Platinum’s use in coinage began in the early 19th century, with Russia pioneering the first platinum coins. The Russian Empire issued 3, 6, and 12 ruble platinum coins between 1828 and 1845. These coins were made from nearly pure platinum (.977 purity) and were intended for circulation. Russia had discovered substantial platinum deposits in the Ural Mountains, making the metal more accessible than gold. At the time, platinum was regarded as a relatively inexpensive metal, contributing to its use in currency.
However, challenges arose, including the difficulty of refining platinum and its resistance to traditional minting processes. Eventually, Russia discontinued platinum coin production in 1845, making these early issues highly valuable today.
Countries Issuing Platinum Coins
Following Russia’s pioneering efforts, other countries began experimenting with platinum coinage, primarily during the 20th century. These coins were often produced in small quantities and for collectors rather than general circulation.
Countries that have issued platinum coins include:
- Russia: 3, 6, and 12 rubles (1828–1845)
- Japan: Experimental platinum yen patterns in the 1860s
- United States: American Platinum Eagles (since 1997)
- Canada: Platinum Maple Leaf series
- Australia: Platinum Koala and Kangaroo series
- China: Platinum Pandas
- Isle of Man: Various collectible platinum coin designs
- United Kingdom: Special platinum editions of British coins, including Britannia
19th and Early 20th Century Platinum Coins
Russian Platinum Rubles (1828–1845)
These were issued in 3, 6, and 12 ruble denominations and featured the imperial double-headed eagle on the obverse and the denomination on the reverse. They are highly collectible, with some commanding five- to six-figure prices at auction depending on condition and rarity.
Japanese Platinum Yen Patterns (1860s)
These were experimental coins that were not widely circulated but are highly sought after by collectors due to their historical significance.
Valuable Historical Platinum Coins
Russian 12 Ruble Platinum Coins (1828-1845)
These coins are among the most valuable historical platinum coins, with prices reaching $100,000 or more at auctions. The scarcity and historical importance drive their value.
Proof and Low-Mintage American Platinum Eagles
Special proof versions and low-mintage years of the American Platinum Eagle can fetch premiums well above spot value.
Rare Japanese Platinum Pattern Coins
These coins rarely appear at auction, but when they do, they command significant prices due to their rarity and historical significance.
Auction Records for Platinum Coins
The highest recorded auction price for a platinum coin occurred in 2019 when Heritage Auctions sold an 1835 Russian 12 Ruble platinum coin for $225,000. This coin was graded MS63 by NGC, reflecting its excellent condition. The scarcity of platinum coins from the 19th century and their historical and metallurgical significance contribute to their high auction prices.
Conclusion
Platinum coins, though historically rare compared to gold and silver, represent a unique niche in numismatics. Their value lies not only in the intrinsic worth of the metal but also in their rarity and historical importance. Russian rubles, Japanese yen patterns, and American Platinum Eagles are crucial pieces in the platinum coin market. For collectors and investors, these coins offer tangible value and a connection to the evolving use of precious metals in currency throughout history.