Platinum Coin

Platinum coins are among the rarest and physically densest investment coins in the world. Made 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 state coinage. You can look up the current platinum price at any time on this page.

Emergence 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 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 in 1997 and the Vienna Philharmonic in platinum in 2008 opened up the market on a broad basis.

The most important platinum coins at a glance

All of 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 occasionally.

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 1-ounce coin with 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 the weight of your coin to the second.

Authenticity features and testing methods

At a density of 21.45 g/cm³, platinum is the heaviest of the tradable 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 tests on platinum coins especially reliable. Suitable testing methods are:

1. Weight check – comparison with 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 stick to magnets
5. Ping test – platinum sounds duller than silver but brighter than lead

A combined test of weight, dimensions and XRF is regarded as the standard in the specialist trade. For guidance, also use the coin authenticity check.

Tax considerations

Unlike investment gold, platinum coins enjoy no VAT exemption in the United Kingdom: the full 20% VAT applies, in the same way as for silver and palladium. This considerably raises the acquisition cost above the pure metal value and affects the return calculation. Whether and to what extent gains from a sale are taxable depends on Capital Gains Tax: UK legal-tender coins from The Royal Mint are CGT-exempt, whereas non-legal-tender platinum coins are subject to CGT on gains above the annual exempt amount. Please consult a tax adviser for this (not tax or investment advice).

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

Premium and market liquidity

The premium (agio) over the spot price for platinum bullion coins is typically between 4% and 10%, depending on supplier, 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 for gold or silver coins, which can result in narrower buy-back markets and wider spreads.

In brief

Platinum coins are physical precious metal investments with high 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 for buying or selling.