Colombia, 1821: A Coinage Intent, Unfullfilled

A German merchant, writing in 1826, mentions the local platina price in 1821 and the dramatic price-hike.  Tomas C. Mosquéra was ~25 years old at this time; Joaquin Mosquéra a brother or cousin?

"In the real province there is also platina: I have several samples of most types, mixed with gold. To Taddo (Quibdo?) There are mines that give almost no metal other than Platina; to that, very little platina comes from the gold mines of Popayan. Taddo is by the San Juan River, also called Nuanamo, and up, not far from Novita, is a mine of Mr. Mosqueta, one of the richest men in Colombia, who owns several gold mines and several thousands (?) of negro slaves, whom he allows to process (his Gold.) - The aforesaid San Juan River, who pours into several branches, is about the 4th degree of north latitude from the peaceful sea and Boca de Viegas, behind the Cap Chirambira, now the most commonly used port, standing almost in conjunction with the Atrato River, and probably the ravine of Raspadura (mentioned in Stein's Geography) where a cura (Father) Cacao has embarked from the South-Sea to the Atlantic in canoes.

When I first came here 5 years ago (circa Spring 1821) a libra of platina  cost 2 Spanish {Dollars} and now it costs 10 dollars."

Citation: Columbus: amerikansiche Miscellen (1827) p. 18



Where 1 libra = 14.792 English Troy Oz., S$2./libra = 

1821: 1 Troy Ounce platina (Chocó: Source) = S$ 0.135208221
1826: 1 Troy Ounce platina (Chocó: Source) = S$ 0.676041103

At Chocó, S$ 1. @£0.2750,
 1 libra (S$2.) cost £ 0.483 in 1821.

At Cartagena, 1 libra (~S$ 2.85) cost ~£ 0.6888 in 1821.

September, 1821: The Colombian government quantified the intrinsic price of Platinum at "$4 an ounce."  That news reached secondary Continental markets in Europe by December 1821 or January, 1822.

French Platinum had sold ~$2.50/ounce (~Fr 13.5. ~£ 0.6888) in 1817; the price nearly doubled in peace-time.  Speculators likely became interested at this coinage news.

In Colombia, restrictions of the monopoly effectively put a S$6.-8./libra floor under the black market price.  With penalties & punitive costs factored, in 1822-5 platina presumably rose to S$8-10. (Piastres)  at the source, or S$16.-20. at Cartagena.  

Incidentally, the multa would have effectively cost an English trader £ 1.14 per Troy Ounce, an additional risk-factor to the British platina business. 

In Europe, with a three-four month delay in news to primary  markets, the Platinum Price began rising sharply by January 1822. 

1820: 1 Troy Oz platina (ore @ Choco)  ~ S$ 0.1521

1821: 1 Troy Oz platina (ore @ Choco)  = S$ 0.2704
December, 1821: 1 Troy Oz platina (ore @ Choco) = S$ 0.3380

Early 1821: 1 Troy Oz platina (Cartagena)  = S$ 0.41 

Late 1821 : 1 Troy Oz platina (Cartagena)  = S$ 0.54 

1821: 1 Troy Oz Platinum (refined)  = S$ 4.39

News in Europe, by mid-1822:

1821: The 1828 version of von Humboldt's seminal text had this telling revision: the platina prices was no longer "8 piastres on the spot" (1801's Specimen-Price) but "4-5 piastres."

A close friend of Boussingault, Joaquin Acosta had left the Popyan region for Bogota on 2 December, 1821; then, he left Bogota for Paris 11 October, 1825. The new price cited by von Humboldt was likely Acosta's recollection, dated to theColombian officer's departure from the vicinity of Choco in November, 1821.

Citation: Essai politique sur le royaume de la Nouvelle Espagne ; Alexandre de Humboldt (1828) p.156

Citation: Biografía del general Joaquín Acosta; Soledad Acosta de Samper (1901 ) p.74

Encyclopedias report or repeat prices woefully out-of-date: this 1829 edition was written in 1826, during the Colombian export ban on platina.  The cited low price matches another recorded by Capitan (1979?) for 1818, which is closer to Alexander Walker's 33 s. (c.1821?)

c.1820/1: 1 Troy Ounce platina (raw ore, in Colombia) =  £ 0.11 (USD$ 0.49)

Accum's Catalogue price for platina (1816/7) would indicate a 100% mark-up, far too low.  The retail price should have been 4-5x higher.

c.1817: 1 Troy Ounce platina (ore, in London) =  £ 0.25 (USD$ 1.15)

Citation: The London encyclopaedia, or, Universal dictionary of science, art ...edited by Thomas Curtis (of Grove house sch, Islington) 1829, p.647