the older of Australia's two mints issuing coins that are legal tender.

<span class="mw-page-title-main">Noble (Manx coin)</span>

The Manx Noble are platinum, gold or silver bullion coins distributed by the Isle of Man and minted by private companies. While platinum coins have been minted since the early 1800s, the Noble is the first platinum coin created for investors. The coins are not minted every year, but have an erratic schedule. Nobles are legal tender but they do not have a fixed face value; instead, like the Krugerrand or Mexico's Libertad, they are legal tender to the value of their precious metal content.

The coins of the South African rand are part of the physical form of South Africa's currency, the South African rand.

Chervonets is the traditional Russian name for large foreign and domestic gold coins. The name comes from the Russian term червонное золото, meaning 'red gold' – the old name of a high-grade gold type.

The coins of the Australian dollar were introduced on 14 February 1966, although they did not at that time include the one-dollar or two-dollar coins. The dollar was equivalent in value to 10 shillings in the former currency.

<span class="mw-page-title-main">Euro gold and silver commemorative coins (Cyprus)</span>

Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used in rare occasions. Cyprus introduced the euro (€) on 1 January 2008. In 2000, in such a short time, the Central Bank of Cyprus has produced the first commemorative euro coin in silver. In 2010 the Central Bank of Cyprus has produced 2 more commemorative euro coin in gold and silver.

<span class="mw-page-title-main">Euro gold and silver commemorative coins (Malta)</span>

Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other metals are also used on rare occasions. Malta introduced the euro (€) on 1 January 2008. In a short time, the Central Bank of Malta has been producing both normal issues of Maltese euro coins, which are intended for circulation, and commemorative euro coins in gold and silver.

<span class="mw-page-title-main">Euro gold and silver commemorative coins (Slovakia)</span>

Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used on rare occasions. Slovakia is scheduled to introduced the euro (€) on 1 January 2009. The National Bank of Slovakia, together with the Kremnica Mint, will be issuing both normal issues of Slovak euro coins, which are intended for circulation, and commemorative euro coins in gold and silver. These special coins have a legal tender only in Slovakia, unlike the normal issues of the Slovak euro coins, which have a legal tender in every country of the Eurozone. This means that the commemorative coins made of gold and silver cannot be used as money in other countries. Furthermore, as their bullion value generally vastly exceeds their face value, these coins are not intended to be used as means of payment at all—although it remains possible. For this reason, they are usually named Collectors' coins.

<span class="mw-page-title-main">Libertad (coin)</span> Mexican bullion coin

The Libertad coins are silver and gold bullion coins originating from Mexico and minted by the La Casa de Moneda de México. The Mexican Mint was established in 1535 and is the oldest mint in the Americas. The modern coins contain 99.9% silver or gold and are available in various sizes. Both metal coins have undergone a design change. In 1989, 3,500 1⁄4 ounce Libertad platinum coins were produced. Libertads are devoid of face value, yet are still accepted as currency and guaranteed by Banco de México based on the market value of its gold or silver content.

<span class="mw-page-title-main">Saint George the Victorious (coin)</span>

The Russian George the Victorious is a bullion coin issued in gold and silver by the Central Bank of Russia. Mintage began in 2006 with quarter-troy ounce (7.78g) gold coins with a face value of 50 rubles and later in 2009 a one-troy ounce silver coin was introduced with a face value of 3 rubles. Since then, tenth, half, and one-troy ounce gold coins have been minted.

<span class="mw-page-title-main">Vienna Philharmonic (coin)</span>

The Vienna Philharmonic, often shortened to Philharmonic, is a bullion coin of gold, silver, or platinum produced by the Austrian Mint. The coin is named for the Vienna Philharmonic orchestra, which inspired the design of both sides. It was introduced in 1989 as a one-troy ounce (ozt), gold coin with a face value of 2,000 Austrian schillings. It is generally one of the world's best selling bullion coins. In 2002, with the adoption of the euro currency, the nominal value of the one-ounce coin was changed to 100 euros. In 2008, the Mint introduced a one-ounce silver version of the coin with a nominal value of 1.50 euros. The silver coin is also one of the top selling bullion coins, ranked third in 2013. In 2016, the mint introduced a one ounce platinum coin with a face value of 100 euros.

<span class="mw-page-title-main">The Queen's Beasts (coin)</span> Series of 10+1 British coins featuring Queen Elizabeth IIs heraldic beasts

TheQueen's Beasts coins are British coins issued by the Royal Mint in platinum, gold, and silver since 2016. Each of the 10 beast coins in the series features a stylized version of one of the heraldic Queen's Beasts statues present at the coronation of Queen Elizabeth II representing her royal line of ancestry. The silver coin is notable as the first two-ounce United Kingdom silver bullion coin. Engraver Jody Clark designed the entire series. In December 2016, a full line of proof-quality coins was announced. In 2017, the mint began producing a platinum version of the coin. In April 2021, the Royal Mint issued an eleventh "Completer Coin" that featured all 10 of the Queen's Beasts, taking the series to 11 coins in total. The April 2021 release included a "one of a kind" gold coin weighing 10kg and a denominated value of £10,000. Based upon the UK spot price at the time of release, the 10kg gold coin had an intrinsic scrap value of approximately £411,000. It was widely reported that the 10kg gold coin was the heaviest gold coin the Royal Mint had ever produced and that it had taken 400 hours to produce, four days to polish and has been described as a "Masterwork". The Royal Mint announced that Completer Coin completes the Queen’s Beasts commemorative collection.

The Russian Empire minted platinum coins from 1828 to 1845, with face values of 3, 6, and 12 rubles.

The Soviet Union minted a series of commemorative platinum coins from 1977 to 1991.

References

  1. 1 2 N. Kudryashov (2000). Серебришко, которое платина [Silver which is platinum]. Nauka i Zhizn (in Russian). 6. Archived from the original on 12 January 2023. Retrieved 28 December 2010.
  2. ↑ "Information about platinum coins". Archived from the original on 12 January 2023. Retrieved 13 November 2009.
  3. ↑ "From the Grading Room: 1825 Great Britain Pattern Farthing Mule, Struck in Platinum". Archived from the original on 4 March 2012. Retrieved 13 November 2009.
  4. ↑ А. Portnow. "Платиновая трагедия России" [Platinum tragedy of Russia]. Archived from the original on 20 June 2010. Retrieved 4 September 2009.
  5. ↑ Платиновые монеты [Platinum Coins] (in Russian). coinsrussia.ru. Archived from the original on 30 June 2009. Retrieved 11 October 2009.
  6. ↑ База данных по памятным и инвестиционным монетам [Database on Commemorative Coins] (in Russian). The Bank of Russia. Archived from the original on 27 September 2009. Retrieved 11 October 2009.
  7. ↑ "Platinmünze – Noble" (in German). Archived from the original on 12 January 2023. Retrieved 11 October 2009.
  8. ↑ "Isle of Man Brilliant Uncirculated Platinum Cats". Archived from the original on 12 January 2023. Retrieved 11 October 2009.
  9. ↑ "Platinum Bullion, Platinum Coins, & Platinum Bars". Archived from the original on 27 August 2009. Retrieved 29 October 2009.
  10. ↑ "10,000 Leva 1993: Republic of Bulgaria's Association with the European Community – Desislava". Archived from the original on 12 January 2023. Retrieved 2 February 2021.
  11. ↑ Bruce, p. 2202
  12. ↑ Bruce, p. 1618
  13. ↑ Bruce, p. 834
  14. 1 2 3 Платина республики (in Russian). 28 February 2009. Archived from the original on 11 January 2012. Retrieved 10 September 2009.
  15. ↑ "MEENEMÜNDID (Commemorative coins of Estonia)" (in Estonian). Eesti Pank – Bank of Estonia. Archived from the original on 13 January 2012. Retrieved 10 September 2009.
  16. ↑ "Estonian Bank will present three produced to mark the 90th anniversary of the Republic of Estonia commemorative coins". 19 February 2008. Archived from the original on 11 January 2012. Retrieved 10 September 2009.
  17. ↑ Юбилейные монеты принесли Банку Эстонии за три часа 5,7 млн крон [Commemorative coins have brought to the Bank of Estonia 5.7 million euros within 3 hours] (in Russian). 26 February 2008. Archived from the original on 12 June 2010. Retrieved 10 September 2009.
  18. ↑ "Sale of banknotes, coins, commemorative sets". Bank of Estonia. Archived from the original on 20 July 2010. Retrieved 10 September 2009.
  19. ↑ Какие монеты сегодня в цене [What coins are valued today] (in Russian). 1 February 2007. Archived from the original on 17 December 2011. Retrieved 5 October 2009.
  20. ↑ Инвестиции, инвестирование в монеты. Инвестиционные монеты [Investment, investing in the coins. Bullion coins] (in Russian). Archived from the original on 10 December 2010. Retrieved 5 October 2009.
  21. ↑ Список дополнительных офисов ОСБ г. Москвы, осуществляющих операции по покупке-продаже монет из драгоценных металлов, покупке-продаже слитков из драгоценных металлов, открытию и ведению ОМС [Branches of Sberbank of Russia in Moscow, performing operations on purchase and sale of precious metal coins](PDF) (in Russian). Archived (PDF) from the original on 13 March 2012. Retrieved 6 October 2009.
  22. ↑ Снижает ли стоимость монеты неправильное хранение? (in Russian). Ural Bank of Sberbank of Russia. Archived from the original on 1 September 2011. Retrieved 6 October 2009.
  23. 1 2 Чистка древних монет [Cleaning and storing ancient coins] (in Russian). Archived from the original on 7 September 2009. Retrieved 4 October 2009.
  24. ↑ Монеты не подлежащая оценке-2 [Coins which are not redeemed] (in Russian). sobirau.ru. Archived from the original on 31 March 2022. Retrieved 4 October 2009.

Bibliography

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.