October 31, 2010

USA, 1869: McAllister's Catalogue


1869: 1 Troy Ounce Platinum (UK: Wire, Retail) = $ 6.81 /USD$ 9.06 (£ 1.40)

1869: 1 Troy Oz. Platinum (Germany: Scrap, Ret.) =    (Thl 5.70; 14.256; ~ £ 0.86)
1869: 1 Troy Oz. Platinum (Germ.: Wire & Foil, Ret.) =     (Thl 9.33 ; 24.624 ~£ 1.40)  
1869: 1 Troy Oz. Platinum (Paris Mfg, Bulk rate) = $ 4.60 (Fr 23.33) 

In 1868/9, the Continental and English Prices for manufactured Platinum were nearly identical. 
   
1868: 1 Troy Oz. Platinum (German Market) ~ DM 17.885 (£ 1.33)  
1869: 1 Troy Oz. Platinum (UK Market) = £ 1.34 ($ 6.52 ; USD$ 8.67)

The price of semi-manufactured Platinum was considerably higher than Gold in McAllister's Catalogue (24th Ed.)  Platinum Strips were about 2x more expensive than pre-War prices; Grove's batteries 69% higher likewise.  (McQueen's 1859 Catalogue had shown identical prices to McAllister's 1855 Catalogue.) 

Codman & Shurtleff's Catalogue offered Platinum at ~30% less, circa 1870. In 1872, Platinum prices in NYC were yet half as much, suggesting wholesale (or specie) prices collapsed circa 1870.

1869: 1 Troy Oz. Platinum (semi-mfg, whols.) = USD$ 24. ($18. in Gold)

Citation: A Priced and Illsutrated Catalogue of Meterological and Philosophical Instruments and School & Chemical Apparatus, Manufactured and Sold by W. Mitchell McAllister, 728 Chestnut St. Phila. PA :24th Ed. 1869  pp. 68








c. 1869? 1 Troy Oz. Platinum (semi-mfg, whols.) = $ 14. - 18.66 (USD$ 18.61 - 24.82)

Citation: "Descriptive and Illustrated Catalogue of Philosophical Instruments / Illustrated Catalogue of School Apparatus" H.B. & W.O. Chamberlain (c.1870) pp. 13; 24



Platinum Bichloride also witnessed rising price in the late 1860s.  The double salt was ~28% pure Pt; the fluid ounce ~0.5 English Troy Grains.


1865: 1 Troy Ounce Platinum (28% salt, whols.) = $ 1.65 

1865: 1 Troy Oz. Platinum (28% salt, whols.) = $  5.88

$ 1.57 (USD$ 2.47)

1865: 1 Troy Oz. Platinum (semi-mfg, whols.) = $ 18.90 - 23.60

1868: 1 Fluid Oz. Platinum Chloride (PtCl2, Ret.) = $ 1. (USD$ 1.17)


1868: 1 Troy Oz. Platinum (PRESUMED refined, semi-mfg, whols.) ~ USD$

1869: 1 Fluid Oz. Platinum (solution, trade) = $ 2.0 (USD$ 2.66)
1869: 1 Troy Oz. Platinum (see above) = $18. (USD$ 24.)
1869: 1 Troy Oz. Platinum (avg. price; see below)  ~$10.40 (USD$ 13.83)
 
1872: 1 Fluid Oz. Platinum (solution, whols.) = $ 0.75 (USD$ 0.84)
1872: 1 Troy Oz. Platinum (semi-mfg, whols./ret.) = $10. - 16.80. (USD$ 11.17 - 18.77)




1868:

1869:

March, 1869: Tillotson's Advertisement, Chicago IL

Citation: Journal of the Telegraph, Vol. 2; (Mar. 1869 Supplement p.3) Western Union Telegraph Company



Like other PMs, the (dry) Platinic Salt was 10x the Price of Platinum in Solution (fluid.)

1872: 1 Fluid Oz. Platinum Chloride (PtCl2, Ret.) = USD$ 0.75
1872: 1 Troy Oz. Platinum Chloride (PtCl2, Ret.) = USD$ 7.50 (USD$8.78)
1872: 1 Troy Oz. Platinum (Semi-Mfg, Whols.) = USD$ 12. - 14.40

1872:

1868: 1 Troy Oz. Platinum (IV) Chloride (PtCl4) = £ 1.60 (USD$ 10.93)

1868?

1865-72: 1 Troy Oz. of Platinum (Semi-mfg, Retail) = $ 11.62 (USD$ 16.36)

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




US Imports, $101,635.

US Imports:



Incorrect price-guess ("valued at $4.")  If the Platinum planchet was 3.5% Cu, 7.5 Grams Pt (@£ 1.40/Ozt = £ 0.3378) the retail market value of Platinum in the planchet would be ~£ 0.358; 36% the coin's purported value.  Scrap sold in London @ ~£ 1.00/Ozt; a Scrap-Ask for the planchet would be ~£ 0.26; 26% the coin's purported value. 

Estimating Tools and Risk-Cost (double the salary of a gold worker), an approximate First Cost-Basis for re-gilded Counterfeit Platinum can be guessed. "Value" to the counterfeiter should be understood as Profit (unknown); false coin was generally discounted through fencing and other accessory criminal operations.  "Value" at market is otherwise simply the intrinsic Market price of Platinum in a finished, refined state.

The counterfeit Napoleon in Platinum was estimated to be worth Fr. 4. in 1875.


1869: 1 Troy Oz. platina (NYC: 85% Ore?) = $ 4.00 (USD$ 5.33)
1869: 1 Troy Oz. Pt (CA: .999 Ore ) = $ 4.71 (USD$ 6.27)
1869: 1 Troy Oz Pt Labor = $ 0.60 (USD$ 0.80)
1869: 1 Troy Oz. Platinum (USA: First Base Cost) = $ 5.31 (USD$ 7.07) 
1869: 1 Troy Oz. Platinum (USA: +25% Profit) ~ $ 6.64 (USD$ 9.20)

1867: 1 Troy Oz. Pt (SPb: Ore @ .999) = $ 2.88; USD$ 3.99
1867: 1 Troy Oz. Pt (European Labor, Recycled Platinum) = $ 1.52; USD$ 2.11
1867: 1 Troy Oz. Pt (Counterfeiter Wage: US Labor, Goldworker x2) ~$ 3.40 
1867: 1 Troy Oz. Platinum (First Base Cost, Illicit) ~ $ 7.80 (USD$ 10.81)

1869: 1 Troy Ounce Platinum (Scrap?) = $ 4. (USD$ ) 
 
1870: 1 Troy Oz. Platinum (Trade: Semi-mfg) = $ 6. - 8. (USD$ 6.89 - 9.19) 
1870: 1 Troy Oz. Platinum (Counterfeiter Coin: Tool & Labor Cost?) ~$ 2.00  

1870: 1 Troy Oz. Platinum (First Cost, Illicit)~ $ 8.-10. (USD$ 11.08-13.85 )
  
Citation: The Numismatist: An Illustrated Monthly Magazine..., Vol. 34





Freight: (NYC-Brest) was $0.219428572/Ozt.

October 29, 2010

USA, 1818: Wollaston, Bollman

1) Letters and notation from Dr. Wollaston circa 1817-8 reported purchases from Philadelphia for platina @ USD$6./lb avoirdupois.  Apparently the same source, Erich Bollman (then resident in Philadelphia) had paid ~USD$6./lb avoirdupois in 1816; this was likely the wholesale bulk rate 1813/4.   

This suggests the Philadelphia ore price was fairly stable, 1813-16.  For much smaller amounts, Dr. Robert Hare paid a higher retail rate in April, 1816.  


In error, Capitan (1979) imgaines the price of platina at Philadelphia in 1820 was $USD 5./oz avoirdupois; no price data for that late date supports that mistaken inference, although domestic metal prices had fallen dramatically, 1817-9.   

On Bollman's advise, Wollaston requested platina from Vaughan in Late December, 1817: the order was received and paid 7 months later. This small order may have exhausted the available stock of wholesale platina in the USA, circa April 1818. Despite further requests, no more platina was forthcoming.  His Notebooks log a purchase of 684 ounces on 21/25 July 1818 @ USD$ 6./Lb.avd, and further attempts to secure platina from Philadelphia at $5.-6./lb. until at least 1820.

Although he maintained a keen business interest in the metal until his death, it is most likely Bollman was reporting earlier prices from Philadelphia 1815/6.  In 1821, Bollman was sent by Barings Bros. to Colombia, to investigate platina sources; he perished of a malady in Kingston Jamaica on his return voyage. 

c.1819: 1 Troy Oz. Platinum (US producer price)  = USD$ 5.49   
c.1817: 1 Troy Oz. Platinum (Europe: Intrinsic) ~ USD$ 2.50 (Fr. 13.43)

Americans generally had poor understanding of the Platinum market, as late as 1824.




The Tariff of 1822 included a 15% tax on imported Platina/Platinum: 


Citation: The present state of Colombia, by an officer late in the Colombian service p.309



US commodity prices, generally.

Citation: Does protection protect?: An examination of the effect of different forms of ... By William Mason Grosvenor (1871) p.176

UK, 1844: E. M. Clarke Catalogue; Pound Standard (in Platinum)


Catalogue published in 1841; addendum to 1844 book

Citation: Elements of Agricultural Chemistry; Sir Humphry Davy, John Shier (1844)



 














Weights:




Spongy Platinum Wick












List of Prices of Mathematical, Philosophical, Optical and chemical Instruments and Apparatus Manaufactured By Edward M. Clarke No. 428 Strand, London. Published by Taylor & Walton.  82 pp. Hand-dated by Francis Peabody Oct. 31, 1844.

Platinum was reportedly rising, and listed Pt prices were probably from 1843.






p. 47, under 'Chemicals': 
1844: 1 Troy Oz. Iridium ("Native" ore?)  = £ 0.50 (USD$ 2.43)
1843: 1 Troy Oz. Platinum (semi-mfg, whols.)  = £ 1.50 (USD$ 7.19)

p. 58, under 'Voltaic Electricity':
"Grove's Platina Battery, in glass boxes or jars same size as No. 17... [£ 0.80]"
"Six Grove's Battery in a mahogany Stand, with two binding screws and two mercury cap connections. Batteries size of No. 17.... [£ 4.80]"
"Ditto, Size of No. 18...[£ 6.]"
"Mahogany stand, 12, No. 17...[£ 9.]"

p.59:
"Pair of Platinum Plates, on glass pillars, for the decomposition of the alkalies...[£ 1.5] - [£ 3.15] 
 

November 23, 1844: 1 Months' passage from the West Indies (see 1844 Forex)

Assuming no coin premium, no freight/packing charge, the West Indies-UK cost for $1,620 Specie would be $1,638.  (88 Ozt Gold Coin @ C$18.391/Ozt)

Assuming 75 Ozt gold ore purchased at Choco for C$ 15.45, the initial West Indies-UK cost for $1,159 Gold dust would be $1,172.  (@ Fine @C$15.45/Ozt)

Assuming 75 Ozt gold ore purchased at Cartagena £ 261.16/$1,305.75, the West Indies-UK transport cost for Gold dust @ .999 Fine Au would be £ 288.25/$1,441 * 1.125% = £ 291.5/$1,457 ( .999 @ £ 3.8862/Ozt ~ C$ 19.43)

Assuming platina at C$ 3.457, the West Indies-UK cost for $1,1379 /£ 275.8  platina would be $1,395./£ 279  (399 Ozt 75% platina ore @C$ 3.457/Ozt = £ 0.6914/Ozt)  
~ C$ 4.66/Ozt or £ 0.932/Ozt. 999 Pt

The Clyde brings home 18 passengers, and on freight 1,620 dollars, L.18 British money, 75 ounces gold dust, 599 ounces silver, 399 ounces platina.


 
Platinum Standard Weights: