U.S. Mint authorized distributors for the first time on Monday could order bullion 2016 American Platinum Eagles.
They bought with intensity, scooping up 17,100 coins by the end of the day — a tally that’s already 200 more than the amount sold in all of 2014, which was the last year the bullion coins were offered.
The U.S. Mint at West Point strikes the one-ounce platinum coins to a .9995 fine purity. As reported in an earlier article, they were introduced in 1997 as an annual series for investors but they were not issued in years 2009 to 2013 and in 2015.
Bullion Platinum Eagles are sold through the Mint’s network of Authorized Purchasers who consist of major coin and precious metals dealers, brokerage companies and other participating financial intermediaries. AP’s must buy at least 1,000 at a time and pay a 4% premium over the price of platinum.
Dealers are now pre-selling them for around $1,172 to $1,225 per coin, with discounts offered at higher quantities. Platinum at this writing is trading near $1,082 an ounce.