Russia, 1840

From 1828, the Russian price for refined Platinum collapsed profoundly by 1840, in Silver value from 5:1 to about 2:1. (The same valuation for ore appears in a 1842 US article : "in large quantities it would be worth twice as much as Silver.")

Several unknown factors must explain this extraordinary event, unrecorded and poorly understood even today.

c.1840?:

Citation: Revelations of Russia: or The Emperor Nicholas and his empire, in 1844, Vol. 2 By Charles Frederick Henningsen (1844) p.275

c.1844

Peak production of Platinum in the early 1840s was likely related to the falling price. Also, Bonolli's massive importation (of Colombian ore, from Cartagena) to Europe probably coincided with Demidoff's gargantuan Russian export in 1840. By this perhaps not coincident oversupply, the market-price for Russian ore suddenly and briefly collapsed.

1880s
 

c.1825: 1 Troy Ounce Platinum (coined, Russian rate) = £ 1.43 ($USD 5.15)

1844: 1 Troy Oz. Platinum ("about 2x Ag: £ 0.2976") ~ £ 0.5951 ($USD )

c.1844: 1 Troy Oz. Platinum (Russian mkt value) = £ 0.23 ($USD 0.83)

Dated information, 1847: James Abbott was in Orenburg in June 1840, in St.Peterburg by August 1840. Platinum Coin was then supposed to be about half the Gold-Coin, but the Platinum Rouble was well-known to be discounted.

Improved technology (cheaper refining methods) also reduced Platinum prices dramatically; this comment presumably refers only to refining-cost parity, yet reads dramatically to imply a par-value with Silver.

1840:

But the British manufactured market price was firm, as manufacturers eagerly absorbed cheap platina for new uses & demands. (See Grove's Battery.)

1805: 1 Troy Ounce Platinum (refined) = £ 0.88 ($USD 3.83)

c.1835: 1 Troy Ounce Platinum (mfg, retail? See Davy.) ~ £ 1.80 (USD$ 8.73)

Citation: Journal of the Chemical Society: Transactions, Vol. 77 By Chemical Society (1900) p.578

Russian estimation of Davy's Battery: £600. ?

Jacobi's Grove's Battery, 1840:
 

Platinum was ~ 17 - 18% of the Gold Yield (excluding old Gold Coin, etc.)

1839 Platina Yield: 91.9123 Poud = 3,676.5 Funt = 48,405 Ozt. = 1,505.5 Kgs.  

1840: Platina Yield: 94 Poud = 3,760 Funt = 49,505 Ozt. = 1,539.77 Kgs.
1840: Gold Yield: 551 Poud = 22,040 Funt = 290,181 Ozt. = 9,025.65 Kgs.
1840: Gold Yield: 534 Poud = 3,760 Funt = 281,227.2 Ozt. = 8,747.14 Kgs.
 
 

Gold Yield, 1824 - 1848:
 

Platinum 2x Silver 
Citation: Archiv für Natur, Kunst, Wissenschaft und Leben (No.2, March 1841) , p.22