The Platinum Hammer is slightly better than its Gold Hammer counterpart. Contrary to common sense, this hammer is also slightly better than the higher tiered The Breaker and Flesh Grinder. Like all hammers, it is used to remove background walls and create sloped tiles and half tiles.
Its best modifier is Legendary. While Light may seem to provide a better speed boost by percentages, rounding reveals that Legendary and Light mine at equal speeds for this tool.