A German's careful observations of Platinum Prices in the Spring of 1828 implies a number of insights. Firstly, discrepancies between local (Frankfort) and foreign (Paris) prices indicate the German market had not collapsed by (May/June?) mid-1828, as unimagined quantities of (Russian) ore had reached Platinum's industrial centers (Paris, London) first. Secondly, in the difference between wholesale platina (estimated: 75%) and pure sponge, the Paris refining price is implied. Thirdly, the appearance of cheap Platinum in bulk would likely soon increase both production & consumption in Germany, by August 1828.
1827: 1 Troy Ounce Platinum (assumed) ~ Fr. 35.55
c. May, 1828: 1 Troy Oz. Platinum (assumed) ~ Fr. 30.48
July, 1828: 1 Troy Oz. platina (ore, trade) = Fr. 10.16 - 12.19
July, 1828: 1 Troy Oz. Platinum (sponge, trade) = Fr. 17.27 - 19.30
July, 1828: 1 Troy Oz. Platinum (Refining Cost: Sponge) ~ Fr. 4.40
The commercial value of the Platinum metals is second only to Gold. But until now, large fluctuations are typical instead. Here in Frankfurt am Main, one would gather the Unze of Platinum now approximately equal to 1 Unze of Gold or 15 Unzen of Silver, and 1 Once refined Platinum would be sold in Paris for 30 to 35 Francs. By contrast, a message direct from Paris informs the Once of refined Platinum can be had for 17-19 Francs, and platina ore (the mineral) is sold for 10 to 12 Francs. Perhaps the striking difference between these statements is partly grounded in the degree or quality of purification.
Dated to September 1828, this encyclopedia references the recent Russian discovery (c.1824) and the similarity to prices 5-6 years earlier ("vaut encore de 5 a 6 Francs lonce.")
c. July, 1828: 1 Troy Oz. platina (ore, Paris?) = Fr 5.06 - 6.10 (USD$ 1. - 1.20)
c. July, 1828: 1 Troy Oz. Platinum (sponge) = Fr 16.25 (USD$ )
c. July, 1828: 1 Troy Oz. Platinum (Sheet) = Fr 24.38 (USD$ 6.71)
c. 1816: 1 Troy Ounce Platinum (refined, mfg) ~ Fr 16.25 (USD$ 3.56)
1810-1817: 1 Troy Ounce platina (ore) = Fr 4.03 - 6. (USD$ 0.82 - 1.23)
July, 1828: The price range, established fact of the Russian discovery, dramatic price decline ("2/3rds the value") in St. Petersbourg, and anticipation of lower costs in Paris.
Platina "again 4 - 5 Fr per once" ; sponge @16.25 Fr; refined ingot @ Fr 24.38
c. February, 1827: A letter dated April 1827 accompanied the first part of D'Arcet's essay on Platinum stills. Where a Platinum boiler weighing an equivalent 273 Troy Ounces sold for Fr 8,500.
October 1828: 1 Troy Ounce Platinum (Mfg.) = Fr 26.30
Citation: Traité de chimie, appliquée aux arts, Vol. 1; Jean-Baptiste Dumas (1828) p.215
The US translation errs: a still of 41.64 litres weighing just 262.5 Ozt.
Russia, 1828/9: Sudden oversupply deeply depressed ore prices. News of the Ural yield carried in the April/May 1828 caravan reached Europe by September, 1828. The tremendous yield of the second semester of 1828 arrived in St. Petersburg in March 1829; news reached Europe by May 1829.
Citation: Bulletin des sciences géographiques, etc: économie publique, voyages ; M. Thomas (1830) p.456
Citation: Traité de chimie, appliquée aux arts, Vol. 1; Jean-Baptiste Dumas (1828) p.215
Platina prices fell sharply in 1827. However, in a letter dated April 1827, Count Cancrin mentions the Paris Price had been Fr 32.51 (1825 High?) Reportedly, the April 1828 announcement of the Platinum Rouble (and coin rate) boosted the Colombian ore price, and perhaps the global Platinum Market Price. This was by design, albeit temporarily and ultimately without success.
Otherwise, the Russian coin-rate was unsustainably high as von Humboldt had predicted - the Russian Mint Price for Ural ore was a ceiling rather than a floor.
Incidentally, mint or coin value (seignorage) need not match the market price for a metal - a number of contemporary German critics identified this problem - but where TOKEN value greatly exceeds intrinsic value, arbitrage and counterfeiting can be encouraged. (Faraday could not grasp this point, but a number of fake Platinum Roubles in vetted collections may confirm the Russian government's fears.)
1828-45: 1 Troy Oz. Platinum (ingot) = Fr 34.21 > Fr 24.88
1828: 1 Troy Ounce Platinum (coinage in Russia @) = Fr. 36.45 (USD$ 7.01)
The Poid de marc was 7,560 English Troy Grains, or 15.75 Troy Ounces (1.08 Pounds avd and 489.9 Grams). Likewise, the Paris marc (p.d.m.) was eight Onces, @ 0.9844 English Troy per Once.
1828: 1 Troy Oz. platina (anachronistic estimation?) = Fr 15.55 (USD$ 3.05)
1827: 1 Troy Ounce Platinum (assumed) ~ Fr. 35.55
c. May, 1828: 1 Troy Oz. Platinum (assumed) ~ Fr. 30.48
July, 1828: 1 Troy Oz. platina (ore, trade) = Fr. 10.16 - 12.19
July, 1828: 1 Troy Oz. Platinum (sponge, trade) = Fr. 17.27 - 19.30
July, 1828: 1 Troy Oz. Platinum (Refining Cost: Sponge) ~ Fr. 4.40
The commercial value of the Platinum metals is second only to Gold. But until now, large fluctuations are typical instead. Here in Frankfurt am Main, one would gather the Unze of Platinum now approximately equal to 1 Unze of Gold or 15 Unzen of Silver, and 1 Once refined Platinum would be sold in Paris for 30 to 35 Francs. By contrast, a message direct from Paris informs the Once of refined Platinum can be had for 17-19 Francs, and platina ore (the mineral) is sold for 10 to 12 Francs. Perhaps the striking difference between these statements is partly grounded in the degree or quality of purification.
Citation: Das Münzwesen in Teutschland nach seinem jetzigen zustand: mit Grundzügen zu ...; Johann Ludwig Klüber (1828) p.212
Dated to September 1828, this encyclopedia references the recent Russian discovery (c.1824) and the similarity to prices 5-6 years earlier ("vaut encore de 5 a 6 Francs lonce.")
c. July, 1828: 1 Troy Oz. platina (ore, Paris?) = Fr 5.06 - 6.10 (USD$ 1. - 1.20)
c. July, 1828: 1 Troy Oz. Platinum (sponge) = Fr 16.25 (USD$ )
c. July, 1828: 1 Troy Oz. Platinum (Sheet) = Fr 24.38 (USD$ 6.71)
c. 1816: 1 Troy Ounce Platinum (refined, mfg) ~ Fr 16.25 (USD$ 3.56)
1810-1817: 1 Troy Ounce platina (ore) = Fr 4.03 - 6. (USD$ 0.82 - 1.23)
July, 1828: The price range, established fact of the Russian discovery, dramatic price decline ("2/3rds the value") in St. Petersbourg, and anticipation of lower costs in Paris.
Platina "again 4 - 5 Fr per once" ; sponge @16.25 Fr; refined ingot @ Fr 24.38
Citation: Dictionnaire classique d'histoire naturelle: Pla - Roy, Vol. 14; Jean Victor Audouin (1828) p.27
c. February, 1827: A letter dated April 1827 accompanied the first part of D'Arcet's essay on Platinum stills. Where a Platinum boiler weighing an equivalent 273 Troy Ounces sold for Fr 8,500.
October 1828: 1 Troy Ounce Platinum (Mfg.) = Fr 26.30
Citation: Traité de chimie, appliquée aux arts, Vol. 1; Jean-Baptiste Dumas (1828) p.215
The US translation errs: a still of 41.64 litres weighing just 262.5 Ozt.
Russia, 1828/9: Sudden oversupply deeply depressed ore prices. News of the Ural yield carried in the April/May 1828 caravan reached Europe by September, 1828. The tremendous yield of the second semester of 1828 arrived in St. Petersburg in March 1829; news reached Europe by May 1829.
Citation: Traité de chimie, appliquée aux arts, Vol. 1; Jean-Baptiste Dumas (1828) p.215
Platina prices fell sharply in 1827. However, in a letter dated April 1827, Count Cancrin mentions the Paris Price had been Fr 32.51 (1825 High?) Reportedly, the April 1828 announcement of the Platinum Rouble (and coin rate) boosted the Colombian ore price, and perhaps the global Platinum Market Price. This was by design, albeit temporarily and ultimately without success.
Otherwise, the Russian coin-rate was unsustainably high as von Humboldt had predicted - the Russian Mint Price for Ural ore was a ceiling rather than a floor.
Incidentally, mint or coin value (seignorage) need not match the market price for a metal - a number of contemporary German critics identified this problem - but where TOKEN value greatly exceeds intrinsic value, arbitrage and counterfeiting can be encouraged. (Faraday could not grasp this point, but a number of fake Platinum Roubles in vetted collections may confirm the Russian government's fears.)
1828-45: 1 Troy Oz. Platinum (ingot) = Fr 34.21 > Fr 24.88
1828: 1 Troy Ounce Platinum (coinage in Russia @) = Fr. 36.45 (USD$ 7.01)
1855: Price Crash circa 1844 blamed on ingot quality control issues.
The Poid de marc was 7,560 English Troy Grains, or 15.75 Troy Ounces (1.08 Pounds avd and 489.9 Grams). Likewise, the Paris marc (p.d.m.) was eight Onces, @ 0.9844 English Troy per Once.
1828: 1 Troy Oz. platina (anachronistic estimation?) = Fr 15.55 (USD$ 3.05)
Citation: Tratié d'économie nationale: Théorie de l'économie politique, Ch. H. Rau, p.241
...
Would, in this coinage countries that have acceded, Platina used to coins - which will probably happen after the operation of other States, as soon as Germany is supplied this noble metal by trade in sufficient quantity - would be so beforehand by agreement of all the MünzvereinStaaten, fineness, weight and cash value of such fixed Platinum-Money, and that the external value of money in silver convention, fixed as the currency.
According to a regulation of May 1828, Russian Platinum coinage may express a value of three Rubles, and in weight two portions of fine platinum Solotnik 4l. Such a three ruble piece, which I have in mind has 10.66 Rheinl lines. Maas in diameter, so the size of a new French "Louis d'or" from the year 1786 or 1788, but slightly thicker. The same weight of 2902 has cölnische directional pennies, therefore cölnisch 22.73 go to a piece of cord. The outer edge is heavily milled. On the obverse, is inscribed: 3 Rubli naserebro (3 rubles) 1828. S.P.B. (probably the first letters of the name of the coiner), as inscription: "2 sol 41 dol." (2 Solotnik,
According to a regulation of May 1828, Russian Platinum coinage may express a value of three Rubles, and in weight two portions of fine platinum Solotnik 4l. Such a three ruble piece, which I have in mind has 10.66 Rheinl lines. Maas in diameter, so the size of a new French "Louis d'or" from the year 1786 or 1788, but slightly thicker. The same weight of 2902 has cölnische directional pennies, therefore cölnisch 22.73 go to a piece of cord. The outer edge is heavily milled. On the obverse, is inscribed: 3 Rubli naserebro (3 rubles) 1828. S.P.B. (probably the first letters of the name of the coiner), as inscription: "2 sol 41 dol." (2 Solotnik,
SPB is St. Petersburg. (The coiner's initials were also stamped.) Metal value of a 3-Rouble coin was declared by fiat equivalent to three Silver Roubles; hence, "12 Francs."
Factoring the weight & purity:
Factoring the weight & purity:
1828: 1 Troy Ounce Platinum (refined; ingot @ St. Petersburg) = 36.46 руб
1828: 1 Troy Ounce Platinum (monetized) = 9.028 руб
1828: 1 Troy Ounce Platinum (monetized) = Fr. 9.66
1828: 1 Troy Ounce Platinum (coin-value) = Fr. 36.11
Citation: Revue encyclopédique: liberté, égalité, association, Vol. 43 ; Marc-Antoine Jullien, Auguste Jullien, Hippolyte Carnot (1829), p.492.
Citation: Revue encyclopédique: liberté, égalité, association, Volume 40 By Marc-Antoine Jullien, Auguste Jullien, Hippolyte Carnot (1828), p.414.
Contemporary German Opinion:
No comments:
Post a Comment