By Unnah Mitchels

Aug 17, 2012

Platinum, the sister metal of gold and silver, is no longer typically used in the investment industry. This precious metal was found in 1577 yet only in the eighteenth century was it discovered in abundance. Throughout the world of finance, platinum isn’t utilized as payment. It still is available today however not as needed as it was then. Only the most renowned coin manufacturers across the world mint coins made of platinum.Platinum was discovered by the native Indians however it was just during the Spanish conquest of the Americas was it acknowledged by European scientists as a precious metal. According to studies from earlier European scientists, platinum was discovered as a chemical element that wouldn’t melt using fire. Such discovery sooner or later paved the method for the minting of platinum coins.

Platinum wasn’t abundant with supply. Until now, Columbia remains to be the only major maker of this precious metal in the whole world and it’s stopped trading such rare metal. It was in the late 19th century that platinum was proven to be equally as precious as silver and gold. This happened after the Russian government started making the element into rubles and minted five hundred thousand ounces of it. It was the first coins made of platinum.

After the value of platinum became higher with the Embargo on Arab Oil episode 35 years ago, demand for the metal increased. The interest in platinum bullion even spread all over Europe and the United States wherein 2 platinum mints, namely Engelhard Corporation and Johnson Matthew & Co. Ltd. began producing platinum bars in 1 and 10 ounces.

3 decades ago, the original Isle of Man Noble Platinum Coin was minted. This event started the interest of various other coin makers to issue their platinum coins such as Australia and Canada. The manufacturing of coins made of platinum did not happen in the United States till the late 90s with the launch of the first American Eagle Platinum coin.

Platinum isn’t utilized worldwide to be a form of legal tender despite its release and manufacturing by prestigious coin makers around the world. Several of the platinum coins these days have become more of a collector’s collection rather than a recognized currency. Only these platinum bullion coins are still in circulation: American Platinum Eagle, Australian Platinum Koala, Isle of Man Noble, Chinese Platinum Panda, and Russian Federation platinum bullion coins.

Among this collection, only the mintage of the American Eagle has continued with the latest manufacturing done in 3 years ago. Besides the US Eagle, production of the majority of platinum coins has stopped.

There was a period when platinum traded in about the exact worth of gold, the very reason why investor interest for the metal struck. It was this kind of price that triggered the entire mintage of Platinum Eagles in the late 90’s. However, once the cost of platinum pushed even greater, investor interest decreased, decreasing the production of the platinum coins too. Present price for platinum is around $1,041 per ounce.