Platinum Coin

Platinum coins are among the rarest and physically densest investment coins in the world. Made of platinum with a fineness of at least 999/1000, they combine the intrinsic value of a scarce industrial metal with the legal-tender status of a state minting. You can look up the current platinum price on this site at any time.

Origins and history

The first modern platinum bullion coin was the Soviet Platinum Ruble, struck by the Soviet Union as circulating money between 1828 and 1845 – the only platinum circulation coin in history. The modern bullion segment began in 1983 with the Isle of Man Platinum Noble, before the American Platinum Eagle of the U.S. Mint (1997) and the Vienna Philharmonic in platinum (2008) opened up the market on a broad basis.

The most important platinum coins at a glance

All the coins listed are issued in troy ounces (1 oz = 31.1035 g); fractional coins of ½ oz, ¼ oz and 1/10 oz also exist in a few 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 from:

Fine weight = gross weight × (fineness / 1000)

For a one-ounce coin at Pt 999.5, the fine weight is therefore 31.1035 g × 0.9995 ≈ 31.088 g of pure platinum. With the Coin Weight Checker you can verify your coin's weight down to the last fraction of a gram.

Authenticity features and testing methods

With a density of 21.45 g/cm³, platinum is the heaviest of the tradable precious metals – heavier than gold (19.32 g/cm³) and considerably heavier than tungsten (19.25 g/cm³), the most common forgery material used for gold coins. This makes density tests especially reliable for platinum coins. Suitable testing methods are:

1. Weight test – comparison against manufacturer tolerances (±0.005 g on high-quality scales)
2. Diameter and thickness measurement – reference values per coin type from the manufacturer
3. Sigma Metalytics / XRF – non-destructive alloy analysis
4. Magnet test – platinum is weakly paramagnetic and does not cling to magnets
5. Ping test – platinum rings duller than silver but brighter than lead

A combined check of weight, dimensions and XRF is regarded as the standard in the specialist trade. For guidance you can also use the Coin Authenticity Check.

Tax specifics in Ireland

Unlike investment gold, platinum coins enjoy no VAT exemption in Ireland: the standard rate of 23 % VAT applies in full. This markedly raises the acquisition cost above the pure metal value and affects any return calculation. Whether and to what extent a gain on sale is taxable depends on the individual's circumstances: for a private individual, a gain is generally chargeable to Capital Gains Tax at 33 %, after the annual personal exemption of EUR 1,270, with no holding-period relief. Please consult a qualified adviser (this is not tax advice).

You can calculate the intrinsic value (melt value) of your platinum coin with the Melt Value Calculator, and the current price per troy ounce is on the platinum price page.

Premium and market liquidity

The premium (agio) over the spot price on platinum bullion coins typically ranges between 4 % and 10 %, depending on the seller, the denomination and market conditions. Smaller denominations (¼ oz, 1/10 oz) carry proportionally higher premiums. The market liquidity of platinum coins is considerably lower than that of gold or silver coins, which can result in narrower buy-back markets and wider spreads.

In a nutshell

Platinum coins are physical precious-metal investments with a high degree of purity and unique properties, 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 to buy or sell.