The American Platinum Eagle is the official platinum bullion coin of the United States. In 1995, Director of the United States Mint Philip N. Diehl, American Numismatic Association President David L. Ganz, and Platinum Guild International Executive Director Jacques Luben began the legislative process of creating the Platinum Eagle. After over two years of work, the 99.95% fine platinum coins were released by the United States Mint in 1/10, 1/4, 1/2 and 1 troy oz denominations. In late 2008, the fractional denominations were discontinued, leaving only the one ounce denomination. The Platinum Eagle is authorized by the United States Congress, and is backed by the United States Mint for weight, content, and purity.
Proof versions of the coins are intended for coin collectors and sold directly to the public whereas the bullion versions are sold only to the Mint's authorized buyers. The proof American Platinum Eagles are unique in the fact that they are the only U.S. bullion coins that have a yearly alternating design. Bullion versions are minted with the same design every year. While minted, the uncirculated Platinum Eagles matched the proof designs and were struck on burnished coin blanks with a "W" mint mark signifying West Point, further distinguishing them from the bullion versions.
Because it may be considered commodity platinum rather than a rare coin, the American Platinum Eagle may be placed in an Individual Retirement Account in the United States. Collectibles such as rare coins and dolls are forbidden from being held in such an account. Thus, the United States Securities and Exchange Commission believes that the Platinum Eagle will not appreciate beyond its metal value.
Video American Platinum Eagle
Denominations
The 1/10, 1/4, and 1/2 troy oz coins are identical in design to the 1 troy oz coin except for the markings on the reverse side that indicate the weight and face value of the coin (for example, .9995 PLATINUM 1 OZ.). As is often the case with bullion coins, the face values of these coins ($10, $25, $50, and $100) are their legal values reflecting their issue and monetized value as coins. They are legal tender for all debts public and private at their face values. These face values do not reflect their intrinsic value which is much greater. The 1 troy oz coin's face value of $100 is the highest to ever appear on a U.S. coin.
The U.S. Government, however, has taken the position that paying debts with such coins at their face value, where the face value is lower than its intrinsic value, will implicate money laundering and tax evasion statutes.
The specifications of each denomination are presented below:
Maps American Platinum Eagle
Yearly designs
All denominations of the proof American Platinum Eagles carry a yearly design. These coins are the only U.S. bullion coins that change designs every year. Since 1998, each design aside from the 2017 reverse commemorating the 20th anniversary of the program, has been part of a themed series:
- 1998-2002: The Vistas of Liberty series featured reverse designs depicting a bald eagle in a different landscape of the United States, in a different region of the country.
- 2006-2008: The Foundations of Democracy series featured reverse designs representing the three branches of government.
- 2009-2014: The Preamble to the Constitution series explored the core concepts of American democracy by highlighting the Preamble to the United States Constitution. The themes for the reverse designs for this program are inspired by narratives prepared by former Chief Justice of the United States, John Roberts, at the request of the United States Mint.
- 2015-2016: The Torches of Liberty series featured reverse designs from the Artistic Infusion Program which represent the "nation's core values of liberty and freedom".
- 2018-2020: The Preamble to the Declaration of Independence series features obverse designs portraying Lady Liberty and handwritten single-word inscriptions from the Declaration of Independence in addition to a new common reverse design. It is the first series to vary obverse designs, all created concurrently by the same designer, rather than reverse designs.
Tenth anniversary set
On November 28, 2007, the U.S. Mint announced the American Eagle 10th Anniversary Platinum Coin Set. Intended to commemorate the 10th anniversary of the Platinum Eagle's 1997 launch, the set contained two half-ounce ($50) Platinum Eagles, one matching the 2007 proof strike from earlier in the year and the other carrying an enhanced reverse proof finish with the same design. This first offering of a reverse proof version of the Platinum Eagle followed the prior year's release of similar sets for the American Silver Eagle and American Gold Eagle's 20th anniversary. In addition to being accompanied by a certificate of authenticity, the coins were encased in a domed mahogany box designed to display the coins at an angle.
The set's release on December 13, 2007 at a price of $1,949.95 (around $475 above platinum spot) with a seven-day one-set-per-household limit was met with strong collector interest. First week sales reached 14,682 units, almost half of the maximum ordered mintage of 30,000 units. However, due to fluctuations in the price of platinum, the Mint suspended sales on February 13, 2008, and resumed sales about a month later at $2,649.95. Initially, the increased price constituted a larger premium, around $635, above spot. The following months brought a decline in platinum's price below $1,000 per troy oz, precipitating further suspensions and a final price of $1,249.95. When sales were officially ended in December 31, 2008, over a year after its initial release, the Mint reported total sales of 19,583 units.
Mintage figures
The figures listed below are the final audited mintages from the U.S. Mint and include coins sold both individually and as part of multi-coin sets. Since 2009, only the $100 (1 troy oz) denomination has been offered.
Bullion
Bullion Platinum Eagles were not issued from 2009 to 2013. Similarly, in 2015, due to an insufficient quantity of blanks, no bullion Platinum Eagles were issued.
Proof
Uncirculated
See also
- American Gold Eagle
- American Silver Eagle
- Eagle (U.S. coin)
- Canadian Platinum Maple Leaf
- Platinum coin
- Platinum as an investment
References
External links
- United States Mint American Eagle Coin Program page
- United States Mint American Eagle Platinum Bullion Coins page
- United States Mint American Eagle Proof and Uncirculated Coin Program page
- United States Mint American Eagle Coin Images page
- "Brochure from the U.S. Mint" (PDF). (1.34 MiB)
- American Platinum Eagle Pictures
- Platinum Eagle Guide
Source of article : Wikipedia
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