U.S. Mint Resumes Production of 1 oz. Platinum Coins


U.S. Mint Resumes Production of 1 oz. Platinum Coins

March 11, 2014 123 view(s)

Select precious metal dealers now offering freshly-pressed platinum bullion coins from U.S. Mint

The U.S. Mint resumed the production of one-ounce platinum bullion coins last week based on strong customer and investor demand. The first batch of newly pressed one-ounce platinum bullion coins were made available Monday, reported Yahoo! Finance, based on an announcement from the Mint.

In a statement released from the U.S. Mint, Deputy Director Richard A. Peterson, says:

"We listened to our customers and are pleased to once again offer platinum bullion," said "Thanks to the hard work of our team, the West Point facility has begun striking platinum bullion coins for the first time since 2008."

Just like the American Eagle Gold and Silver Bullion Coins, the Mint will only sell American Eagle Platinum Bullion Coins to authorized dealers, who in turn will sell them to consumers. Designated as “Authorized Purchasers,” these buyers consist of major coin and precious metals dealers, brokerage companies, and other participating financial intermediaries.

The new coins will feature former United States Mint Sculptor-Engraver John Mercanti's "Portrait of Liberty” on the obverse side of the coin, or “heads.” The reverse side, often better known as “tails,” features Mint Sculptor-Engraver Thomas D. Rogers Sr.'s "Soaring Bald Eagle.

Under 31 U.S.C. Section 5112(k), the Secretary of the Treasury is authorized to mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.

In addition to its role as the nation’s sole manufacturer of legal tender coinage and responsibility for producing circulating coinage for the Nation to conduct its trade and commerce, the U.S. Mint also has the authority to produce proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver bullion coins, gold bullion coins and platinum bullion coins, as well as other numismatic products.

Given the value of the metals and many of the coins themselves, the Mint's numismatic programs are self-sustaining and operate at no cost to taxpayers.