Platinum Coin
Also: Platinum Bullion Coin, Platinum Investment Coin
A platinum coin is a bullion or collector coin struck from platinum with a fineness of at least 999.5/1000 (Pt 999.5), issued worldwide by state mints.
Platinum coins rank among the rarest and physically densest bullion coins in the world. Struck from platinum with a fineness of at least 999/1000, they combine the intrinsic value of a rare industrial metal with the legal tender status of sovereign mintages. The current platinum price can be retrieved here at any time.
Origin and History
The first modern platinum bullion coin was the Soviet Platinum Ruble, struck by the Soviet Union between 1828 and 1845 as a circulating coin – the only platinum coin ever used as currency. The modern bullion segment began in 1983 with the Isle of Man Platinum Noble, before the American Platinum Eagle from the U.S. Mint in 1997 and the Vienna Philharmonic in Platinum in 2008 opened the market on a broad basis.
The Most Important Platinum Coins at a Glance
| Coin | Issuer | Fineness | Common Denominations |
|---|---|---|---|
| American Platinum Eagle | United States Mint | Pt 999.5 | 1 oz, ½ oz, ¼ oz, 1/10 oz |
| Vienna Philharmonic | Austrian Mint | Pt 999.5 | 1 oz |
| Canadian Platinum Maple Leaf | Royal Canadian Mint | Pt 999.5 | 1 oz |
| Australian Platinum Platypus | Perth Mint | Pt 999.9 | 1 oz |
| Isle of Man Platinum Noble | Pobjoy Mint | Pt 999.5 | 1 oz |
All listed coins are issued in troy ounces (1 oz = 31.1035 g); fractional coins of ½ oz, ¼ oz, and 1/10 oz also exist in select cases.
Fineness and Weight Verification
The standard fineness of modern platinum bullion coins is Pt 999.5 (equivalent to 99.95% pure platinum). Some Perth Mint issues reach Pt 999.9. The fine weight is derived as follows:
Fine weight = Gross weight × (Fineness / 1000)
For a 1-ounce coin with Pt 999.5, the fine weight is therefore 31.1035 g × 0.9995 ≈ 31.088 g of pure platinum. The Coin Weight Verifier allows you to check the weight of your coin to the second decimal place.
Authenticity Features and Testing Methods
Platinum, with a density of 21.45 g/cm³, is the heaviest of the tradeable precious metals – heavier than gold (19.32 g/cm³) and significantly heavier than tungsten (19.25 g/cm³), the most common counterfeiting material for gold coins. This makes density testing particularly reliable for platinum coins. Suitable testing methods include:
- Weight verification – comparison with manufacturer tolerances (±0.005 g with high-quality scales)
- Diameter and thickness measurement – reference values per coin type from the manufacturer
- Sigma Metalytics / XRF – non-destructive alloy analysis
- Magnet test – platinum is weakly paramagnetic and does not adhere to magnets
- Ping test – platinum sounds duller than silver but brighter than lead
A combined check of weight, dimensions, and XRF is considered the trade standard. The Coin Authenticity Check is also a useful reference tool.
Tax Considerations
Unlike investment gold, platinum coins in Germany enjoy no VAT exemption: the full 19% VAT applies. This significantly increases the purchase price relative to the pure metal value and affects the return calculation. Whether and to what extent profits from a sale are taxable depends on the individual holding period and tax-free allowance – please consult a tax adviser for this (not tax or investment advice).
The intrinsic value (melt value) of your platinum coin can be calculated with the Melt Value Calculator; the current price per troy ounce is shown on the Platinum Price page.
Premium and Market Liquidity
The premium (agio) over the spot price for platinum bullion coins typically ranges between 4% and 10%, depending on the dealer, denomination, and market conditions. Smaller denominations (¼ oz, 1/10 oz) carry proportionally higher premiums. The market liquidity of platinum coins is significantly lower than that of gold or silver coins, which can result in narrower buying markets and wider spreads.
In Brief
Platinum coins are physical precious metal investments with a high degree of purity and unique characteristics, but unlike investment gold they are subject to full VAT. Anyone who knows the current platinum price and verifies the weight and dimensions of their coin is well prepared for buying or selling.