In 1995, the American Numismatic Association, the Platinum Guild International, and the United States Mint collaborated to craft a plan for the United States Congress to create and authorize legislation for a platinum bullion coin. After two years, Congress approved, and the first American Eagle platinum coins were struck in 1997.
This idea stemmed from the success of the American Eagle Program, which began in 1986 and produced gold and silver bullion coins backed by the U.S. government. These coins proved to be wildly successful and continue to be popular today. Like all coinage produced by the United States Mint, American Eagle platinum bullion coins are backed by the full faith and credit of the United States for weight, purity, and content.
Canada struck its first platinum Maple Leaf bullion coin in 1988, and The Perth Mint in Australia produced the first Platinum Koalas the same year. Russia discovered huge stores of platinum in Ural Mountains and used platinum for circulating coinage as long ago as the 1820s, but they produced their first platinum bullion coins in 1977.
Types of American Eagle Platinum Coins
The American Eagle platinum coins were struck with .9995 fine platinum, originally in a variety of sizes. In the beginning, United States Mint created 1 troy ounce coins ($100 face value), 1/2 troy ounce coins ($50), 1/4 troy ounce coins ($25) and 1/10 troy ounce coins ($10). However, by 2008 only the 1 troy ounce coins were being struck and all of the fractional coins were discontinued. Over the years, proof and burnished versions have been minted.
The American Eagle platinum coins were all sold individually. Four-coin sets (one of each denomination) were sold between 1997 and 2008, after which the fractional coins were discontinued. The uncirculated coins are sold through the United States Mint’s Authorized Purchasers while the U.S. Mint sells the proof coins to the public on their website. The United States Mint also offered burnished versions of the uncirculated coins directly to collectors.
In 2007, to celebrate the 10th Anniversary of the issuance of these American Eagle platinum coins, the United States Mint struck a special 2-coin set. The set contained two 1-ounce proof coins – one had a regular proof finish while the other had a special reverse proof finish, so the coins would complement one another.
The United States Mint also issued a special edition of the 2017 American Platinum Eagle 1-ounce proof coin in a special holder to celebrate the 20th anniversary of striking these platinum coins.
Design of the Platinum American Eagle
The design of Platinum American Eagle coins is patriotic and beautiful. The obverse is a closeup portrait of the Statue of Liberty. Above the portrait, through the spikes in her crown is the word “LIBERTY.” To the right is the date of issue and the phrase “IN GOD WE TRUST.”
The reverse was designed by Thomas D Rogers and features an American Bald Eagle in flight, with a rising sun behind her with its rays emanating from it. It the upper field is “UNITED STATES OF AMERICA,” and to the right is “.9995 PLATINUM 1 OZ.” on three lines. The lower periphery has the denomination on it expressed as “$100.”
The 1 troy ounce proof coin design changes annually, making a wonderful collection of beautiful artworks.
Like their gold and silver counterparts, platinum American Eagle coins are allowed in individual retirement accounts. The information in this article is for educational purposes only. We recommend consulting with your tax or financial advisor before making investment decisions.
