August 15, 2010

USA, 1865/6: MIT Textbook; Luhme Catalogue (1866)

Assuming the lowest grade Osmiridium (Ir 47% / Os 49%; Ir 53.5% ) was meant; otherwise the SF Platinum market (Scrap) should estimated $7./Ozt at .999 Purity.

1865: 1 Troy Oz. platina (CA: Osmine, Ir 47%-54%) = USD$ 2. (USD$ 2.19)
1865: 1 Ozt. Ir (CA: Iridium, .999) ~USD$ 3.74 (USD$ 4.10) 
1865: 1 Ozt. Ir (CA: Iridium, .999) ~USD$ 4.25 (USD$ 4.67)
  
1865: 1 Ozt. platina (CA: "85.5% Pt") = USD$ 6. (USD$ 8.29 - 8.45)
1865: 1 Ozt. Pt (CA: .999 Pt) = USD$ 7. (USD$ 7.68)

 Citation: Mechanics Magazine; John Knight, Henry Lacey (June 1, 1866) p.347


1866 1 Ozt. Platinum (UK: Semi-mfg., Whols/Ret.) = USD$ 12.50 (£ 1.65)
1866: 1 Ozt. Platinum (UK: Mfg, Whols./Ret.) = USD$ 14.70 (£ 1.94) 

1865: 1 Ozt. Platinum (Mfg, Bulk) = $ 6.35 ; USD$ 10. (Fr 32.66)
1866: 1 Ozt. Platinum (Semi-Mfg., Retail) = $ 6.09 (Fr. 31.1035) 

Larger Platinumware items of simpler construction were cheaper, but all paid a 40% US Import duty.  The US unmanufactured rate likewise appears ~42% higher than the Paris price, to include merchant costs and profit.


1866: 1 Ozt. Platinum ( > 1 Ozt. Semi-Mfg, Whols./Ret.) = $8.64 (USD$ 9.48)

1866: 1 Ozt. Platinum ( < 1 Ozt. Semi-Mfg, Whols./Ret.) = $9. (USD$ 9.87)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $7.20 (USD$ 7.90)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $8.40 (USD$ 9.22) 
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $8.64 (USD$ 9.48)
  
1866: 1 Ozt. Platinum ( > 1 Ozt. Semi-Mfg) = $9.87 (USD$ 13.91)
1866: 1 Ozt. Platinum ( < 1 Ozt. Semi-Mfg) = $14.40 (USD$ 15.80)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $12. (USD$ 13.17)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $14. (USD$ 15.36) 
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $14.40 (USD$ 15.80)
 
In Luhme's Descriptive Catalogue of Chemical, Pharmaceutical and Physical Apparatus, Meteorological & Mathematical Instruments (c.1866)

p. 43 "Blowpipe Spoons, Platina $2.00 to $2.50"p. 55 "Capsules, Apothecaries, of Platina or Iridio-Platina, Paris make, with or without lip, shallow or hemispherical, and with or without cover. Price according to the size From 40 to 45 cents pr. gramme, or 2 1/2 to 3 cents pr. grain.do., of Pure Silver, according to size. $3.00 to 4.00 pr. oz." 

p. 83 "Crucibles, Platinum or Iridio-Platinum (as used by St. Cair Deville); conical form; with covers having the form of a shallow capsule with handle. Best Paris make. Capacity fr. 1/8 to 1.5 oz. Price 3 cents per Grain, or 45 cents pr. gramme. The capacities of the different sizes, in comparison to their weight, are aboutCont. 1/8.....1/4....1/2....3/4........1....1 1/4....1 1/2 oz.Weight 120....180....240....320....400....500....650 grains about 676. 
Crucibles, pure Silver, conical form, with cover Cont. 2.........4 oz.Weight $5.....$7.50"

p. 107 "Galvanic Battery, Grove's. The size of the glass tumbler is 4 inches high by 3.75 inches in diameter. The weight of the amalgamated zinc* is 2.5 pounds the size of the platinum foil is 3 1/2 inches by 3/4 inch. 
Single cell with binding screw........$3.
Double Cell complete.....................$4.50
Intermediate Cells.........................$1.75
Six Cells in a wooden box...............$12.
Twelve...........................................$22."
(indicated as $0.25/lb., p.151)

p.134 "1259. Platinum Foil for Grove's Battery or Blowpipe use...... $9.00 pr. oz., 3 cts pr grain.
.............do., Wire, for Blowpipe use .....50 cts. to $1.00 pr foot
.............do., Wire, very fine, for ignition with the battery.....15 cts. pr foot


Before any import cost, duties, or profit the Dollar-depreciated values of foreign Platinum were much higher after April, 1864, but fluctuating in 1865:

4/1864 - 9/1864?: 1 Troy Ounce Platinum (mfg., whols.) = Market Price of Gold

1865/6: 1 Troy Ounce Platinum (mfg., whols.) = £ 1.60 - 2.40 (USD$ 12.30 - 18.46)

A Chemistry textbook was jointly produced by two brothers-in-law, Charles Eliot & Frank Storer, after the first year of a course they taught for the Massachusetts Institute of Technology (February, 1865) in Boston.

A 2:1 Gold ratio implies Platinum rose more significant than most commodities, before the 1866/7 price crash. A hypothetical Platinum price record in Greenbacks follows:

4/1864: 1 Troy Ounce Gold (refined) = USD$ 35.70
4/64: 1 Troy Ounce Platinum (refined) ~ USD$ 35.70

7/64: 1 Troy Ounce Gold (refined) = USD$ 53.41
7/64: 1 Troy Ounce Platinum (refined) ~ USD$ 53.41

10/64: 1 Troy Ounce Gold (refined) = USD$ 42.83
10/64: 1 Troy Ounce Platinum (refined) ~ USD$ 35.

1/65: 1 Troy Ounce Gold (refined) = USD$ 44.69
1/65: 1 Troy Ounce Platinum (refined) ~ USD$ 22.50

4/65: 1 Troy Ounce Gold (refined) = USD$ 30.72
4/65: 1 Troy Ounce Platinum (refined) ~ USD$ 15.35

7/65: 1 Troy Ounce Gold (refined) = USD$ 29.36
7/65: 1 Troy Ounce Platinum (refined) ~ USD$ 14.75

10/65: 1 Troy Ounce Gold (refined) = USD$ 30.09
10/65: 1 Troy Ounce Platinum (refined) ~ USD$ 15.

1/66: 1 Troy Ounce Gold (refined) = USD$ 28.96
1/66: 1 Troy Ounce Platinum (refined) ~ USD$ 14.75

4/66: 1 Troy Ounce Gold (refined) = USD$ 26.31
4/66: 1 Troy Ounce Platinum (refined) ~ USD$ 13.

7/66: 1 Troy Ounce Gold (refined) = USD$ 31.34
7/66: 1 Troy Ounce Platinum (refined) ~ USD$ 15.50

10/66: 1 Troy Ounce Gold (refined) = USD$ 30.66
10/66: 1 Troy Ounce Platinum (refined) ~ USD$ 15.

1/67: 1 Troy Ounce Gold (refined) = USD$ 27.82
1/67: 1 Troy Ounce Platinum (refined) ~ USD$ 14.


Richmond Price:
10/64 - 1/65: 1 Troy Ounce Gold (refined) = Gold $ 64. ; C$ 3,840.
10/64 - 1/65: 1 Troy Ounce Platinum (refined) = Gold $ 64. ; C$ 3,840.


Citation: "Dental Surgery as applied in the Armies of the Late Confederate States" W. Leigh Burton in American Journal of Dental Science, Vol. 1, No. 4 (August, 1867) , p.182



1866:
Citation: A manual of inorganic chemistry: arranged to facilitate the experimental ... By Charles William Eliot, Frank Humphreys Storer(1866), p.592


High though these Greenback prices might seem, dental suppliers were advertising/retailing refined Gold foil in Early-Mid 1866 for +75% the New York Market Spot. That implies retail prices for the far rarer imported Platinum rose above $26./oz. in Greenbacks.

In 1864, pure Palladium was reportedly sold for $150./oz. (in Greenbacks?), up from $30. - $60. in the mid-1850s. If following the price of Palladium +300%, refined Platinum products sold at retail might well have cost ~$45. in Greenbacks. In 1858, Platinum crucibles were reportedly sold for $18. - 19. ; a doubling of prices was by no means atypical in this period.

If Gold Foil in 1865 was 50% more expensive than it had been in 1855, Platinum Foil might easily have cost ~ $25 wholesale.

Citation: Hettingers Dental News, Vols. 1-6 (June 1866) p.71

Citation: Hettingers Dental News, Volumes 1-6 (Dec. 1866) p.178


1865-72: Philadelphia Platinum Price, $10.40, Gold Rate

1865-72: 1 Troy Oz. of Platinum (semi-mfg, retail) = USD$ 16.36 > 11.62)

Citation: Dental summary, Vol. 36 (1916) p.249


L.G. Tillotson's Catalogue (July, 1866):




Tables of the NY Gold/Greenback Price, 1862-65:







Inflation of Retail Prices in Greenbacks:

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