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Neat Article In 5/11/04 Numismatic News Regarding Platinum Eagles
wondercoin
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Richard Giedroyc wrote a very interesting article in the 5/11/04 Numismatic News entitled "Platinum is the Ignored other white Metal". In the article, Richard asks whether there are "sleepers" within the modern US Coin Series as they are issued. Richard concludes
"Well, yes there is, in the author's opinion. There is a modern-issue U.S. coin that deserves more attention among collectors and so-called coin investors than it has generally been receiving. This is a coin, or more correctly series of coins, with modest mintages that seldom even achieve their authorized mintages when initially offered directly from the mint. This is the Platinum American Eagle coin series".
Richard goes on to discuss the many uses for platinum in todays society. He notes that Platinum melts at 3,225 degrees F and boils at 3,827 degrees F. Platinum, and the other metals in the "platinum metals group" have been used dating back to the ancient Egyptians and Greeks.
Richard goes on to say:
"Platinum is first mentioned in European writings of the early 16th century. The Spanish conquistadors were annoyed to find a worthless metal that they called "platina" or "little silver" among the gold artifacts they looted from the natives of the New World. Platinum didn't actually come into use in Europe until the 18th Century for this reason; however, its popularity gained at that time. King Louis XVI of France called it "the metal of kings"".
Richard notes that Platinum dominated jewerly designs in the Edwardian era, Art Deco period and into the 1930's, but, its private use was banned during WWII due to it being classified as a strategic metal. Also, no nation on Earth keeps stockpiles or reserves of platinum.
"Only about 160 tons of platinum are mined annually worldwide, as compared to about 1,500 tons of gold. It takes about 10 tons of ore to yield a single ounce of pure platinum, using a refining process that takes five months to complete! In fact, platinum is about 20 times rarer than is gold and about 150 times rarer than is silver. One source indicates that all the platinum ever minted in the world would fit into a 60-by-60 foot box!"
Richard then points out that if this ratio could be directly equated to value, "when gold is priced at $400 per ounce, then platinum would be at $8,000 per ounce!", although he points out that this scenerio is "unlikely".
The $100 One Ounce Platinum Eagle is the largest denomination coin ever produced by the US Mint and all coins are struck at the West Point Mint. Richard notes that while the 1998 $100 Platinum Eagle had a mintage of only 138,500 pieces, by 2003 that mintage had dropped to "7,005" (incidently, my personal research suggests that figure may be actually between roughly 7,500 - 8,000 coins for the 2003 MS $100 Platinum Eagle).
Richard concludes with this (regarding the Plat. Eagles):
"Will they become a forgotten relic of our past some day, after the mint ceases their production, or will they become a classic US coinage series as the $3 gold, going the same route as the once- forgotten Russian Platinum coins? Only time will tell, but if industrial demand for the metal continues to rise and the numbers of PAE coins continue to be modest, this may become a series well worth collecting".
Overall, a very well written article. "Two thumbs up".
Wondercoin
"Well, yes there is, in the author's opinion. There is a modern-issue U.S. coin that deserves more attention among collectors and so-called coin investors than it has generally been receiving. This is a coin, or more correctly series of coins, with modest mintages that seldom even achieve their authorized mintages when initially offered directly from the mint. This is the Platinum American Eagle coin series".
Richard goes on to discuss the many uses for platinum in todays society. He notes that Platinum melts at 3,225 degrees F and boils at 3,827 degrees F. Platinum, and the other metals in the "platinum metals group" have been used dating back to the ancient Egyptians and Greeks.
Richard goes on to say:
"Platinum is first mentioned in European writings of the early 16th century. The Spanish conquistadors were annoyed to find a worthless metal that they called "platina" or "little silver" among the gold artifacts they looted from the natives of the New World. Platinum didn't actually come into use in Europe until the 18th Century for this reason; however, its popularity gained at that time. King Louis XVI of France called it "the metal of kings"".
Richard notes that Platinum dominated jewerly designs in the Edwardian era, Art Deco period and into the 1930's, but, its private use was banned during WWII due to it being classified as a strategic metal. Also, no nation on Earth keeps stockpiles or reserves of platinum.
"Only about 160 tons of platinum are mined annually worldwide, as compared to about 1,500 tons of gold. It takes about 10 tons of ore to yield a single ounce of pure platinum, using a refining process that takes five months to complete! In fact, platinum is about 20 times rarer than is gold and about 150 times rarer than is silver. One source indicates that all the platinum ever minted in the world would fit into a 60-by-60 foot box!"
Richard then points out that if this ratio could be directly equated to value, "when gold is priced at $400 per ounce, then platinum would be at $8,000 per ounce!", although he points out that this scenerio is "unlikely".
The $100 One Ounce Platinum Eagle is the largest denomination coin ever produced by the US Mint and all coins are struck at the West Point Mint. Richard notes that while the 1998 $100 Platinum Eagle had a mintage of only 138,500 pieces, by 2003 that mintage had dropped to "7,005" (incidently, my personal research suggests that figure may be actually between roughly 7,500 - 8,000 coins for the 2003 MS $100 Platinum Eagle).
Richard concludes with this (regarding the Plat. Eagles):
"Will they become a forgotten relic of our past some day, after the mint ceases their production, or will they become a classic US coinage series as the $3 gold, going the same route as the once- forgotten Russian Platinum coins? Only time will tell, but if industrial demand for the metal continues to rise and the numbers of PAE coins continue to be modest, this may become a series well worth collecting".
Overall, a very well written article. "Two thumbs up".
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Comments
I believe that the "American Landscapes Series" proofs are yet-to-be-discovered "works of art"!
The '99 w/the gator is unique in it's self!
I like the platinum series. I had been putting together $50 and $10 proof platinum sets. I have been doing so since the mint started makeing them.
I just bought a new house, however, and needed something to sit on. I couldnt sit on the platinums, so I sold the first six $50 pr plats. Now I have a couch, love seat, chair, and otaman. There will be a poor financial return on investment from this move, but platinum coins dont make for very good furnature.
David
Here's a warning parable for coin collectors...