The UK Royal Mint has unveiled its largest ever platinum coin, with a diameter of 150 mm and weighing 2 kg, to coincide with the year of Queen Elizabeth’s Platinum Jubilee.
With a face value of £1 000, it features the flagship Britannia design, with The Royal Mint’s innovative security features built in, including surface animation and micro-text designed to verify the authenticity of the piece.
The coin’s release comes on the back of a strong start to the year for the Royal Mint, which experienced a 182% rise in demand for its platinum products in the first five weeks of this year, compared with the same period in 2021.
Investment in bullion bars and coins continues to be a sector of demand growth for platinum, driven by the North American market in particular, which grew by 9% in 2021 to a decade high of 264 000 oz, achieving a market share of 80%.
Overall, platinum bar and coin demand fell by 43% in 2021; however, this followed the exceptionally strong levels of demand experienced in 2020 when platinum bar and coin demand reached 578 000 oz as investors turned to hard assets in the wake of the pandemic.
Platinum bar and coin demand is expected to grow by 29% this year to 429 000 oz, a 61% increase when compared to the pre-pandemic levels of 266 000 oz in 2019.
“Platinum is one of the rarest metals in the world, around 30 times rarer than gold, so the metal in this coin, combined with the skill and craftsmanship that goes into producing it, makes it really special. This is our first 2 kg coin in platinum and this piece is designed specifically for the investment market,” says Royal Mint precious metals director Andrew Dickey.
As part of The Royal Mint’s ongoing commitment to investment education, the coin will be taken on a roadshow across the UK for people to see and hold, while learning more about investing in precious metals.
This follows the introduction of the Royal Mint’s precious metals academy, which was launched last year, industry body the World Platinum Investment Council reports.
Following the roadshow, the coin will be displayed at the Royal Mint Experience – an award-winning tourist attraction in South Wales – before it goes to the 2023 Trial of the Pyx.
As one of the nation’s longest-established official ceremonies, the Trial of the Pyx dates back to 1282. It brings together some of the UK’s oldest organisations and offices with the purpose of ensuring the quality and accuracy of the nation’s coinage.
At the Trial of the Pyx, a jury, comprised of freemen from the Worshipful Company of Goldsmiths, commonly known as The Goldsmiths’ Company, will assay the coin’s metal content to ensure it conforms to the required dimensional and fineness specifications. The coin will then be offered to investors.