Colombia/France, 1799-1801: Alexander von Humboldt's Platina Price

This platina specimen was purchased by von Humboldt at a rate of 8 piastres per libra.  The weight is generally recorded as 1088.6/1088.8 French grains  and specific gravity as 18.947 (Trales) or 16.037 (Karsten).

The French Grain weight should be 57.87 grams. (However, later sources declare this pepite weighed only 55 grams = 848.8 English Troy Grains : in error?) Assume the specimen weighed 1.861 English Troy Ounces.  Converting 57.87 grams into Spanish marca/libra (0.125765384) realizes the cost of the specimen at precisely S$ 1. or 5 Francs, and the intrinsic value was almost twice the Silver Price.  1 English Troy Ounce = 1.017 Paris Once.

It appears von Humboldt's Taddo 1800 pepite was unusually pure, ~88%. The discovery of larger, high purity specimens often corresponds to high-yield years or extraordinary finds; Antioquia may have experienced above-average rainfall in this long-prospected area in March-June or October 1799.  It is far less likely the extraordinarily severe Riobamba earthquake of 4 November 1797 may have diverted a smaller tributary 525 miles away.

In the 1790s Choco was an area of almost continual rainfall (malarial hazard) perhaps significantly greater than the 10.12 meters (~398 inches) per year recorded in 1957.

Jeanetty's Platinum was 20.98 and ore was 15 - 15.601, whereas .9999 Fine Pt is 21.45.  In granular form ("17 Grains" Paris, per = 13.947 English Troy Grains) at a Specific Gravity of 15.601, the ore purity was 69.93%.  One English Troy Ounce contained ~34 'platina grains' where ~49 'platina grains' produced 1 Fine Ozt of Fine Platinum.  (Incidentally, this corresponds to the average estimated purity of Dr. Wollaston's platina.)

1801: 1 Troy Ounce platina (specimen, 88%; Choco Spot) = S$ 0.54064

1801: 1 Troy Oz. Platinum (intrinsic @ Choco Spot) = S$ 0.6144









c.1806:




c.1797-9?: 1 Troy oz. Platinum (producer) = Fr 45.71- 50.79 (USD$ 8.69 - 9.66)


1799: 1 Troy oz. Silver (pure, Spanish rate) = S$ 1.148
1799: 1 Troy oz. Gold (pure, Spanish rate) = S$18.373

Citation: Monthly Magazine and British Register, Vol.8 (Dec. 1799) p.856

Where 1 libra =14.792 English Troy Oz.

1799: 1 Troy oz. platina (Colombia) = S$ 0.5408

1803: 1 Troy oz. platina (Colombia) = S$ 0.4056



c.1796:

  
1800:

Assay of platina from various sources:

c. 1805/6: 1 troy oz. of Colombian platina @ Paris = Fr 8.79 - 10.15

c. 1805/6: 1 troy oz. of Paris platina = $USD $ 3.39 - 3.92

In French Francs in Paris, @ 4.5 gr fine silver/1 Fr:

1 troy oz. .999 fine silver = 0.682 - 0.786 - troy oz. of Choco platina, or

(at 86.16% purity) ~ 0.587 - 0.678 troy oz. Platinum (pure ore)

1 troy oz. .999 fine gold = 10.2 - 10.62 troy oz. Platinum (pure ore)

Citation: Political essay on the kingdom of New Spain, Volume 3, (1811 trans.) p.150

c.1801

Adjusting for Real Inflation since 1800 (6,123%) we can extrapolate a long term price for Colombian platina and crude platinum nuggets at the source to be USD$ 36. in 2009 USD$.

Regarding higher specimen platina prices:

In early 2010, an exceptional 1.45 Troy Oz. platina nugget sold at auction for $3,503./oz., nearly 2x the spot price of .999 ingot. In 2009 however, tiny platina nuggets reportedly from Russian placer prospects were sold online as collectibles for $USD 300. - 500. per gram: @$ 9,645. - 16,075. per Troy Ounce, 7-10x the spot price of .999 fine ingot Platinum.

Adjusting for Real Inflation since 1800 (6,123%) we can extrapolate a long term European spot price for crude Platinum ore to be $ 211. - 244. (in 2009 USD$.)