Whenever the United States Mint releases a new coin, it’s always important news in the coin and bullion marketplace. However, when the Mint announced it would bring back the one-ounce bullion edition Platinum Eagle, investors and collectors were particularly excited. This is one of the most eagerly-anticipated coins in recent memory. The United States Platinum Eagle program was first launched in 1997, but production was curtailed after 2008. Since then very few American Platinum Eagles have been released by the U.S. Mint; they’re in high demand and scarce supply.
The 2016 Platinum Eagle is experiencing intense demand for three main reasons:
This is the only the second BU Platinum Eagle issued in seven years. When the American Platinum Eagle was introduced in 1997, the U.S. Mint issued the coin in four denominations: 1/10 oz, 1/4 oz, 1/2 oz and 1 oz. The Mint also struck the coin in two formats: Brilliant Uncirculated and Proof. Then, in 2009, production was limited to just the 1 oz coin in Proof. A tiny spurt (16,900 pieces to exact) of 2014 1 oz BU coins was released, but otherwise, the Mint hasn’t struck a BU Platinum Eagle since 2008. This has resulted in significant pent-up demand. In fact, just recently, 1 oz Platinum Eagles routinely traded wholesale for $175-$250 per coin over spot – and rarely could one find more than a few dozen coins in one place.
The Platinum Eagle has appeal to both investors and collectors. The American Platinum Eagle isn’t just a bullion product; it’s become a popular numismatic item too. Collectors are drawn to the coin for its beautiful design and tiny mintages. Numismatists also like the fact that the Platinum Eagle series is a short, easy-to-complete set within most peoples’ budgets. Furthermore, the 1 oz Platinum Eagle has the unique distinction of being the only American coin ever issued with a $100 face value. It’s worth mentioning that the United States never issued a circulating platinum coin, thus making the Eagle an unusual and intriguing item.
The 2016 Proof Platinum Eagle was a wild success. As mentioned previously, the U.S. Mint has issued Platinum Eagles in both Brilliant Uncirculated and Proof formats. Several weeks ago, a 2016 Proof 1 Oz Platinum Eagle was released; it sold out in an hour! In a blink of an eye, the coin’s maximum mintage of 10,000 pieces was spoken for. This enthusiasm could very well (and likely will) spill over to the Brilliant Uncirculated version.