USA, 1831: US Platinum Coinage Mentioned by Fmr President John Quincy Adams

DSQ

Henry Middleton (US Ambassador to Russia, 1820-30) had left St. Petersburg in August 1830; he brought platina coins back to the USA. One may surmise "platina coins" presented to President John Quincy Adams would be the 3- and 6-Rouble pieces; the 12-Rouble Coin had not yet been released in 1830.

Accepting the stated Russian Rouble rate, a 3-Rouble Coin was worth USD$ 2.31 in silver.

January, 1831: 1 Troy Ounce Platinum (Est. Coined Rate) = USD$ 6.94



A February 1831 letter from the fmr President addressed the possibility of Platinum coinage in the USA.  As an Ambassador to Europe, John Quincy Adams had visited Erich Bollman in Europe in 1815 and apparently considered this idea in that period.

Noting the recent large discovery of platina in Russia (c. 1824), Adams inquired about the platinum industry (of which Middleton was ignorant.)

The Spanish Real (the Eighth, not the famous 'Piece of Eight' or Spanish Dollar) was about 91.7% silver, ~ 21 mm diameter, weighing 3.38 g. In size, it's smaller than a US nickel and about the size of today's Brazilian 10 Centavos piece.

Adjusting for the heavier specific gravity of forged platina (21.25) Adams' hypothetical Dollar Coin would have weighed approximately 6.85 g. US Gold coins of the day included a Quarter Eagle (USD $2.50) @ 4.37 g and the Half-Eagle (USD$ 5.) @ 8.75 g.

The London Price Collapse of c. 1830 implies both the value and rationale for Adams' timely suggestion. The value of an ounce of Platinum is ascertained accordingly.

1828: 1 Troy Oz. platina (whols. est. vs. Ag &Au) ~ USD$ 4.60 - 4.85
1832/3: 1 Troy Oz. Platinum (imported Paris manufacture) = USD$ 6.00

1830/31: 1 Ozt. Platinum (hypothetical, coined rate) ~ USD$ 4.55

Letter from J.Q.A., February 1831:

Citation: The New England farmer, Vol. 9, Thomas Greene Fessenden, 1831

The US Mint indicted the 3-Rouble Coin weighed 159.817 Grains Troy, (~10.355 Grams); the Silver Rouble @ .875 280.72 Grains Fine Ag (18.19 Grams Ag).  


The Gold coin is mysterious, it should be 6 Roubles? Weight discrepancy: 5.972 - 6. Grams Fine Gold! 

"5 руб Au" = 0.25278125 Ozt; 7.86237592 g.

Citation: Comparison of Weights and Measures of Length and Capacity Reported to the US Senate,  Ferdinand Rudolph Hassler (1832)






Weight & dimensions of the Platinum coin:

Citation: Geological Survey professional paper, Vols. 630-631, (1968) p.3

1831: 




In 1831, the US Tariff Rate on all platinum was 25%. Normal US consumers ordering from European vendors would pay tariff plus postal shipping rates.

1831: 1 Ozt. platina (UK Import: Ore, Ret.)  ~ USD$ 8.87  (£ 0.90 +25%)
1831: 1 Ozt. Platinum (UK Import: Sponge, Ret.)  = USD$ 8.87 (£ 1.50 +25%)
1831: 1 Ozt. Platinum (UK Import: Foil, Semi-Mfg, Ret.) = USD$ 9.46 (£ 1.60 +25%)
1831: 1 Ozt. Platinum (UK Import: Mfg, Ret.)  = USD$ 10.06 - 10.65 (£ 1.70 - 1.80 +25%)


c.1832:

1830: the Spanish Dollar circulated on par with the USD, 1:1