The proven success of the American Eagle bullion coin program in providing Americans with silver and gold for investment purposes led Congress to authorize a similar series of platinum coins. President Clinton signed this bill into law September 30, 1996. The first emission of coins was dated 1997, and their sale commenced on June 6 of that year. The United States was just the latest of several nations to coin in platinum, but this move gave investors and collectors alike to opportunity to “buy American.”

   Like the gold bullion series, the Platinum American Eagle coinage featured four issues per year. Included were pieces containing one ounce, one-half ounce, one-quarter ounce and one-tenth ounce of pure metal. To provide protection under existing counterfeiting laws and to add to their collector appeal, these units were given legal tender values of $100, $50, $25 and $10, respectively. As with the gold coins, these face values were not directly proportional to their metallic value. While this raised eyebrows among real numismatists, it ultimately mattered little for coins that would never circulate. The Platinum American Eagles are struck in .9995 platinum and thus have essentially no alloy. Therefore, their gross weight is almost exactly the same as their pure weight. This is in contrast to the Gold American Eagles, which weigh noticeably more than their pure weights.

   Unlike the gold and silver bullion coins, which revived old designs for their obverses, the Platinum American Eagles featured entirely new images on both sides. Their common obverse design by U.S. Mint Sculptor-Engraver John Mercanti portrays a facing bust of the goddess Liberty as seen on New York Harbor’s famous statue, “Liberty Enlightening the World.” The date of coining appears to the right of the bust, while Mercanti’s initials are found between Liberty’s head and upraised arm. The usual statutory mottoes required by law complete this side.

   Thomas D. Rogers, Sr., also of the U.S. Mint, designed and sculpted the common reverse for this series. It features an American eagle soaring over the rising sun, an image quite similar to that he would provide for the Sacagawea Dollar three years later. The coin’s value is placed within a curving exergue at the bottom of the coin, and Rogers’ initials appear at the right of this exergue. The inscription “.9995 PLATINUM 1 OZ.” is set within the right field, while statutory legends balance the design.

   The uncirculated editions of these coins are sold in bulk by the U. S. Mint at slight mark-ups over their bullion values to approved distributors who have the means to purchase very large quantities. These coins are then distributed to other wholesalers in increasingly smaller parcels, each vendor taking a profit that is small by the single coin but which is made up in quantity. Ultimately, the coins find their way to retailers who then provide them to collectors and investors.

   For their first nine years of production the uncirculated Platinum American Eagles were minted with a two-toned finish in which the raised elements of the design were bright, while the fields had the conventional matte finish associated with the U. S. Mint’s uncirculated coinage. Starting with the 2006 emission, however, the Mint has adopted a uniformly matte finish, and it is expected that this will remain the norm in subsequent years.

   Knowing that collectors were avidly purchasing proofs of the silver and gold bullion coins, all four denominations of the Platinum American Eagle were accompanied by proof counterparts from the outset. Like the uncirculated pieces, these are all coined at the West Point Mint, but only the proofs carry that facility’s ‘W’ mintmark, which appears on the reverse of each proof. For the first year alone, the reverse design was identical to that of the uncirculated edition. Starting in 1998, however, the proofs have displayed reverse designs unique to each year. From 1998 through 2002 the theme for these designs was “Vistas of America,” while the current theme honoring the USA’s three branches of government debuted in 2006 with a tribute to the legislative branch designed by Joel Iskowitz.

   Beginning in 2006 the U.S. Mint permitted direct purchases of uncirculated Platinum American Eagles by the public, which hitherto could purchase them only through the Mint’s network of dealers. Also new in 2006 was the addition of the ‘W’ mintmark to a limited number of uncirculated PAEs of all four denominations. These coins were issued in commemoration of the American Eagle bullion coin program’s 20th anniversary, and they carry the same reverse as the proof edition featuring Iskowitz’s tribute to the legislative branch of the federal government.