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Rhodium May be Next Coin Metal Choice
 | By Richard Giedroyc, World Coin News
July 13, 2009 |
Gold, silver and platinum bullion coins aren't exactly commonplace, but they are mainstream and readily available. But there may soon be a new kid on the block - rhodium.
"Rhodium bullion coins are set to hit the market for the first time ever in the next few weeks," reported Platinum Today in its May 21 issue.
It is more likely Platinum Today is using the term coin loosely. Information available through The Cohen Mint official Web site suggests these are .999 fine 1 ounce bullion medallions rather than coins.
The rhodium medals, which is the term I will use here, are struck at the Cohen Mint, Brooklyn, N.Y., which is owned privately by Eitan Cohen.
Rhodium is different from most other metals traditionally used in coins or medals, making it a challenge for the Cohen Mint to strike.
According to GoldAndSilverBlog.com, "He [Cohen] explained that the process was very different to and more complicated than the way in which coins are made from other metals, as rhodium is far more 'hard, brittle and downright stubborn.'"
So, why would Cohen go to all the trouble of producing 1-ounce bullion rhodium medals at an economic time like this? In July 2008 the spot price of a troy ounce of rhodium reached about $10,000. It is now valued at somewhere around $1,000.
Cohen said of the current situation, "Internal combustion engines are not going away any time soon and if anything, emissions standards are only going to get stricter," adding, "This metal, along with platinum and palladium, will feel a resurgence once the economy begins to pick back up and consumer confidence reawakens."
Cohen said his mint plans to sell the medals both individually and wholesale, each piece being sealed into a coinage-type slab accompanied by a certificate of authenticity.
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