#1 Platinum Nugget Buyer Las Vegas & Henderson

What is Platinum?

Denoted by its chemical symbol Pt, platinum got its name from the Spanish word “platina” meaning little silver. It belongs to a family of other metals called platinum groups of metals (PGMs), namely; iridium, osmium, palladium, rhodium, and ruthenium. Being likely found in the same mineral deposits and sharing chemical and physical properties are the main reasons why these elements are grouped together.

Like gold and other metals, platinum has many uses, one of which is jewelry making as seen throughout history. 

History of Platinum

One of the earliest proofs of platinum use can be traced back in 1200 BCE, early Egyptian tombs forged out of gold.In the tomb of Shepenupet II, a little box adorned with gold-platinum hieroglyphics was discovered. 

The first known text on platinum was written by the Italian humanist Julius Caesar Scaligern in 1557. In his text, platinum was described as an “unknown noble” that was discovered in the mines between Panama and Mexico or something neither fire nor Spanish arts couldn’t easily melt.

Antonio de Ulloa founded the first Spanish mineralogy laboratory in 1748 was the first to thoroughly study platinum after coming back from Colombia and Peru.The metal is portrayed as neither separable nor calcinable (i.e., heating to high temperatures in air or oxygen).

In 1783, an approach in producing workable platinum was discovered and patented by French chemist Francois Chabaneaus. However, there were still inconsistencies in every batch that was produced. 

Characteristics of Platinum

Platinum is a rare high-valued precious metal, distinguished by silvery-white metal, known as white gold. Platinum is used in many objects such as magnets, pacemakers, medications, electronics, converters and in jewelry.

Platinum Production

There are several steps involved in the production process of platinum. It usually involves underground mining where miners drill holes, pack them with explosives, and blast them into smaller pieces. Then, the broken rocks are then gathered and brought to the surface for processing.

Once the ores are transported to the surface, the broken ore is machine-crushed into smaller pieces and mixed with water and other chemicals. The mixing process will then bind the platinum to other metals.

It usually takes up to six months and a minimum of eight weeks to process a batch of ore. To produce a troy ounce(31.103g) of platinum usually takes up to 12 tons of ore. The reason is that processing platinum is a costly and labor-intensive process.

Platinum mined from placer deposits is usually an easy process. Platinum-rich sand or gravel from riverbeds or mining pits are usually scooped with dredges. Materials scooped are then washed,and it is how platinum nuggets are usually found.

What Are Platinum Nuggets?

In mining, a nugget is typically a term used to describe a solid chunk of metal that’s water-worn. Metals that have no history of water transport and those that are just fragments and pieces of vein (decimated) metals are not called nuggets.

Platinum nuggets are usually found alloyed with other metals, like copper, gold, nickel, iron, and PGM cousins. Sizes of these nuggets (from tiny grains up to pebbles weighing up to 20 pounds) vary as well.

The dull or blackish color makes the platinum nugget unnoticeable, unlike a gold nugget. However, platinum nuggets feel heavy when handled and can be differentiated from other objects. Platinum nuggets are quite magnetic when iron is present in the alloy makes for a good diagnostic tool in studying new discoveries.

A rare platinum nugget weighing 444.4g was mined in Sverdlovsk Oblast, Russia. Platinum nuggets with such size occur very rarely, as platinum usually only occurs in tiny grains or layered in igneous rocks as crystals.

Price of Platinum

The unit of measurement used in weighing platinum is called a troy ounce, a measurement that was influenced by the British Empire where one pound sterling is equal to one troy pound of silver. The method was adopted by the US in 1828. 

The troy ounce is 10% heavier than the imperial ounce. Below is the conversion of troy ounces to other measurement units:

  • Grams = 0.032151 troy ounces
  • Kg = 32.150747 troy ounces
  • Tonnes = 32,150,7466 troy ounces
  • Tael (a weight measurement in China) = 1.203370 troy ounces
  • Tola (a weight measurement in South Asia) = 0.374878 troy ounce

Below are the spot prices of platinum, as of July 03, 2020.

  • Platinum price per Gram US $26.15.
  • Platinum price per Ounce US $813.48.
  • Platinum price per Kilo US $26,154.00.

We BUY Platinum Nuggets 

At Nevada Coin Mart, our experts will examine and evaluate your platinum nuggets for free. We pay you cash, yes, cash, for your platinum nuggets at a fair value. Please visit us at 4065 S Jones Blvd, Las Vegas, NV 89103, so we can evaluate your items for you.

Nevada Coin Mart is the #1 buyer of platinum nuggets in Las Vegas, Henderson, and even the entire state of Nevada!