From 1805 - 1832, The UK experienced severe deflation: a -36% fall in a broad English commodity index (Seligman's 1913 chart, on Jevon's & Sauerbeck's averages) is evident. From 1816 - 1832, the same index fell -12%.
However, from 1815 - 1830 the UK price of refined Platinum rose ~ 25%: £ 1.0 > 1.25.
However, from 1815 - 1830 the UK price of refined Platinum rose ~ 25%: £ 1.0 > 1.25.
1805: 1 Troy Ounce Platinum (refined, retail) = £ 0.75 (USD$ 3.26)
1815/6: 1 Troy Ounce Platinum (refined, retail) = £ 1.05 (USD$ 3.26)
1830: 1 Troy Ounce Platinum (malleable) = £ 1.25 (USD$ 6.08)
1815/6: 1 Troy Ounce Platinum (refined, retail) = £ 1.05 (USD$ 3.26)
1830: 1 Troy Ounce Platinum (malleable) = £ 1.25 (USD$ 6.08)
From 1815 - 1832, the price of British Platinum stills (used for concentrating sulphuric acid, then an expensive industrial chemical) increased +57%.
1809-15: 1 Troy Oz. Platinum (Wollaston mfg.) = £ 0.83 (USD$ 3.)
1832/3: 1 Troy Ounce Platinum (mfg, British alembic) = £ 1.21 (USD$ 5.88)
1832/3: 1 Troy Ounce Platinum (mfg, British alembic) = £ 1.21 (USD$ 5.88)
Citation: The English cyclopædia: a new dictionary of universal knowledge, Volume 6, edited by Charles Knight (1858), p.797
Simultaneously, other English metal products witnessed 50 - 85% price declines. Charles Babbage's price tables for simple British manufactures illustrate severe deflation for the same period. This appears to have bottomed in 1830, coincident with The Swing Riots and perhaps the normal outcome of deflationary monetary policies and the Crash of 1825, a global financial event described by Bordo (1998.)
Though the English platinum production was insignificant at this time, the price stability & growth in this small industry remains especially noteworthy.
Though the English platinum production was insignificant at this time, the price stability & growth in this small industry remains especially noteworthy.
Export Price of UK Bar Iron
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