When compared with other precious metals such as gold and silver, platinum has a far briefer history. There is limited evidence of its use by ancient civilizations. A notable archeological find that included significant amounts of an alloy of the precious metal is the Casket of Thebes from around 700 BC. Platinum as an alloy was also used by pre-Columbian Americans.
The qualities that make platinum so valuable today were actually a nuisance to older civilizations. For instance, Spanish people of the 16th century were not sure what to make of the white metal, which they had difficulty separating from the much sought after gold. The high melting point of platinum confounded people in the past who were not able to find a suitable use for it. Julius Caesar Scaliger described the metal as a substance “which no fire nor any Spanish artifice has yet been able to liquefy.”
Over time, a countless number of scientists began to study the metal, which was soon described as “white gold.” Platinum utensils and ingots were eventually produced leading to the era in Spain known as the “platinum age.”
Multiple sectors continue to find new and innovative uses for platinum. For instance, the medical industry began using the white metal for certain forms of cancer treatment in the 1990s, and for cardiac diseases later in the same decade.
Platinum is currently used as an essential component in catalytic converters. With emerging countries increasing vehicle sales and stricter emission laws being put into place, catalytic converters play a significant role in increasing the value of the white metal.
The precious metal has also become an important commodity in the investment world. Platinum bullion bars and certified coins offer investors a way to hedge against ongoing global economic instability The precious metal retains a high intrinsic value that makes it appealing to investors who fear the decreasing value of paper currency.
In 1997, the United States Mint began production of American Platinum Eagle coins, the official United States platinum bullion coinage. These highly prized coins are made of .9995 fine platinum and can be purchased in 1 ounce, 1/2 ounce, 1/4 ounce, and 1/10-ounce sizes with respective face values of $100, $50, $25, and $10. However, the intrinsic precious metal value of each coin far exceeds its face value. Each coin is backed by the U.S. Mint for its weight and content and is authorized by the U.S. Congress.