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American Platinum Eagle

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 ​110, ​14, ​12 and 1 troy oz denominations. In late 2008, the fractional denominations were discontinued, leaving only the one ounce denomination.[3] The Platinum Eagle is authorized by the United States Congress,[4] and is backed by the United States Mint for weight, content, and purity.

Platinum Eagle
United States
Value 10–100 U.S. dollars (face value); see denominations
Edge Reeded
Composition 99.95% Pt
Years of minting 1997–2008, 2014, 2016–present (bullion)
1997–present (proof)
2006–2008 (uncirculated)
Obverse
Platinum Obverse.png
Bullion (1997–present), Proof (1997–2017)
Design "Liberty Looking to the Future"[1]
Designer John Mercanti
Design date 1997
Reverse
American Platinum Eagle 2007 Rev.jpg
Bullion (1997–present), Proof (2017)
Design "Soaring Eagle over America"
Designer Thomas D. Rogers
Design date 1997
American Platinum Eagle New 2018 Proof Reverse.jpg
Proof (2018–present)
Design Flying eagle with olive branch
Designer Patricia Lucas-Morris[2]
Design date 2018

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.[5] 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.[6]

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.[citation needed]

Contents

DenominationsEdit

 
A ​110 troy oz. bullion strike bears the .9995 PLATINUM 1/10 OZ. inscription.

The ​110, ​14, and ​12 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.[6]

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.[7]

The specifications of each denomination are presented below:[8]

Denomination Diameter Thickness Weight
$10 (​110 troy oz) 16.5 mm (0.65 in) 0.95 mm (0.037 in) 0.1001 ozt (3.11 g)
$25 (​14 troy oz) 22.0 mm (0.87 in) 1.32 mm (0.052 in) 0.2501 ozt (7.78 g)
$50 (​12 troy oz) 27.0 mm (1.06 in) 1.75 mm (0.069 in) 0.5003 ozt (15.56 g)
$100 (1 troy oz) 32.7 mm (1.29 in) 2.39 mm (0.094 in) 1.0005 ozt (31.12 g)

Yearly designsEdit

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:[6]

  • 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.[9][10]
  • 2006–2008: The Foundations of Democracy series featured reverse designs representing the three branches of government.[11]
  • 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.[12]
  • 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".[13]
  • 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.[6]
Year Design Description Designer & Sculptor
1997   Soaring Eagle Above America[1] Thomas D. Rogers[10]
1998   Bald eagle flying over New England and rocky beach town with light house; full moon in sky Thomas D. Rogers[10]
1999   Bald eagle flying above Southeastern Wetlands and alligator crawling in a swamp Al Maletsky[10]
2000   Bald eagle flying above Midwestern field, barn and house Al Maletsky[10]
2001   Bald eagle flying above giant Saguaro cacti of the Southwest (specifically Arizona) Thomas D. Rogers[10]
2002   Swooping bald eagle and a lake bordered by snowcapped mountains and trees in the Northwestern US Al Maletsky[10]
2003   Bald eagle perched on a Rocky Mountain pine branch against a backdrop of the United States Flag Al Maletsky
2004   Engraving inspired by the Daniel Chester French sculpture titled "America" outside the U.S. Customs House in New York City. Donna Weaver
2005   American bald eagle perched on a heraldic shield with symbols representing America's strength and beauty Donna Weaver
2006   "Legislative Muse" flanked by two eagles perched on columns representing the bicameral legislature of the United States Congress Designer: Joel Iskowitz
Sculptor: Don Everhart
2007   American bald eagle representing the Executive Branch Designer: Tom Cleveland
Sculptor: Phebe Hemphill
2008   "Lady Justice" watched over by an American bald eagle representing the Judicial Branch Designer: Joel Iskowitz
Sculptor: Charles Vickers
2009   To Form a More Perfect Union

"Four faces representing the diversity of our Nation, with the clothing and hair weaving together symbolizing the principle"[14]

Designer: Susan Gamble
Sculptor: Phebe Hemphill[14]
2010   To Establish Justice

"A blindfolded justice–symbolizing impartiality–holding traditional scales and carrying a branch of laurel"[15]

Designer: Donna Weaver
Sculptor: Phebe Hemphill[15]
2011   To Insure Domestic Tranquility

"Harvest goddess emerging from a field of wheat, symbolizing the vastness of our Nation and its wide diversity of views. She bears a a [sic] stalk of wheat in her left hand, as she extends her right hand to a landing dove, representing the fulfillment of tranquility in our Nation's cohesive yet free society"[16]

Designer: Joel Iskowitz
Sculptor: Phebe Hemphill[16]
2012   To Provide for the Common Defence

"A vigilant minuteman from the Revolutionary War, representing the protection and defense of the country during its early days. The minuteman carries a rifle and a book, which symbolizes the importance of knowledge in defending our Nation"[17]

Designer: Barbara Fox
Sculptor: Charles L. Vickers[17]
2013   To Promote General Welfare

"Young America against a backdrop of interlocking gears, symbolizing the interconnection of power between the states and the national government"[18]

Designer: Joel Iskowitz[18]
2014   To Secure the Blessings of Liberty to Ourselves and our Posterity

"Young Lady Liberty carrying her torch, symbolizing the hope and promise of America"[19]

Designer: Susan Gamble
Sculptor: Joseph Menna[19]
2015   Liberty Nurtures Freedom

"Liberty and an American bald eagle, representing Freedom. The earth and sun with rays are in the foreground"[13]

Designer: Joel Iskowitz
Sculptor: Phebe Hemphill[13]
2016   "Liberty holding a torch of enlightenment in her right hand and an olive branch in her left to symbolize peace. The olives represent the Thirteen Original Colonies. A bald eagle with its wings outstretched appears beside Liberty"[20] Designer: Paul C. Balan
Sculptor: Joseph Menna[20]
2018   Life

"Lady Liberty planting seeds for future sustenance, lighting the way westward, and harvesting the well-worked crops"[2]

Designer: Justin Kunz
Sculptor: Phebe Hemphill[2]

Tenth anniversary setEdit

 
The 2007 American Platinum Eagle Coin Set in its mahogany enclosure.

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.[21] 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.[22]

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.[22] 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.[21]

Mintage figuresEdit

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.[23]

BullionEdit

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.[13]

Year $10 – ​110 oz. $25 – ​14 oz. $50 – ​12 oz. $100 – 1 oz.
1997 70,250 27,100 20,500 56,000
1998 39,525 38,887 32,419 133,002
1999 55,955 39,734 32,309 56,707
2000 34,027 20,054 18,892 10,003
2001 52,017 21,815 12,815 14,070
2002 23,005 27,405 24,005 11,502
2003 22,007 25,207 17,409 8,007
2004 15,010 18,010 13,236 7,009
2005 14,013 12,013 9,013 6,310
2006 11,001 12,001 9,602 6,000
2007 13,003 8,402 7,001 7,202
2008 17,000 22,800 14,000 21,800
2014 - - - 16,900
2016 - - - 20,000

ProofEdit

Year $10 – ​110 oz. $25 – ​14 oz. $50 – ​12 oz. $100 – 1 oz.
1997 36,993 18,628 15,431 20,851
1998 19,847 14,873 13,836 14,912
1999 19,133 13,507 11,103 12,363
2000 15,651 11,995 11,049 12,453
2001 12,174 8,847 8,254 8,969
2002 12,365 9,282 8,772 9,834
2003 9,534 7,044 7,131 8,246
2004 7,161 5,193 5,063 6,007
2005 8,104 6,592 5,942 6,602
2006 10,205 7,813 7,649 9,152
2007 8,176 6,017 25,519 8,363
2008 5,138 4,153 4,020 4,769
2009 - - - 7,945
2010 - - - 9,871
2011 - - - 14,790
2012 - - - 9,081
2013 - - - 5,763
2014 - - - 4,596
2015 - - - 3,886
2016 - - - 9,151

UncirculatedEdit

Year $10 – ​110 oz. $25 – ​14 oz. $50 – ​12 oz. $100 – 1 oz.
2006-W 3,544 2,676 2,577 3,068
2007-W 5,556 3,690 3,635 4,177
2008-W 3,706 2,481 2,253 2,876

See alsoEdit

ReferencesEdit

  1. ^ a b "20th Anniversary 2017-W American Platinum Eagle Proof Coin Takes a Hint from the Past - ModernCoinMart". ModernCoinMart (MCM). Retrieved 2018-09-08.
  2. ^ a b c "2018 American Eagle Platinum Proof Coin | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  3. ^ Zielinski, Michael (2008-11-11). "U.S. Mint Makes Drastic Cuts to Its Collector Gold & Platinum Coin Offerings". Seeking Alpha. Retrieved 2018-09-07.
  4. ^ "Public Law 104-208, Title V (Page 110 STAT 3009-348, Sec. 524)". Wikisource. September 30, 1996. Retrieved November 29, 2016.
  5. ^ "American Eagle Platinum Bullion Coins | U.S. Mint". www.usmint.gov. Retrieved 2018-09-09.
  6. ^ a b c d "American Eagle Proof and Uncirculated Coins | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  7. ^ Hornberger, Jacob G. (December 9, 2013). "The U.S. vs. Robert Kahre: A Horrible Miscarriage of Justice". The Future of Freedom Foundation. Retrieved November 29, 2016.
  8. ^ "Platinum Eagles | Guide to American Platinum Eagles". platinumeagleguide.com. Retrieved 2018-09-08.
  9. ^ "Mint Releases First Proof Platinum "Vistas of Liberty™" Design | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  10. ^ a b c d e f g Schechter, Scott (April 9, 2018). "Revisiting platinum 'Vistas of Liberty': Platinum coins form five-year series". Coin World. Vol. 59 no. 3026. p. 32.
  11. ^ "2006 American Platinum Eagle". Platinum Eagle Guide. Retrieved November 29, 2016.
  12. ^ "American Eagle Coins". United States Mint. Retrieved November 29, 2016.
  13. ^ a b c d "2015 American Eagle Platinum Proof Coin Goes On Sale On Dec. 3 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  14. ^ a b "2009 One–Ounce Platinum Proof Coin Available December 3 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  15. ^ a b "2010 American Eagle Platinum Proof Coin Available August 12 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  16. ^ a b "2011 American Eagle Platinum Proof Coin Available May 26 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  17. ^ a b "United States Mint Releases 2012 American Eagle Platinum Proof Coin August 9 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  18. ^ a b "United States Mint to Release Fifth American Eagle Platinum Coin in "Preamble Series" on July 18 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  19. ^ a b "Final Coin in American Eagle Platinum Coin Program Preamble Series Goes On Sale Oct. 20 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  20. ^ a b "2016 American Eagle Platinum Proof Coin Goes On Sale on June 30 | U.S. Mint". www.usmint.gov. Retrieved 2018-09-07.
  21. ^ a b "10th Anniversary Platinum Eagle Set". platinumeagleguide.com. Retrieved 2018-09-08.
  22. ^ a b "United States Mint Releases Special Set to Commemorate 10th Anniversary of American Eagle Platinum Coin Program | U.S. Mint". www.usmint.gov. Retrieved 2018-09-08.
  23. ^ "Platinum Eagle Mintages". Platinum Eagle Guide. Retrieved September 6, 2018.

External linksEdit