Platinum, the “white gold” that once frustrated Spanish conquistadors and confounded early metallurgists, has emerged as one of the most valuable and strategically important metals of the modern era.

From its recognition as a distinct element in the early 19th century to its current status as an indispensable material in medicine, industry, and luxury goods, platinum’s journey reflects humanity’s evolving understanding of chemistry, metallurgy, and the periodic table itself.

This remarkable metal, rarer than gold and more resistant to corrosion than any other precious metal, has played a crucial role in technological advancement, medical breakthroughs, and artistic expression. Its story in the modern era is one of scientific discovery, industrial innovation, and enduring fascination with a metal that embodies both utility and luxury in equal measure.

Read about the platinum group metals (PGMs) here, and the other critical raw materials (CRMs) here. The complete history of platinum can be found here. Find the complete history of all platinum group metals here.

A History Of Platinum In The Modern Era (1800 – Present Day)

The modern history of platinum began with its scientific isolation in the early 1800s, transforming from a curiosity dismissed as “platina” or “little silver” by Spanish colonizers into one of the world’s most valuable and strategically important metals. Over the past two centuries, platinum has evolved from a metal that was nearly impossible to work with into an essential component of catalytic converters, cancer treatments, fine jewelry, and investment portfolios, with its journey marked by scientific breakthroughs, industrial innovations, and dramatic shifts in global supply and demand.

Chronology

• 1803 – William Hyde Wollaston discovers a process for making platinum malleable, effectively opening the door to platinum’s extensive commercial applications [1]
• 1819 – Platinum deposits are discovered in the Ural Mountains in Russia [2]
• 1822 – Extensive platinum deposits are discovered in the Ural Mountains, Russia, making Russia a major platinum producer [3]
• 1824 – Mining of platinum deposits begins in the Ural Mountains, Russia [4]
• 1825 – The British Royal Mint experiments with platinum coins, producing trial coins including a platinum farthing [5]
• 1828 – Russia begins minting the world’s first platinum coins for circulation, starting with 3-ruble coins at the Sankt Petersburg mint [6]
• 1829 – Russia adds 6-ruble platinum coins to circulation [6]
• 1830 – Russia introduces 12-ruble platinum coins, completing the series of platinum currency [6]
• 1845 – Russia discontinues platinum coinage on June 22, ending the only instance of platinum being used as regular national currency [7]
• 1880s – Platinum is discovered in Ontario, Canada’s nickel-copper ores [8]
• 1885 – The first Fabergé Imperial Easter Egg, the Hen Egg, is created for Tsar Alexander III, marking the beginning of platinum’s use in luxury decorative arts [9]
• Late 1890s – New high-temperature blowtorches make it possible to work platinum into fine jewelry on a commercial scale [10]
• 1899 – Louis Cartier becomes the first jeweler to successfully use platinum in jewelry on a large scale, revolutionizing jewelry design [11]
• 1900 – The Trans-Siberian Railway Fabergé egg features a miniature train made of gold and platinum, showcasing platinum’s use in decorative arts [12]
• Early 1900s – Cartier in Paris and Tiffany & Co. in New York lead the adoption of platinum in fine jewelry, making it a status symbol [10]
• 1906 – William Bettel provides the first authenticated scientific report of platinum occurrence in the Bushveld Complex, South Africa [13]
• 1912 – Evalyn Walsh McLean has the Hope Diamond reset in a platinum setting surrounded by diamonds [14]
• 1914 – The Fabergé Mosaic Egg is created with a platinum shell set with diamonds and colored gemstones [15]
• 1917 – The British government takes control of all platinum as a strategic material during World War I [16]
• 1918 – The U.S. government prohibits the use of platinum for jewelry during World War I [16]
• 1920s – South Africa becomes an important platinum producer after a farmer discovers the metal in a riverbed [8]
• 1924 – Hans Merensky discovers the Merensky Reef in South Africa’s Bushveld Complex, which contains 75% of the world’s known platinum reserves; Russia’s platinum production ends with the closure of the Ural mines after the Russian Revolution [6, 17]
• 1926 – The Merensky Reef is traced for approximately 150 kilometers, establishing South Africa as the world’s primary platinum source [17]
• 1940s – During World War II, the U.S. government declares platinum a strategic metal and bans its use in all non-military applications [18]
• 1950s – Large-scale mining of the Merensky Reef begins as demand for platinum group metals increases [17]
• 1960s – Platinum begins to be widely used in petroleum refining catalysts [19]
• 1968 – The anti-cancer properties of cisplatin are discovered, leading to its development as a chemotherapy drug [20]
• 1970s – Platinum use in automotive catalytic converters begins as emission standards are introduced; Development of techniques to extract platinum from the UG2 chromitite layer in South Africa expands reserves [17, 21]
• 1975 – The U.S. introduces regulations forcing the installation of catalytic converters on gasoline vehicles, dramatically increasing platinum demand [22]
• 1977 – The Soviet Union begins producing commemorative platinum coins for the 1980 Moscow Olympics [23]
• 1978 – Cisplatin is approved by the U.S. FDA for cancer treatment on December 19 [20]
• 1979 – Cisplatin is approved for medical use in the UK and several other European countries [20]
• 1980 – Arab Oil Embargo and economic factors cause platinum prices to reach then-record highs [24]
• 1983 – Pediatric oncologist Roger Packer incorporates cisplatin into treatment protocols for childhood medulloblastoma, dramatically improving survival rates; Various countries begin regular minting of investment-grade platinum coins [5, 20]
• 1988 – The Royal Canadian Mint and Australian Perth Mint begin producing platinum bullion coins (Platinum Maple Leaf and Platinum Koala) [25]
• 1992 – The Russian Federation begins issuing platinum commemorative coins, continuing through 1996 [26]
• 1997 – The United States Mint launches the American Platinum Eagle bullion coin program, the first platinum coins ever issued by the U.S. [27]
• 2000 – Palladium shortage causes price spike, leading to increased interest in platinum as a substitute in catalytic converters [28]
• 2001 – Platinum reaches approximately $600 per ounce amid precious metals rally following September 11 attacks [24]
• 2007 – The U.S. Mint releases the American Eagle 10th Anniversary Platinum Coin Set with special reverse proof finish [29]
• 2008 – Platinum reaches all-time high of $2,252 per ounce in March due to South African power crisis affecting mining; Global financial crisis causes platinum to crash to $774 per ounce by November; The U.S. Mint discontinues fractional platinum Eagle denominations due to the financial crisis [29, 30]
• 2009 – The Hope Diamond is temporarily displayed in a new platinum setting designed by Harry Winston for its 50th anniversary at the Smithsonian [14]
• 2010 – Scientists detect boron in the Hope Diamond while it is removed from its platinum setting for analysis [14]
• 2013 – Estonia issues a platinum coin to commemorate its anniversary [5]
• 2015 – The U.S. Mint suspends production of bullion Platinum Eagles due to insufficient blank supplies [29]
• 2016 – The Austrian Mint begins producing platinum bullion coins [25]
• 2017 – The U.S. Mint releases a special 20th anniversary Platinum Eagle design [29]
• 2018 – The Royal Mint begins producing platinum bullion coins [25]
• 2019 – Platinum trades below gold for extended period, spurring substitution discussions in automotive industry [21]
• 2020 – COVID-19 pandemic causes temporary disruption to South African platinum mining operations [28]
• 2021 – Renewed interest in platinum for hydrogen fuel cell technology drives investment demand [30]
• 2022 – Platinum records 9% year-to-date gain, outperforming other precious metals [31]
• 2023 – World Platinum Investment Council predicts platinum deficit as demand grows 19% while supply increases only 2% [31]
• 2024 – Centenary celebrations held for Hans Merensky’s 1924 discovery of the Merensky Reef [32]
• 2025 – Platinum continues to play crucial role in green hydrogen economy and emissions reduction technologies [21]

Final Thoughts

Platinum’s transformation from an inconvenient byproduct of gold mining to one of the world’s most valuable and strategically important metals represents a remarkable journey of human innovation and scientific discovery.

As we look toward the future, platinum’s unique properties—its catalytic efficiency, biocompatibility, and extraordinary durability—position it at the forefront of emerging technologies, from hydrogen fuel cells to next-generation cancer treatments. While its supply remains concentrated in a few regions and its extraction presents ongoing challenges, platinum’s versatility ensures its continued relevance in an evolving global economy.

References

[1] The History of Platinum – https://www.thenaturalsapphirecompany.com/education/history-precious-metals/the-history-of-platinum/

[2] History of platinum – Men of Platinum – https://menofplatinum.com/history-of-platinum/

[3] Platinum – Wikipedia – https://en.wikipedia.org/wiki/Platinum

[4] An Extremely Rare Platinum Russian Coin Graded by PCGS – https://coinweek.com/an-extremely-rare-platinum-russian-coin-graded-by-pcgs/

[5] Platinum coin – Wikipedia – https://en.wikipedia.org/wiki/Platinum_coin

[6] Platinum coins of the Russian Empire – Wikipedia – https://en.wikipedia.org/wiki/Platinum_coins_of_the_Russian_Empire

[7] An Extremely Rare Platinum Russian Coin Graded by PCGS – https://www.pcgs.com/news/extremely-rare-platinum-russian-coin-graded-by-pcgs

[8] The History and Uses of Platinum in Human Culture | Provident – https://www.providentmetals.com/knowledge-center/collectible-coins/platinum-history.html

[9] Fabergé Imperial Eggs – Discover the Legendary Collection – https://www.faberge.com/pages/the-imperial-eggs

[10] A Quick Look at Platinum Metal History – Stuller Blog – https://blog.stuller.com/platinum-metal-history/

[11] History of platinum – Men of Platinum – https://menofplatinum.com/history-of-platinum/

[12] Trans-Siberian Railway (Fabergé egg) – Wikipedia – https://en.wikipedia.org/wiki/Trans-Siberian_Railway_(Fabergé_egg)

[13] Centenary of the Discovery of Platinum in the Bushveld Complex – https://technology.matthey.com/article/50/3/130-133/

[14] Hope Diamond – Wikipedia – https://en.wikipedia.org/wiki/Hope_Diamond

[15] A Gallery of Fabergé Eggs – World History Encyclopedia – https://www.worldhistory.org/collection/123/a-gallery-of-faberge-eggs/24/

[16] War and Jewellery: Part III – WWI – https://navettejewellery.org/2022/03/23/war-and-jewellery-part-iii-wwi/

[17] Merensky Reef – Wikipedia – https://en.wikipedia.org/wiki/Merensky_Reef

[18] The U.S. is Desperately Short of These 3 Critical Metals – https://www.prnewswire.com/news-releases/the-us-is-desperately-short-of-these-3-critical-metals-301012275.html

[19] The History of Platinum – Gerrards Bullion – https://gerrardsbullion.com/learn/the-history-of-platinum/

[20] Cisplatin – Wikipedia – https://en.wikipedia.org/wiki/Cisplatin

[21] Catalytic converter – Wikipedia – https://en.wikipedia.org/wiki/Catalytic_converter

[22] The evolution of catalytic converters – RSC Education – https://edu.rsc.org/feature/the-evolution-of-catalytic-converters/2020252.article

[23] Platinum coins of the Russian Federation – Wikipedia – https://en.wikipedia.org/wiki/Platinum_coins_of_the_Russian_Federation

[24] Historic Gold, Silver, Platinum, & Palladium Price Spikes – https://www.jmbullion.com/investing-guide/pricing-payments/historic-gold-silver-platinum-palladium-price-spikes/

[25] The History of Platinum Coins Being Used as Money – https://atlantagoldandcoin.com/the-history-of-platinum-coins-being-used-as-money/

[26] Platinum coins of Russia – Wikipedia – https://en.wikipedia.org/wiki/Platinum_coins_of_Russia

[27] 1997 American Platinum Eagle – https://platinumeagleguide.com/1997-platinum-eagle/

[28] Platinum vs. Palladium: What’s driving auto catalyst switch? – https://capital.com/platinum-vs-palladium-what-s-driving-auto-catalyst-switch

[29] American Platinum Eagle – Wikipedia – https://en.wikipedia.org/wiki/American_Platinum_Eagle

[30] The Rise And Fall Of Platinum And Palladium – https://www.investing.com/analysis/the-rise-and-fall-of-platinum-and-palladium-200601542

[31] Platinum price on pace for 20% quarterly gain – https://www.mining.com/platinum-price-on-pace-for-20-quarterly-gain-its-biggest-since-2008/

[32] Merensky Reef Centenary (2024) – GSSA – https://www.gssa.org.za/?page_id=7330