Platinum is a pure and rare metal. The metal does not tarnish and has a shine much like silver. It is more durable and harder than gold. You can find the biggest platinum reserves in the world in South Africa and Russia.
Platinum is scarce compared to gold. The level of production of platinum is only around 6 to 8 million ounces of platinum per year. There is an annual production of over 100 million ounces of gold.
Platinum's favourable properties are its high melting point, resistance to corrosion, and durability.
Since the 1970s, the bullion coinage has used platinum metal. It started in the USSR and later spread to Australia, Canada, and other countries. Amid the growing popularity of platinum coins, there are efforts to legalize their use.
The Royal Canadian Mint and the United States Mint produce platinum coins. Popular platinum coins of today are the Maple Leaves and American Eagles.
South Africa launched the Big Five platinum coin series in March this year. The coins bear the images of the elephant in the new series. A new set of coins will appear every six months taking pictures of lion, buffalo, leopard and the rhino.
These bullion coins weigh 1 ounce each of 999.5 platinum and are of mint standard. These coins widen the choice for investors wanting to buy platinum coins.
There are many benefits to buying or collecting platinum coins.
1: You can diversify your precious metal and coin holdings.
2: The platinum coins released have low mintage.
3: Platinum has a robust demand in the world. It is an essential metal required by many industries. There are many new uses of platinum coming up in different spheres.
There is a high demand for platinum from automotive catalyst manufacturers. They use metal for products that reduce emissions. Platinum is popular in the jewellery-making industry as well.