Palladium Bullion
American Palladium Eagles • Maple Leafs • Bars • Investment Guide
The American Palladium Eagle
Palladium bullion coins entered the United States market after the passage of the American Eagle Palladium Bullion Coin Act in 2010, signed by President Barack Obama. The goal was to provide investors a new vehicle to diversify into precious metals alongside the already established gold, silver, and platinum American Eagles. The first American Palladium Eagle was struck in 2017 — and immediately became one of the rarest official U.S. bullion coins, with the inaugural 2017-W Proof limited to just 14,978 examples.
The coin features the renowned Winged Liberty Head, originally designed by Adolph A. Weinman in 1916 for the Mercury dime — one of the most celebrated coin designs in American numismatic history. The reverse features an eagle from Weinman's 1907 American Institute of Architects medal, giving it a majestic, sculptural quality unlike any other U.S. bullion coin. Each coin contains one troy ounce of .9995 fine palladium, the highest purity standard in the industry. See the coin prices guide for current certified palladium eagle values.
Why Palladium? Scarcity, Industry & Investment Case
Palladium is significantly rarer than gold or platinum in the Earth's crust. Approximately 85% of annual palladium demand comes from automotive catalytic converters for gasoline-powered vehicles — a structural demand floor that no other precious metal shares to the same degree. As global emissions regulations tighten, particularly in China, Europe, and the U.S., that automotive demand has only increased. Russia's Norilsk Nickel supplies roughly 40% of the world's palladium, making geopolitical events a significant price driver.
For investors, palladium offers extreme price sensitivity to supply-demand shifts — the same trait that makes it volatile also creates outsized return potential. Palladium rose from roughly $500/oz in 2016 to over $3,000/oz in 2022 before correcting sharply. Unlike gold, there is no central bank overhang — no government holds palladium reserves. Supply is entirely dependent on mine production, primarily from Russia and South Africa. This makes palladium one of the most fundamentally driven precious metals available to private investors.
Palladium Products — Key Coins & Bars
| Product | Purity | Key Date / Note | Typical Premium | Shop |
|---|---|---|---|---|
| American Palladium Eagle (Bullion) | .9995 fine | 2018 first bullion strike — 15,000 minted | Spot + 5–12% | eBay → |
| American Palladium Eagle (Proof) | .9995 fine | 2017-W first proof: 14,978 minted — key date | Spot + 15–30% | eBay → |
| Canadian Palladium Maple Leaf | .9995 fine | World's first palladium coin (1988); disc. after 2005 | Spot + 4–9% | eBay → |
| Russian Palladium Ballerina | .999 fine | 1989–1995 Soviet/Russian; tiny mintages, historic | $800 – $3,500+ | eBay → |
| PAMP Suisse Palladium Bar (1 oz) | .9995 fine | Lady Fortuna; Veriscan authentication | Spot + 3–7% | eBay → |
| Valcambi Palladium Bar (1 oz) | .9995 fine | Swiss quality; slightly below PAMP pricing | Spot + 2–6% | eBay → |
| Secondary Market Palladium | Varies | Best premium savings; verify purity on purchase | Spot + 1–4% | eBay → |
American Palladium Eagle — Key Dates
2017-W Proof
First palladium coin struck by the U.S. Mint. West Point proof-only. 14,978 minted — immediately a major key date sought by both bullion investors and numismatic collectors.
2018 Bullion Strike
First bullion (non-proof) American Palladium Eagle. Only 15,000 minted — extraordinarily low for a U.S. bullion coin. Already trading well above spot on the secondary market.
2018-W Proof
Second year proof. Slightly higher mintage than the 2017-W but still extremely limited. The full set of proof palladium eagles is a realistic short-run collection goal.
2019-W Proof
Third proof issue. Production quantities remain tightly controlled by the U.S. Mint. All proof palladium eagles maintain strong secondary market premiums over bullion strikes.
2020 Bullion
Second bullion strike. Low mintage pattern continues — the U.S. Mint has never produced palladium eagles in volumes approaching the silver or gold eagle programs.
MS70 / PR70 Certified
Perfect-grade examples certified by PCGS or NGC command the strongest premiums. First Strike and Early Releases labels add additional collector appeal for registry set builders.
Other Palladium Coins Worth Knowing
Canadian Palladium Maple Leaf
The world's first pure palladium coin, introduced by the Royal Canadian Mint in 1988. Production was discontinued after 2005. Gap years are genuinely scarce; all early issues attract both bullion and numismatic collectors.
Russian Palladium Ballerina
Struck from 1989 to 1995 by the Soviet Union and early Russian Federation. Among the very first investment palladium coins ever produced. Tiny, undisclosed mintages make these genuine historical rarities.
Australian Palladium Emu
Produced by the Perth Mint in far smaller quantities than their gold or silver counterparts. Features Australia's iconic flightless bird. Relatively scarce on the secondary market due to low original mintages.
PAMP Suisse Palladium Bar
The globally recognized standard for investment palladium bars. Lady Fortuna design with Veriscan anti-counterfeiting technology. IRA eligible at .9995 purity. Easiest to resell of any palladium bar brand.
Valcambi Palladium Bar
Swiss-refined palladium bars with assay card packaging. Slightly lower premium than PAMP Suisse — a solid value choice. Accepted by major bullion dealers worldwide and IRA eligible.
Secondary Market Palladium
Buying existing palladium bars and coins on the secondary market can save significant premiums. Verify purity on purchase — XRF analysis is the industry standard for authentication of secondary palladium.
Shop Palladium on eBay
Browse American Palladium Eagles, Canadian Maple Leafs, PAMP bars, and certified examples from verified sellers worldwide.
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The Platinum, Palladium & Rhodium Family
Palladium belongs to the platinum group metals (PGMs) — six rare elements that share similar physical and chemical properties. The three most significant for investors are platinum, palladium, and rhodium. Understanding the relationship between them helps clarify why palladium trades where it does.
Platinum — The Prestige Metal
Platinum is rarer than gold in the Earth's crust and has been the traditional premium metal in jewelry and industry. The American Platinum Eagle (1997–present) is the U.S. Mint's premier platinum bullion coin. Unlike palladium, platinum has a broader array of uses — jewelry, catalytic converters for diesel engines, laboratory equipment, and hydrogen fuel cells. Platinum's price has historically been above gold; the current discount to gold is an anomaly that many analysts consider undervaluation. See the platinum guide for full product details.
Rhodium — The World's Most Expensive Metal
Rhodium is the rarest and most volatile of all investment metals. Only approximately 30 metric tons are mined annually worldwide — compared to over 3,300 tons of gold. Its primary use (roughly 80%) is in three-way automotive catalytic converters. Rhodium peaked at nearly $30,000 per ounce in March 2021 before correcting sharply. There is no rhodium ETF, no futures contract, and no central bank holding — physical possession is the only way to own it. See the rhodium guide for more.
American Platinum Eagle
1997–present. 1 oz .9995 fine platinum. IRA eligible. Proof versions feature rotating designs; the 2015 High Relief Proof (4,000 minted) is a major modern rarity worth $4,000–$10,000+.
Canadian Platinum Maple Leaf
1988–present. 1 oz .9995 fine platinum. Among the earliest investment platinum coins. Radial-line security features added post-2013. Globally liquid and IRA eligible.
PAMP Suisse Platinum Bar
The global benchmark for investment platinum bars. Lady Fortuna design with Veriscan authentication. Available in multiple weights — the 1 oz bar is the most liquid platinum bar product available.
Baird & Co. Rhodium Bar
The most widely recognized rhodium bar globally. Baird & Co. of London created the retail rhodium market. 1 oz sealed assay bars are the standard for investors entering this extremely volatile metal.
PAMP Suisse Rhodium Bar
Swiss-made rhodium bars with Veriscan authentication. Alongside Baird & Co., the most sought-after rhodium brand. Rhodium prices have ranged from $640/oz to $29,800/oz — extreme caution required.
Platinum vs. Palladium Spread
Historically platinum traded at a premium to palladium. That relationship reversed sharply in 2018 when palladium surpassed platinum. The spread between the two metals is closely watched by precious metals strategists as a potential mean-reversion trade.
Where to Buy Palladium
JM Bullion
One of North America's largest online bullion dealers — carries American Palladium Eagles, PAMP Suisse bars, and Canadian Maple Leafs with transparent spot-based pricing and free insured shipping over $199.
Shop JM Bullion →Silver Gold Bull
Competitive premiums on palladium bars and coins with a live Price Match Guarantee. Carries PAMP Suisse bars and Maple Leafs at some of the most competitive spreads available online.
Shop Silver Gold Bull →Kitco
The world's most trusted precious metals price benchmark and dealer. Ideal for buyers who want to purchase at the same source they use to track live palladium prices.
Shop Kitco →Money Metals Exchange
U.S.-based bullion dealer carrying PAMP Suisse palladium bars, Canadian Palladium Maple Leafs, and investment-grade secondary market palladium at competitive premiums over spot.
Shop Money Metals →eBay — Certified Eagles
MS70 and PR70 American Palladium Eagles, vintage Canadian Maple Leafs, and Russian Ballerina coins. The largest secondary market for certified palladium — compare prices before committing.
Shop eBay →FRC Coin Price Guide
Research certified palladium eagle values, platinum and rhodium prices, and the full range of precious metals coin values before you buy or sell.
View Price Guide →Related Precious Metals Guides
Frequently Asked Questions
What is the American Palladium Eagle and why is it rare?
The American Palladium Eagle is the official palladium bullion coin of the United States, first struck in 2017. Unlike the American Gold and Silver Eagles — which are minted in the millions annually — the Palladium Eagle has always been produced in extremely limited quantities. The 2017-W Proof had just 14,978 minted; the 2018 bullion strike was capped at 15,000. This makes every issue a genuine rarity from the moment of release. The coin features Adolph Weinman's Winged Liberty Head design — the same artist responsible for the Walking Liberty Half Dollar and Mercury Dime — giving it exceptional numismatic and aesthetic appeal alongside its investment merit.
Is palladium IRA eligible?
Yes — the American Palladium Eagle (.9995 fine palladium) is IRA eligible under IRS regulations for self-directed precious metals IRAs. Canadian Palladium Maple Leafs and PAMP Suisse .9995 fine palladium bars also qualify. The IRS requires palladium held in an IRA to be at least .9995 fine and stored with an approved custodian — you cannot take personal possession of IRA palladium. Consult a qualified financial advisor before making retirement account investment decisions.
What drives palladium prices?
Approximately 85% of global palladium demand comes from automotive catalytic converters for gasoline engines — a structural demand driver unlike any other precious metal. When auto production increases or emissions standards tighten, palladium demand rises. Supply is dominated by Russia (roughly 40%) and South Africa (roughly 35%), making geopolitical events and mine disruptions powerful price movers. Electric vehicle growth poses a long-term demand risk, since EVs don't require catalytic converters. In the short to medium term, however, gasoline vehicles will continue to dominate global fleets, keeping palladium demand elevated.
How does palladium compare to platinum as an investment?
Palladium and platinum are both platinum group metals with similar industrial applications, but they serve different roles in catalytic converters — palladium for gasoline engines, platinum predominantly for diesel. Historically platinum traded at a premium to palladium, but that relationship reversed in 2018 when palladium's price surpassed platinum's due to tighter gasoline engine emissions standards globally. Platinum currently trades at a discount to palladium, which many analysts consider a potential mean-reversion opportunity. Both metals are more volatile than gold and carry higher geopolitical risk given supply concentration in Russia and South Africa.
What is the Canadian Palladium Maple Leaf?
The Canadian Palladium Maple Leaf holds the distinction of being the world's first pure palladium coin, introduced by the Royal Canadian Mint in 1988. It was produced until 2005, with a brief revival in 2007, before being discontinued again. This makes all issues — especially gap years and early dates — genuinely scarce on the secondary market. The coin contains 1 troy ounce of .9995 fine palladium and features the iconic maple leaf reverse. Early issues from 1988–1993 are particularly sought by collectors building complete date sets.
Where can I sell palladium coins and bars?
The primary resale venues for palladium are online bullion dealers (JM Bullion, Kitco, Money Metals Exchange), eBay with proper attribution and photos, and local coin dealers who handle precious metals. For certified American Palladium Eagles, eBay typically yields the strongest premiums due to the numismatic collector base. For bars, established bullion dealers offer the most consistent buyback pricing. Note that palladium bid-ask spreads are wider than gold or silver — typically 5–10% versus 1–3% for gold — so factor this into your cost basis when purchasing. Always get multiple quotes before selling significant quantities.
Gold and silver have been king and queen of metals for centuries. Today, they are joined by platinum and palladium in the precious metals arena. They are traded in the form of bars, rounds and ingots, tangible assets you can see and touch.
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