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Certain metals are classified as precious. The term ‘precious metal’ refers to elemental metals with very high monetary value. These metals have often been used as money. Other times, the rarity and value of the metal make it precious. 

The four main precious metals are palladium, platinum, silver, and gold. However, there are also some other precious metals, mostly from the Platinum group of metals, more valuable and rarer than these four and have been used in the coinage, though to a significantly limited extent. 

This article will shed light on some of the unusual, unconventional precious metals used in the history of coin-making for one reason or another. Let’s get started. 

The Parameters Of A Metal’s Preciousness 

Have you ever wondered what makes these kinds of metals precious? Is it their rarity, utility, and beauty? 

When talking about precious metals, three conditions come up frequently. Let’s discuss – 

Condition – 1. Naturally Occurring Element

A precious metal must first be a naturally existing metallic element to qualify. 

All precious metals, including gold, silver, platinum, and even uncommon ones like iridium and osmium, are metals according to the chemical notion and are naturally found. 

Precious metals can never include unstable elements that ought to be produced in a laboratory, usually by combining or irradiating other elements. 

Condition – 2. Rarity Is A Must

The quantities of metal present on earth must be extremely low. For example, Copper is too common to be considered ‘precious,’ although it has historically been used in jewelry and coins. 

Aluminum was once thought to be a precious metal due to its difficulty in refining. Modern manufacturing methods, however, reduced it to the rank of an ordinary, commonly found metal. 

Condition – 3. A Higher Intrinsic Value 

Even if a metal passes two of the other conditions, it won’t be taken into account if people don’t desire it. In addition to being highly valued as bullion, as currency, and for use in the production of art, silver and gold are essential to the electronics sector. 

While some of the platinum and palladium produced today are employed to make jewelry, the majority are purchased by automakers to manufacture catalytic converters. So, they have certain intrinsic demands for themselves within people. 

The Judgment Applying These Three Conditions 

For a metal to be precious, it must possess all three qualities. However, certain metals are nonetheless more valuable than others. 

Comparing a metal to others on global markets will give you a decent idea of its worth. The most valuable ones are both extremely rare and incredibly useful. The majority of well-known precious metals are resistant to rust and corrosion and are used in jewelry, coinage, and investments. 

To explain the paradox that lies among the aforementioned three conditions, here’s a factual example – 

Silver might be more beneficial for industrial applications but is less precious because of its lower rarity. The rarest metals are probably rhodium, ruthenium, and iridium, which are only about 1/5 as abundant as platinum. 

Rhodium, however, typically sells for a little less than platinum, and the other metals are further cheap because they are just less useful. 

4 Rarest And Unusual Metals Used In Coinage

Most people ponder traditional precious metals like gold and silver while considering coins for investment or collecting. Since ancient times, man has measured value, wealth, and elegance using these two precious metals. The attention of coin collectors and investors to other metals has only lately joined that of silver and gold in history. 

Delve into the rarest precious metals ever used in the history of coinage, their unique properties, and their significance in numismatics.  

Here they are – 

1. Rhodium

Rhodium, one of the most expensive metals in the world, is rarer than both silver and gold combined. Rhodium is a crisp, shiny, reflective metal with a silvery-white hue. It is corrosion-resistant and has a higher melting point than any other precious metal in the platinum group. 

The metal was discovered by William Hyde Wollaston in 1803, after being split from platinum in a chemical process. Rhodium is handy for its reflectivity. Its industrial uses include jewelry, automotive usage, mirrors, and other reflector manufacturing, etc. 

Rhodium is very difficult to mine because it is only present in low contents in platinum or nickel. Most of the world’s rhodium is found in South Africa, Russia, and Canada. The largest mine in the world is in South Africa, where 80 percent of its total yearly supply, which is 20 tons of rhodium, is extracted annually. 

By comparison, this tiny amount is what makes rhodium’s average value 6 times higher than gold. 

The Most Famous Rhodium Coins

Rhodium-based or rhodium-containing coins are significantly more valuable as compared to other coins due to their increased value and limited worldwide supply. 

Some of the most famous coins made of rhodium or containing the metal to any extent include the following – 

• The Tuvalu Rhodium South Sea Dragon

The coin is the first rhodium coin issued as a legal tender in the world. It is both extremely rare and expensive, with a total initial mintage of just 1,000 coins. 

Photo: Numista 

1 oz. Rhodium Tuvalu South Sea Dragon coin is minted by the renowned Baird & Company. Each coin is made of pure rhodium and is guaranteed to be 999.0 purity. 

They are legal tender in Tuvalu. The small island nation Tuvalu gained its independence from The Uk in 1978. It is located in the South Pacific. 

The face value of the South Sea Dragon rhodium coin is 100 Tuvaluan dollars, which is roughly the equivalent of $71 US dollars. This bullion coin’s obverse side features Queen Elizabeth II. The reverse is significantly more unique, displaying the Tuvalu South Sea Dragon in great detail. 

Baird & Company was the first refinery to pioneer the technology for producing rhodium bullion bars and coins. Rhodium is a fragile metal, therefore creating an investment item that could be machined without shattering was a challenge. The coin is virtually impossible to dent or scratch and won’t tarnish because of the intrinsic properties of rhodium. 

• 2016 And 2017 Silver UNESCO Coins

Although there is very little black rhodium in these coins, the starting prices on APMEX.com are $429.99 and $389.99 respectively. Both coins are 5 oz silver at their core, with a tiny rhodium content. 

Photo: euro-coins.tv

The words “Republique Française” are inscribed in a minute quantity of rhodium on the 2017 UNESCO silver coin. 

• 2014-2017 Cook Islands Predator-Prey Coin Sets

This set of 4 coins has a Yin-Yang design with a predator and its prey. A total of 8 different animals are displayed in 4 coins per annual set – Wolf-Caribou, Crocodile-Jaguar, Eagle-Snake, and Grizzly Bear-Salmon. 

The gorgeous motif features a black rhodium plating that represents the balance symbolism. The starting price is $429.99. 

Each coin has a 1 oz weight, and the purity of silver is .999. The obverse features Queen Elizabeth II’s profile portrait placed inside a watch mechanism. The reverse depicts a predator animal in an artistic rendering on one side of the Yin-Yang sign and its prey on the other. 

The set also comes with an incused metal plaque bearing the series artist’s original signature and the original sketch art. The series’  worldwide mintage is extremely low – up to 20 sets per year. 

The coins have a face value of 5 Cook Island Dollars. Each set comes in a beautiful wooden box with a certificate. 

• 2017 Cook Islands Silver Desert Heat Scarab 3-Coin Set

Even though only one of these three coins contains rhodium, the Cook Island Desert Heat Scarab coin set is fairly affordable. $359.99 is the starting price. That’s quite a surprise considering its low mintage of only 499 coins. 

The reverse of the Red Dawn coin has a solitary black rhodium scarab holding up one red SWAROVSKI crystal to represent the red sun. 

Each coin contains 1 oz of .999 fine Silver. The face value, country of issue, and Queen Elizabeth II’s profile portrait are all visible on the obverse. 

Each coin has a different scarab on the reverse. The centerpiece of the collection is the Black Kingdom with a shining gilded scarab on a surface with a black-proof mirror finish. 

Investing In Rhodium Coins

Whenever possible, consider diversifying your holdings to deal with the industry’s ups and downs. The use of rhodium, a rare and valuable metal, in jewelry, automobiles, and other industries helps to keep it relevant. 

Its value has fluctuated, yet it always returns to be higher. Purchasing rhodium anytime the price falls has been proven to be a wise move. Its rarity and usefulness ensure that it will eventually become profitable. 

2. Ruthenium 

Ruthenium is another member of the platinum group metals or PGMs. The usefulness of this metal comes from hardening alloys and covering electrical connections to increase corrosion resistance and longevity. This element is a shiny, silvery metal whose name comes from the Latin name for Russia. 

Ruthenium is finding a lot of new applications. The majority is utilized in the electronics sector for electrical connections and chip resistors. In the chemical industry, ruthenium oxide is used in coating the anodes of the electrochemical cells to use in chlorine production. 

Additionally, catalysts for the synthesis of acetic acid and ammonia use ruthenium. Solar cells deployed in converting light into electrical energy can use ruthenium compounds. 

One of the best hardeners for palladium and platinum is ruthenium. It is an alloying element with these metals to produce electrical contacts with extremely high wear resistance. In certain jewelry, ruthenium is combined with platinum as an alloy. 

Ruthenium is yet another rarest metal on the planet. The major sources of the metal are Russia, North America, and South America. Although it can be found isolated in nature, pentlandite and pyroxenite are where you’ll find ruthenium most frequently when it’s coupled with other platinum metals. It is commercially obtained from nickel refining byproducts. 

The Trendiest Ruthenium Coins 

Black ruthenium-plated coins have recently grown in popularity as collectible items. Aside from a few dealerships that focus on them, eBay is seeing an increase in their variety. The possibilities are only limited by the creativity of individuals who have access to ruthenium plating technology. 

Following the ruthenium plating of jewelry, the plating of coins is an inevitable development. Ruthenium has a stronger coating than rhodium. Over time, the metal has been developed to protect jewelry while giving it a stylish, trendy look. 

Ruthenium coatings come in a variety of colors, from gunmetal gray to jet black, and can be 0.25 to 1.0 microns thick. It can be directly used on metals including silver, gold, platinum, and palladium.

There are currently no known primary products of a major mint among the available plated coins. Instead, the majority, if not all, are privately minted products made by fully or partially plating an already-existing coin. 

Selectively plated items are frequently referred to as “ruthenium-enhanced” in advertising. They are similar to vintage enameled coins in this way. 

Let’s take a look at some of the trendiest ruthenium-plated collectible coins currently in fashion – 

• 2016 Canadian Superman Silver Coin With Black Ruthenium Plating And Gold Clad Highlights 

This is a 1 oz Silver coin with a stamped denomination of 5 Canadian dollars. Genuine ruthenium is lavishly applied to each coin with 24-karat gold accents. 

The coin’s reverse is frosted and shows Superman’s iconic S-shield, which pops against a pattern of finely carved radial lines. The queen’s portrait by Susan Blunt is featured on the reverse, which also includes the words Elizabeth II, the year 2016, and 5 dollars. 

The coin comes with a premium metal black felt display box and a full-color certification of authenticity. Each coin is elegantly displayed in an acrylic coin capsule. 

It’s a very low-mintage, rare collectible that can currently fetch $80 or more. 

• Maple Leaf – Space Metals III Edition

The ‘Space Metals III’ collection, which is devoted to the most popular silver investment coins in the world, includes this lovely 1 oz silver coin. The Maple Leaf coin in this edition features a fantastic design with a stunning space blue effect and a ruthenium and gold plating. 

It comes with a Certificate of Authenticity and is packaged in its quadrum capsule. Only 500 pieces were produced worldwide. 

The obverse is colored with a blend of space blue and gold. The words “CANADA,” “FINE SILVER 1 OZ ARGENT PUR,” and “9999” are also inscribed on the reverse. On the back of every coin, above the number “1,” is the serial number. 

The Susana Blunt portrait of Queen Elizabeth II is depicted on the obverse in a golden hue. The nominal value and the year of production are also displayed on the obverse in the color space blue. Each coin is packaged in a capsule with a custom sleeve that matches the coin’s specifications and design. 

The coins are no longer considered legal tender because they were altered and venerated by a private mint that is not connected in any way to the official mint issue. 

• 2017 NZM Niue Darth Vader Coin

It’s a genuine .999 fine 1-troy oz silver 2017 BU coin from the New Zealand Niue Mint. The coin is made of one ounce of .999 pure silver, later adorned with 24k gold highlighting and authentic black ruthenium by Merrick Mint, a private entity. 

Only 500 pieces of this edition have been made available. Each coin comes with a  Certificate of Authenticity, an acrylic coin capsule, and a premium box. 

The coin’s obverse features a portrait of Queen Elizabeth II, and the reverse depicts a close-up image of Darth Vader. 

The coin is officially licensed by Lucasfilm. 

Investing In Ruthenium Coins

In the coming years, market demand is anticipated to increase due to the growing need for ruthenium from the chemical industry. 

Beginning the year 2009 at $100 per troy ounce, ruthenium’s price fell to $75 per troy ounce in the middle of February. Mid-April saw a rise in price that brought it back to $95 per troy ounce, where it stayed until mid-November. 

Late in November, the price increased to $150 per troy ounce, and it closed the year at $160 per troy ounce. Due to industrial demand and investor interest, the price of ruthenium soared. This shows that even if the metal market is volatile, it ultimately goes on to become profitable at the right time. 

3. Osmium

The platinum group also includes the precious metal osmium. The metal is silvery-blue in color and is hard and brittle. Also, it has quite a high melting point. 

Osmium is a naturally occurring element that can be found in platinum-bearing river sands in North America, the Ural Mountains of western Russia, and South Africa. However, because of its low concentrations and difficulty in finding it, osmium is more effectively produced as a byproduct of nickel refining. 

Osmium and iridium are essentially tied for having the highest density among all metals. The element is a desirable component when producing alloys, despite being too heavy, frail, and odorous to use in jewelry. Osmium is mostly used in industry for pen nibs, electrical wiring, and hardening platinum alloys. 

The Osmium Institute and its global network of 30 affiliate operators, including France, market osmium produced in a facility in Switzerland. Osmium marketing is solely controlled by this network. 

The Status Quo Of Osmium Bullion

Osmium is mostly purchased by institutional investors, including banks and asset managers. Private individuals’ interest in this investment item, however, appears to be expanding.

Despite being extremely dense, it may be machined and utilized in numismatics It is currently sold as a powder, bar, or ingot, and seldom, coin. A QR code and/ or an identification number are used to uniquely identify each. 

Photo Courtesy: RWMM

Inscribed on ingots from various mints are the chemical symbol Os. The purity can be up to 99.95%, and the standard weight is one troy ounce. The reverse typically features the logo of the respective mint. 

Each ingot is packaged with an assay certificate, a safety information leaflet, and a velvet bag with the company logo on it. 

Investing In Osmium

Osmium has several advantages in terms of an investment choice. It focuses a considerable value on a relatively tiny weight, given its price. A gram of osmium requires 32 times as much effort as a gram of gold.

The metal is sturdy and does not corrode. Due to its density, it is difficult to distort. It does not advocate for derivative items (unlike gold). The issuance of ‘paper osmium’ by highly specialized financial institutions has no impact on its market pricing.

In conclusion, all of these factors indicate that osmium has a promising future within the bullion sector and possibly in the numismatic arena as well. 

4. Iridium

Iridium has various uses, just like most precious metals. The most significant application is as a hardening aid for a variety of platinum alloys. These alloys are required to make compass bearings and tipping pins.

This metal is also utilized as a source for strong electrical connections and in crucibles and other high-temperature machinery. 

Iridium is a very dense metal. It is one of the elements with the strongest corrosion resistance and highest melting points. 

Its industrial uses include pen nibs, jewelry, watches,  electronics, compasses, the automotive industry, medicine, etc. 

Iridium In Coinage

Iridium can be produced through milling or stamping of blanks. It can be 99.9% pure. The blank can be made from a metal sheet or by pressing and sintering powder metal. About 360 tons of operating pressure can be used in the press, and CNC milling is an option for milling. 

Despite its well-known extreme density and brittleness, iridium is unexpectedly suitable to be used as a metal for coins and/or medals when they are produced by milling and/or embossing a blank. With the aid of Blechspielzeug and/or a prior powder metallurgical processing, the blank can then be produced. 

Here are some of the popular coins containing iridium – 

• Rwanda Noble Precious Metals Coin Set Of Six

This set contains 6 coins made of 6 precious metals, including one iridium coin. Its limited production of 1000 sets ensures its exclusivity. The precious metals in this set are – silver, gold, platinum, palladium, rhodium, and iridium. 

Content per coinage – 1/25 oz Silver, 1/100 oz Gold, 1/25 oz Iridium, 1/100 oz Palladium, 1/100 oz Platinum, 1/25 oz Rhodium. Each coin has a purity of 99.9%. 

The set comes in the packaging of a luxurious modern box with a partial glass lid. Each coin is sealed in a block of acrylic glass. A steel certificate with a serial number is provided with each set. 

• Solomon Islands 2018 MOON LANDING 50th Anniversary Precious Metals Coin

The primary metal for this coin is 999 fine silver but it contains other different precious metals as well. The coin has a 0.006-carat diamond inset and is planted with gold, platinum, palladium, ruthenium, rose gold, and iridium. 

The coin weighs 1 oz and has a denomination of 5 Solomon Islands dollars. 

The coin has a limited mintage of 5.000 pieces worldwide. This lovely silver coin commemorates the 50th anniversary of the Moon Landing, one of history’s most significant events. 

Bottom Line

Investing in rare coins or precious metals involves much more than just buying silver and gold bullion coins. Without ever possessing a fragment of the metals in your hand, there are numerous ways to invest in various kinds of precious metals.

Like any investment, it’s crucial to do your homework and get a grasp of the factors that influence precious metals’ price fluctuations before spending even a single cent. 

Investments in metals are a significant component of well-balanced investment portfolios due to the value stability and protection from inflation guaranteed by this unique class of metals. 

FAQs

What Are The Top 4 Precious Metals? 

The 4 primary precious metals are silver, gold, platinum, and palladium. 

However, the classification of ‘precious metals’ actually includes 9 metals. The uncommon rest of the group are – rhodium, ruthenium, osmium, lithium, and iridium. 

Aside from this standard classification, several other metals are occasionally considered precious. Rhenium frequently appears on the list. 

According to some sources, indium is a precious metal. Even the alloys created from precious metals are pricey. Electrum, a naturally found alloy of gold and silver, is a good example. 

What Precious Metals Are In Coins? 

Generally, 4 precious metals are used in most numismatic and bullion coins – silver, gold, platinum, and palladium. 

Investment-grade coins known as “bullion coins” are made of particular precious metals and are valued according to their weight. Investors looking for an easy and tangible way to own and trade the silver, gold, platinum, and palladium markets buy bullion coins instead of commemorative or numismatic coins. 

What Metals Were Used In Ancient Coins? 

Metals used to make ancient coins included silver, gold, electrum, copper, and copper alloys such as bronze or brass. The oldest coins were made of naturally produced electrum. Electrum is an alloy of gold with a minimum of 20% silver. These coins were struck in Central Asia in the middle of the seventh century BCE. 

The earliest electrum coins were only minted for around fifty years before being superseded by silver coins in the mid-6th century. It wasn’t until Philip II, Alexander the Great’s father, that gold coinage started to circulate widely.

Coins made of silver and gold are considered to have intrinsic value since their value often closely resembles that of the metal that made them. 

What Are The Disadvantages Of Precious Metal Coins? 

The disadvantages of precious metal coins include – 

• Precious metals don’t provide any cash flow. Therefore their value can fluctuate suddenly. 

• Along with the possibility of theft or damage, there are shipping, security, and storage charges. 

• Precious metal investments come with transaction costs. If you purchase actual gold, the middleman makes money. They purchase it at a discount, refine it into investment-grade metal, and then sell it for a markup. 

Which Metal Is The Best To Use For Making Coins? 

In the past, precious metals like gold and silver were used in circulating coins besides copper. The mints started substituting them with less expensive and more durable metals as these metals were becoming increasingly expensive. 

Coins today are made of metals like nickel, copper, zinc, bronze, etc. Instead of using a single metal to produce a coin, layers of different metals are pressed together. This coin is referred to as a ‘clad’ coin. 

These coins perform way better than ancient coins while circulating, thanks to the properties of well-chosen types of metals and the scientifically advanced technology used to make them.