USA, 1838: Early Platinum Industry in Philadelphia (General, 1840s)

In the USA, platina was imported but no formal industry existed.  Benjamin Silliman & Robert Hare purchased platina, but it's unknown how their worked Platinum was commercialized.

In this period, Platinum sold in the USA was presumably imported otherwise, at Paris or London market rates.  Although the West Point expense list (drafted in 1838) does not cite weight, known price differentials for French domestic and US-imported Platinum highly recommends "1 oz." for this amount.

1838:  1 Troy Ounce Platinum (Semi-Mfg, Imp?, Ret.) = USD$ 10.

Citation: Expenses of West Point Military Academy (1839)  US Senate Document, p.263


Another uncertain weight, a London shipment of platina dust suggest 25% the value of Gold-dust.  Where Gold dust (96% pure, at Sterling rates) may be assumed at a currency rate USD$19.87 - 20.83/oz, platina would be higher, at a gold-rate USD$17.50/ounce, lower.  Subsequent years reveal highly similar prices, when adjusted to English Troy ounces.


1838:  1 Ozt. Platina (Ore) ~ USD$ 5. - 5.25
1838:  1 Ozt Platina (Ore) ~ USD$ 4.39


Unmanufactured, refined Platinum appears double the ore value; the intrinsic rate ascertained accordingly.


1838:  1 Troy Ounce Platinum (intrinsic) ~ USD$ 5.50 - 6.50


Citation: PUBLIC DOCUMENTS PRINTED BY ORDER OF THE SENATE OF THE UNITED STATES, DURING ... (1839)

Recollection circa 1837: a "Platinum" dental plug cost 1.25x "Gold" filling.

Citation: Dental News Letter: A Quarterly Publication Devoted to the ..., Vol. 8 (1854)


 
.c1839: what dentists referred to as "Platina" was in fact Tin.



In 1837/8, Dr. Hare is credited as the first to melt larger quantities of Platinum by flame.  Hare's preserved papers appear to omit any reference to a Platinum side-business.  If he was buying pounds at a time (in 1816) and re-fusing scrap in the largest known quantities (in 1828), his US Platinum output was significant.  (His assistant, Joaquin Bishop, established the first Platinum foundry in Malvern, PA in 1842.)  To whom was all of Hare's Platinum sold, and at what rate(s) ?

His expression for the value of scrap Platinum is peculiar and curious, or inexact: 'cost to the Producer,' not value is meant.  This focus seems notably commercial, again mysteriously.  If a producer's cost basis is lowered, why should that lower the scrap market price? Does a process that more efficiently recycles a commodity (lowering the producers' cost) ultimately raise or lower a scrap "value"?  It's otherwise unclear exactly what he means about "reducing value."

The suggestion that "Wollaston's Platinum" scaled is also noteworthy ; the same problem occurred with Russian coins produced after Perceval Johnson showed the St. Petersburg Mint how to render platina malleable.  The Johnsons supplied Wollaston with much of his platina, and their knowledge how to work platina followed the same method. 

1838?  1 Troy Ounce Platinum (recycled Scrap?) ~ USD$ 6.20 - 6.50
1838?   Labor to Recycle Platinum Scrap, per Troy Ounce ~ USD$ 1.25 - 1.30

? 1842:  1 Troy Oz. Platinum (pure, intrinsic, mkt) = USD$ 6.80

Citation: A compendium of the course of chemical instruction in the ..., Vol. 1-2, By Robert Hare (1840)  p.293












 
At Boston auction, unknown price:
   

 Hare's Oxy-Hydrogen Blowpipe:
 

Note the Merchant's assumed 15% margin, after all costs factored. Wholesale Shipping Cost, where 1 English/American yard fabric weighed an estimated 8-9 Ounces avd. (7.5 Ozt): 

c.1838?: 1 Ozt. Fine Commodity (Transport Cost, from London) = $ 0.02032