DSQ
Visiting Chocó in 1801, Alexander vonHumboldt subsequently declared the spot-price for platina was 8 Piastres Reals per Spanish Pound (= 100 castellanos [1 castellano = 71 grains troy] = 7100 grains = 14.792 troy ounces.) Whereas von Humboldt's specimen-price might have been the higher local rate for very best quality ore (and a poor trade), the market-price for bulk or wholesale platina was certainly much lower.
Given a presumed exchange at Cartagena for Sterling (S$ 1. = £0.2082) and an 8% premium for 'Spanish Plate' in the former English Colonies (USA: 6 Piastres = [1.08*$6.], etc.) the trader's export rates for Colombian platina may be estimated
@ 5 Piastres
1805: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1806: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1807: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1808: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1809: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
Mollien's confusion must include the total volume of platina exported: 6,000 libras is 2,760 kgs, an impossibly high annual export. At 6,000 castellanos (60 libras), the yearly recorded platina export was more likely 888 ozt. (27.6 kgs.) Had the estimated value been 6 reales per castellano (S$ 0.75) or S$ 75. per libra, the European price would have been multiples higher - also impossible.
At English Retail, 1 Libra platina sold in the UK cost S$ 17.59 - 17.85; the European Commercial Price was ~3x greater than at export.
Reconciliation implying an official annual export of 60 libras @ S$ 6. per, ~S$ 360. with an unknown additional export (5x greater?) as contraband, perhaps ~ 165.6 kgs/ann. in a poor period of precious metals production?
Citation: Travels in the Republic of Colombia: in the years 1822 and 1823 By Gaspard Théodore Mollien (comte de) (1824) p.454
Where the specific gravity of Platinum was assumed 21.3, Wollaston's platina was between ~70.4% - 79.81% pure.
Citation: Encyclopaedia Londinensis, or, Universal dictionary of arts..., Vol. 15 p.479
From 1804 - 09, Carthagena was essentially a free-trade open-port. In this time, Chocó slaves could profitably extract for masters but also illicitly gather and sell the metal, purchasing their own or loved ones' freedom. By Mollien's erroneous estimation ('correction'?) above, the annual platina export from 1804-09 was 88,752 Troy Ounces (2,760.6 kilgrams). Resprepo's (1809) estimate was 81,356 English Troy Ounces (2,530 kgs or 1,240.9 libras) or ~248 kgs annually.
In 1804, the Barca El Serrano carried 134.54 kgs to Cadiz and the British Navy intercepted another ~124.4 kgs. This suggests a minimum official platina export to Europe ~719 kgs that year alone.
With increasing manumission during the Civil Wars and after trade restrictions were imposed, the platina yield likewise fell after 1818. According to Cochrane, visiting in 1823 when Colombian Platinum was in greatest demand, about ten quintales of platina (14,790 English Troy Ounces, or 460 kgs) were extracted annually from Chocó. Dr. Jose Manuel Restrepo reported at the price peak (1826) : "the amount of platinum that is exported is small, which sound data indicates cannot exceed 1,500 libras ( = 22,188 Troy Ounces or 690.14 Kgs) per year. Platinum is worth 16 to 20 pesos per libra."
Resrepo (1809) estimated Gold yield at 2,300 - 2,760 kgs per year; therefore, platina was 25-30% that amount or about one-fifth the total PM yield for the region.
In 1809 Dr. José Manuel Restrepo, published an essay on the geography of Antioquia in the weekly El Semanario de la Nueva Granada: "[In 1808 ] this branch of industry, the only export, amounted annually 500 - 600,000 castellanos (1,250,000 pesos), according to the best estimates."
The Colombian source price was steadily declining, 1803-14. This corresponds to both the falling London Platina price (recorded by Wollaston) and the Paris Platinum Collapse in 1811/2.
In late 1801/ early 1802, the Spanish Crown attempted to reassert control over the illicit trade in platina contraband ; by May 1803, however, British merchants had free reign on the Spanish Main. It appears likewise from Wollaston's account books: the source price of platina was falling almost continuously for a decade.
Citation: A voyage to the eastern part of Terra Firma, or the Spanish Main ..., Vol. 2 François Joseph Pons (1806) p.320
Visiting Chocó in 1801, Alexander vonHumboldt subsequently declared the spot-price for platina was 8 Piastres Reals per Spanish Pound (= 100 castellanos [1 castellano = 71 grains troy] = 7100 grains = 14.792 troy ounces.) Whereas von Humboldt's specimen-price might have been the higher local rate for very best quality ore (and a poor trade), the market-price for bulk or wholesale platina was certainly much lower.
Given a presumed exchange at Cartagena for Sterling (S$ 1. = £0.2082) and an 8% premium for 'Spanish Plate' in the former English Colonies (USA: 6 Piastres = [1.08*$6.], etc.) the trader's export rates for Colombian platina may be estimated
@ 8 Piastres
@ 7 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.541
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.584
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.110
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.584
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.110
1 Troy Ounce platina (raw ore, in Colombia) = Fr 2.704
@ 7 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.473
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.51
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0967
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.51
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0967
1 Troy Ounce platina (raw ore, in Colombia) = Fr 2.37
@ 6 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.406
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.438
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0829
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.438
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0829
1 Troy Ounce platina (raw ore, in Colombia) = Fr 2.03
@ 5 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.338
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.365
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.069
1 Troy Ounce platina (raw ore, in Colombia) = Fr 1.691 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.365
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.069
@ 4 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.270
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.292
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.055
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.292
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.055
1 Troy Ounce platina (raw ore, in Colombia) = Fr 1.352
@ 3 Piastres
1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.203
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.219
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0414
1 Troy Ounce platina (raw ore, in Colombia) = USD$ 0.219
1 Troy Ounce platina (raw ore, in Colombia) = £ 0.0414
1 Troy Ounce platina (raw ore, in Colombia) = Fr 1.01
1805: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1806: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1807: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1808: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
1809: 1 Troy Ounce platina (Cartagena) ~ S$ 0.406
Mollien's confusion must include the total volume of platina exported: 6,000 libras is 2,760 kgs, an impossibly high annual export. At 6,000 castellanos (60 libras), the yearly recorded platina export was more likely 888 ozt. (27.6 kgs.) Had the estimated value been 6 reales per castellano (S$ 0.75) or S$ 75. per libra, the European price would have been multiples higher - also impossible.
At English Retail, 1 Libra platina sold in the UK cost S$ 17.59 - 17.85; the European Commercial Price was ~3x greater than at export.
Reconciliation implying an official annual export of 60 libras @ S$ 6. per, ~S$ 360. with an unknown additional export (5x greater?) as contraband, perhaps ~ 165.6 kgs/ann. in a poor period of precious metals production?
Citation: Travels in the Republic of Colombia: in the years 1822 and 1823 By Gaspard Théodore Mollien (comte de) (1824) p.454
Where the specific gravity of Platinum was assumed 21.3, Wollaston's platina was between ~70.4% - 79.81% pure.
Citation: Encyclopaedia Londinensis, or, Universal dictionary of arts..., Vol. 15 p.479
In 1804, the Barca El Serrano carried 134.54 kgs to Cadiz and the British Navy intercepted another ~124.4 kgs. This suggests a minimum official platina export to Europe ~719 kgs that year alone.
With increasing manumission during the Civil Wars and after trade restrictions were imposed, the platina yield likewise fell after 1818. According to Cochrane, visiting in 1823 when Colombian Platinum was in greatest demand, about ten quintales of platina (14,790 English Troy Ounces, or 460 kgs) were extracted annually from Chocó. Dr. Jose Manuel Restrepo reported at the price peak (1826) : "the amount of platinum that is exported is small, which sound data indicates cannot exceed 1,500 libras ( = 22,188 Troy Ounces or 690.14 Kgs) per year. Platinum is worth 16 to 20 pesos per libra."
Resrepo (1809) estimated Gold yield at 2,300 - 2,760 kgs per year; therefore, platina was 25-30% that amount or about one-fifth the total PM yield for the region.
In 1809 Dr. José Manuel Restrepo, published an essay on the geography of Antioquia in the weekly El Semanario de la Nueva Granada: "[In 1808 ] this branch of industry, the only export, amounted annually 500 - 600,000 castellanos (1,250,000 pesos), according to the best estimates."
The Colombian source price was steadily declining, 1803-14. This corresponds to both the falling London Platina price (recorded by Wollaston) and the Paris Platinum Collapse in 1811/2.
In late 1801/ early 1802, the Spanish Crown attempted to reassert control over the illicit trade in platina contraband ; by May 1803, however, British merchants had free reign on the Spanish Main. It appears likewise from Wollaston's account books: the source price of platina was falling almost continuously for a decade.
Citation: A voyage to the eastern part of Terra Firma, or the Spanish Main ..., Vol. 2 François Joseph Pons (1806) p.320
Spanish merchants typically marked-up imported contraband goods for retail 25-35%; it's not clear commodities from the interior rose as much.
Mollien (1824) cites a Consulate official's estimation to the Viceroy of the average price-weight Choco platina "during the six years anterior to 1810" @ 6 Piastres per Spanish Pound at Carthagena. (The French traveler's 1823 Choco platina spot-price is far too low, by a local German merchant's opinion.)
Citation: Bulletin of the Pan American Union, Vol. 45 (1917) p.622
Citation: Bulletin of the Pan American Union, Vol. 45 (1917) p.622
The Colombia export price of platina was dropping fast. The price bottom was presumably reached in 1811/12, when Cuoq, Couturier & Cie. acquired a very large supply and caused the price of refined Platinum in Paris to drop by >50% in Paris, c.1815.
The very stable London retail prices seem indicative. Despite rising demand, Wollaston's suppliers' prices trended down for nearly 15 years. Sharply falling Paris retail prices in the same period are also evident. All these factors imply declining wholesale platina prices, despite any brief interruptions in trade (due to war):
1804 @ 7 $ 0.51 ; £ 0.10 ; Fr. 2.37
1805 @ 7 $ 0.51 ; £ 0.10 ; Fr. 2.37
1806 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
1807 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1808 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1809 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
In 1801, von Humboldt reported the Choco & Paris price for platina, 3x the Source Price.
8 Spanish Piastres ($) /14.792 troy ounces =
1801: 1 troy oz. platina (raw ore) @ Choco = Span $ 0.54
1801: 1 troy oz. platina (raw ore) @ Choco = Fr 2.70
1801: 1 troy oz. platina (raw ore) @ Paris ~ Fr 8.26
c.1804-1809: Mollien (1824) reported earlier platina prices
6 Spanish Piastres ($) /14.792 troy ounces =
1801: 1 troy oz. platina (raw ore) @ Choco = Fr 2.70
1801: 1 troy oz. platina (raw ore) @ Paris ~ Fr 8.26
c.1804-1809: Mollien (1824) reported earlier platina prices
6 Spanish Piastres ($) /14.792 troy ounces =
1804: 1 troy oz. platina (raw ore) @ Choco = Span $ 0.41
1804: 1 troy oz. platina (raw ore) @ Paris ~ Fr 8.25
1804 @ 7 $ 0.51 ; £ 0.10 ; Fr. 2.37
1805 @ 7 $ 0.51 ; £ 0.10 ; Fr. 2.37
1806 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
1807 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1808 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1809 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
1805 @ 7 $ 0.51 ; £ 0.10 ; Fr. 2.37
1806 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
1807 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1808 @ 6 $ 0.44 ; £ 0.060 ; Fr. 2.03
1809 @ 5 $ 0.37 ; £ 0.07 ; Fr.1.69
Where the Antioquia Gold Yield of 1808/9 was 550,000 castellanos (2,531.8 Kgs, 81,400 Ozt.), the Platinum Yield should be ~305,555 castellanos (1,406.6 Kgs, 45,222 Ozt.)
Citation: Essai politique sur le royaume de la Nouvelle-Espagne, Vol. 3-4, ; Alexander von Humboldt p.157
c.1809: The Santo Domingo platina export was weak, and the quality inferior. But mention of the low price may either reflect both a general depression in the global ore price or the effect of a 'new source' for the metal (which may simply have been smuggled there.)
These sands, which also contain some gold, are picked by women, who, without treating them like the miners, sell them for a few maravedis.
Citation: Annales de Chimie ou Recueil de Memoires (March, 1810) p.335
c.1809:
c.1809:
In his 1810 ms., von Humboldt attempted to calculate the weight & value of Gold and Silver from New Grenada. The German scientist presumed a value of S$ 2.92 per castellano; Orlando Melo (1978) calculated $ 2.72.
At 3550.4 English Troy grains or 7.397 Troy Ounces, the
1804-9: 1 troy oz. platina (raw ore, legal export rate) = S$ 0.4056
1804-9: 1 troy oz. platina (raw ore, legal export rate) = Fr 2.202
1809: 1 Troy Ounce Pure Gold (Castillan) = S$ 19.72
1809: 1 Troy Ounce Pure Silver (Castillan) = S$ 1.27
1809: 1 Troy Ounce Pure Gold (Paris) = Fr 107.13
1809: 1 Troy Ounce Pure Silver (Paris) = Fr 6.912
Citation: Political Essay on the Kingdom of New Spain: With Physical ..., Vol. 4 Alexander von Humboldt (1822)
1833:
"Ueber das Ausbringen des Platins In Russland;von Herrn Oberst Sebolewsky aus Petersburg" Annalen der Pharmacie, Volumes 13-14 (1834) p.42
As
this strange apprehension was not valid, and because of the size and utility of Platinum instruments which appeared in France, the banning of exports of platinum in
America was no longer observed and died in 1808. There were namely boilers, pistons and the like for factory use. But
even in this period (c.1800-1822) the use of platinum remained very limited, because the whole annual yield of crude platinum from Brazil,
Colombia, and later Haiti, was not more than 25 poods
(8.5 Center = 437.6 kgs = 14,069 ozt)
c. 1805-09:
At full weight, the Carlos IV ("IIII") 8-Escudos was 27.07 g, .875 fine gold, 36.40 mm diameter. A circulated 8-Escudos might weight ~ 26.85 g.
This 1804 contemporary 8-Escudos counterfeit (Popayan mintmark. JF assayer: Fr-52; KM-62.2) in Platinum was about Uncirculated: 36.5 mm. 1.5 mm thick. 26.68 g.
The Surface Area of this particular Platinum Counterfeit (+0.05, in relief) was ~22.7 cm²
At full weight, this coin would presumably have at least an additional 0.443 g Gold surface, ~6.8 Grains Troy.
Sold at Stack’s Bowers and Ponterio Schaumburg Sale, 'Bella Collection Part l' 6/25/2009: USD$ 3,450 ; Spot
Sold at Stack’s Bowers and Ponterio January 2014 NYINC Auction, Session A 1/10/2014:
USD$ 3,819 (+17.5%?) ; Spot
Offered by the Florida Gold Coin Exchange in mid July 2014 for USD$ 7,500.
This 1804 contemporary counterfeit (Potosi, Bolivia. PJ assayer) in Platinum, slightly inaccurate design, was about Fine: 36.5 mm. 1.5 mm thick. 26.7 g. At full weight, this coin would presumably have at least 0.395 g Gold surface, 6 Grains Troy.
Sold at Sedgewick (FL) October 25, 2012:
USD$ 3,535 (total, premium & 7% tax) ; Bullion Spot $ 1,572. ; Coin Spot
(For comparison, a circulated 1804 8-Escudo coin in lightly worn condition weighed 26.98 g See: Ca. 111; Cy. 14587; HSA 1001.1.25774): 11-12 years in circulation.
Contemporary counterfeit struck in ungilded platinum of a Popayan, Colombia, 2-Escudos, Charles IV, 1805SF, (Restrepo-90.23) 6.78 grams. Sold for $529 10/30/2013
Perhaps significant at certain points, the value of Spanish Dollars (and bullion generally) rose dramatically in some months, a factor inflating/distorting commodity prices from the Spanish Main, certainly.
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