April 26, 2012

Russia, 1832



April, 1832: After the arrival by caravan of the Second Semester 1831 yield (March 1832), a general discussion of the European platina price-cours 1826-1832, viewed from St. Petersburg. European Prices for Colombian platina as reported in the still frozen in capital might be dated (Summer 1831) foreign news. Under crown monopoly, platina wasn't legally exported until 1827; a black-market cours for Ural ore is unknown.
 
12/1824: rumor of a major platina discovery in the Urals (Baranchinsky Massif)

March, 1825: Urals: major platina placer mines discovered
8/1825: Major platina placer discovery reported in the capital; SPb platina price begins falling.

1) 12/1825: "fell by one-third," probably with the arrive of the second semester 1825 caravan (March, 1826; reported as late as July, 1826)
2) 1826: Alexander N. Arkhipov refining Platinum, 75% pure (with additional PGMs) ingot
3) 8/1827: Major discoveries & yield well-documented by Russia, German sources
4) December 1827: Probable SPb Low, a -50% Decline from 7/1825 Price Level
1827: Yield,
5) 1828: Resolution to Coin Platinum
6) March 1832: Platina parity (per Zolotnik, intrinsic?) with Assignat, 1:1

Also the Russian government was the first to use {Platinum} to make coinage, which however has not received circulation outside the Empire. On the coinage of platinum in Russia, The Journal of Saint-Petersburg has given the following explanation:

Citation: Annuaire historique universel pour 1832; Ulysse Tence; Pub. Lesur (1834)

"The first current coin in Platinum was issued in Russia during 1828; so another was issued in 1829, and since 1830 we have struck three kinds whose value is 3, 6 and 12 Silver Roubles.  None of them bears the name "Imperiale" (reserved exclusively for the Gold coin); and they are made ​​of perfectly pure platinum, and these have not only a free market in commerce but are received in government coffers just like the Gold and Silver coins.  The value of Russian platina, far from being dependent on that of America, has an opposite influence on the latter, whose price dropped by half when the first mine was opened in the Urals, and then, when the news spread that had resolved to monetize it in Russia, {Colombian platina} went up, and today holds nearly at the price of the Russian currency, which is very natural and it will be clear to anyone who has compared the small amount of platinum yielded in America with the huge production of the Urals."



March, 1832: In SPb, 1 Silver Rouble Coin was worth Fr 4.03; 1 Troy Ounce of coined Platinum (руб 9.31 Silver Coin, or руб 34.45 Banco) was theoretically 'worth' Fr 37.54 or $ 7. at the prevailing Russian exchange. The seignorage was generally assumed to be 35%, based on unrecorded, fluctuating Platinum market-prices around Fr 22./once p.d.m. (intrinsic?)

Crude Platinum ingot sold at closer to half that price Fr 15.24 and American merchants were warned the 3 Rouble coin-value was lower by 17%, suggesting a depreciated coinage.

1831: 1 Troy Oz. platina (SPb Mint: 75% Ore) = руб 21.87 Banco

1832: 1 Ozt. of Platinum (SPb Mint) = руб A. 21.87 (USD$ 4.0965

1832: 1 Troy Oz. of Platinum (Theoretical Rouble Rate) = Fr 37.54
; USD$ 7.

1832: 1 Ozt. Platinum, Coined @ SPb = руб Ag. 9.00 (USD$ 6.64)

Assuming the SPb Mint still sold for 5 руб. Acc./Zolotnik (1832: 1.3553 руб. Ag),  

1832: 1 Ozt. Platinum Ingot (@ SPb  Mint) = руб Ag. 9.8816 (USD$ 7.50)




In Golde:
a) Früher: Species-Ducaten zu 24 Rubel, seit Peter l. Doppelte dergleichen zu 4.5 Rubel. Andreas-Ducaten oder goldene Doppel-Rubel zu 2 Rubel seit 1756. Gold-Rubel zu 1 Rubel seit 1756. Imperialen zu 10 Rubel seit 1755, und halbe dergleichen zu 5 Rubel.
b) Gegenwärtig und seit 1817 werden nur noch halbe Imperialen zu 5 Rubel ausgeprägt, welche 22 Karat fein sind und von denen 39.4 bis 39.67 Stück eine Cöln. Mark fein Gold betragen.

Die Goldmünzen genießen gegen die silbermunzen ein veränderliches kleines Aufgeld von circa 4 procent (mehr oder weniger) und ein Rubel in Golde gilt gegenwärtig 366 Kopecken (mehr oder weniger) in Bank Assignationen (f. unter die Course.) 


In Platina:
Seit dem 1828 bedient man sich in Rusland auch der Platina in Münz Metall und zwar werden bis jezt darin ausgepragt: Drei-rubel-Stücke od. Platina-Ducaten, Sechs-rubel-Stücke oder "Platina-Dublonen" (seit December 1829) und Zwölf-rubel-Stücke oder "Platina-Quadrupel" (seit Januar 1831) 


In gold;
a) Formerly: Species-Ducats at 24 Roubles, since Peter I Double like at 4.5 Roubles. Double Ducat of St. Andrew, a 2 R. gold coin since in 1756. Gold Rouble 1 R. coins  since in 1756. Imperial Roubles at 10 R. since 1755, and Halfs at 5 R.
b) Since 1817 to now, only Half-Imperials are declared 5 Roubles, at 22 carats fine ; 39.4 to 39.67 pieces equal a Cologne Mark Fine Gold .

The gold coins enjoy a small variable premium of about 4% over the silver coins  (more or less) 1 Gold Rouble is currently 366 Kopecks (more or less) in Banco Assignats (See under 'Course.')

In Platina:
Since 1828 Russia has also instituted Platinum in coin-metal and legally struck: Three-Rouble pieces, Platina-Ducats, Six-Rouble pieces or "Platina doubloons" (since December 1829) and Twelve-Rouble pieces or "Platina quad" (since January 1831) 

1832 Exchange Rates, Silver Pesos, etc.



 

The Poud platina (75% ore) @11,520 Banco-Roubles, 1 French Once @руб A. 21.5354 :

a) at 3.70:1 руб Ag (= руб Ag 3,072 руб Ag/Poud):

1 French Once platina (Russia: 75% Ore) = руб Ag 5.8204 (104.8865 Grams Fine Ag)
1 French Once Pt (Russia: Ore at .999 Fine) ~ руб Ag 7.7605 (139.85 Grams Fine Ag)

b) at 3.75:1 руб Ag (= руб Ag  3,113.5 руб Ag/Poud): 
1 French Once platina (Russia: 75% Ore) = руб Ag 5.7428  (103.488 Grams Fine Ag)
1 French Once Pt (Russia: Ore at .999 Fine) ~ руб Ag 7.657 (137.984 Grams Fine Ag) 

Assumed at par Fr 4./Silver Rouble, 
1 French Once platina (Russia: 75% Ore) = Fr. 22.97 - 23.28 
1 French Once Pt (Russia: Ore at .999 Fine) = Fr. 30.63 - 31.04

Assumed at 1 French Once Fine Ag = Fr 6.80:
1 French Once platina (Russia: 75% Ore) = Fr. 23. - 23.31 
1 French Once Pt (Russia: Ore at .999 Fine) = Fr. 30.66 - 31.08
 
 
If the Poud platina (75% ore) in 1831 cost 11,520 Banco-Roubles (= Fr. 12,740.50), then 

1831: 1 French Once platina (Russia: 75% Ore) = Fr. 23.82
1831: 1 French Once Pt (Russia: Ore at .999 Fine) ~ Fr. 31.76  


Where the entire worked mass was estimated 147.2 Poud = 77,520 English Troy Ounces, this estimation seems incorrect:

1832: 1 Troy Oz. of Platinum = Silver руб 9.01 = Banco руб A. 33.35


 Citation: Vollständiges Handbuch der Münz-, Bank- und Wechsel-Verhältnisse ..., Vol. 2 ; Christian Noback (1833) p.1232

 
A correct estimation, for 1831. 


1831: 1 Troy Oz. of platina = Banco руб 21.88 (~Fr. 23.365)


Hеrr Professor Hаgеn in Königsberg nimmt nach Thenard in dessen Chemie den preis der französische Unze platina zu 22 Franken an. In St Petersburg selbst rechnet man nach den von dort unter'm 12 April 1831 erhielten Angaben, das Poud platina zu 11,520 Rubeln in Banco-Assignationen. - Dies gibt, wenn man 13 Silber-Rubel dem feinen Silbergehalte nach, mit 52 Franken gleich rechnet von 375 bis etwa 370 Copecken in Banco-Affignationen übrigen aber ba russiche Pfund zu 8533.33 hollándischen Assen, das französische pfund Markgewicht von 16 Unzen zu 10188 dergleichen Assen annimmt, nahe genug 23 Franken für eine französische Unze platina. 


Hеrr Professor Hаgеn in Königsberg (after Thenard, in his Chemistry) assumes Fr. 22 the price of a French Once Platinum.  In St. Petersburg proper is expected by the unter'm of 12 April 1831 there were indications that Poud platina to 11,520 Roubles in Banco Assignationen. - This is when you expect 13 Silver-Roubles fine Silver content equal to Fr 52., the Silver Rouble at the rate ​​of 375 to about 370 Kopecks per Banco Assignat Rouble, and further the Russian Funt at 8533.33 Holland Asses, the French Marc of 16 Onces at  10,188 Holland Asses Assen, close enough to a Fr. 23 per French Once of Platinum.


 Citation: Vollständiges Handbuch der Münz-, Bank- und Wechsel-Verhältnisse ..., Vol. 2 ; Christian Noback (1833) p.1232


Uncertain date, c. 1831? 


1831: 


 

1832 Platina Yield (at Mint Price, Retail) 5.8623 руб Ag/Ozt  

61,090 Ozt : 1,316,651  руб Acc. = 358,129. руб Ag 

.... @ £ 0. руб Ag: £  ; @ £ 0. руб Acc. : £

1832: 1 Troy Oz. platina  = £ 0. - £ 0.



Iridium

1832:
Citation: The merchant's assistant, or, Merchantile instructer: containing..; Georg Thomas Flügel, Francis Joseph Grund (1834) p. 262


The largest platina specimens were reported in Russia in March 1831 and March 1832, perhaps concurrent with highest yielding placer production. This "news" was well-known in Europe by October 1833; it's likely that platina lows formed around that time.


If "~ 27 lbs avd." = 26.5 lbs avd.,12.02 Kgs, 386.5 Ozt. and where 19.55 Фунт = 8 Kgs, the information of James Dickson is exaggerated, mistaken and false.



April 24, 2012

Russia, 1825



1825: 1 Troy Ounce platina (SPb: Ore 80%) = 7.1625 руб Acc.

  The first buyer was the government. From the years 1825-1843 the delivery of the whole platinum gained to the Crown was required. The price paid was initially (1822?) 60 Kopecks per Zolotnik, or {140.66 руб Acc.} per kilogram, with 10 to 12% deducted by the assayer {123.78 руб Acc., net}.  Three years (1825?) later, it rose to {230.31 руб Acc.} per kilogram and finally the coining period (1828-1843) to {290.25 руб Acc.}

Citation: Prometheus: Illustrierte Wochenschrift über die Fortschritte..., Vol. 18, No. 904, p.309 

 
Citation: Annales des voyages, de la géographie, de l'histoire et de l'archéologie 2nd Series, Vol 2, (Nov. 1826) p.116



Estimating 330.36 Pouds (173,982.6 Ozt) platina at 3,805,520 руб Acc.

1824-30: 1 Troy Ounce platina (SPb: Ore 80%) = 21.873 руб Acc.
1824-30: 1 Troy Oz. Platinum Sponge (SPb: Ore 80%) = 21.873 руб Acc.

1824 Russian platina yield (1.825 Pouds): 29.9  Kgs = 961 Ozt.
1825 Russian platina yield (11.6 Pouds):  190 Kgs = 6,109 Ozt.
 
Citation: Narrative of a Visit to the Courts of Russia and Sweden: In the Year 1830 & 1831, Vol. 2;  Charles Colville Frankland (1832)



Erroneous estimation.
1824/5 Russian platina yield (16.29 Pouds):  16.29 Kgs = 523.74 Ozt.
1826 Russian platina yield (27.681 Pouds):  453.4 Kgs = 14,578 Ozt.
1827 Russian platina yield (25.767 Pouds):  422.1 Kgs = 13,570 Ozt.

1827 Russian platina yield (54.44 Pouds):  891.793518 Kgs = 13,570 Ozt.
 


From Russian sources, Iridosmine was discovered (1824) and identified by 1825.  Laugier estimated the Russian platinum ingot to be 80% pure Pt, 14.44% platina-black and ~6% other metals/slag. 

The best quality ore was 86.5 - 88% Platinum, the standard ~73.6 - 78.9% and the lower quality ~70% by 1834.




In June 1825, Russian-manufactured bar-platina was initially described 65% Pt, 20% Ir and 15% Other (9% Ir, 4% Os, 2% Other?)


Citation: Annales des sciences naturelles, Vol. 5 ; Jean Victor Audouin, Jean-Baptiste Dumas p.334


1834:




1828 analysis:


October 18, 1825: major platina mine discovery of March 1825 (Perm) reported in St. Petersburg. Reported in Central Germany (via SPb) three weeks later.



1912 Summary of early Russian period, uncertain forex.

IF "pound" = фунт (410 Grammes) and IF USD$ 3. (=






Winter 1825: Platina price in SPb "falls by one-third."

Citation: Augsburger Allgemeine Zeitung, # 315, 11 Nov. 1825 (1825) p.1260



Mid-1826: The major discovery and how news effected the platina market in the Winter of 1825/6 reported in Western Europe (2-3 month delay.)


Citation: Nouvelles annales des voyages, de la géographie et de l'histoire, Vol. 32; Jean Baptiste Benoît Eyriès, Malte-Brun, et al. (1826) p.119

USA, 1825




1824-6: 1 Troy Ounce of Platinum = "very dear & scarce"

c.1821: Platina was too expensive to be considered useful for counterfeiting Gold coin

Citation: Chemical instructor: presenting a familiar method of teaching the chemical ...; Amos Eaton (1822)


By 1825, platina ore of commerce was commonly assumed by Americans, from English scientists (William Phillips?) to have Specific Gravity 15.6. 


Citation: Manual of Mineralogy and Geology: Designed for the Use of Schools... Ebenezer Emmons (1826)




c.1812 (1818):


c.1814 (1815):


1824-6:Reportedly, Anthony Plantou introduced porcelain teeth to America. He arrived in the USA from Paris in 1817 and began the manufacture circa 1820.



In 1822, Charles W. Peale was not the first to employ Platinum pins, but he was likely the first American to do so. (He was not a dentist.)



It follows that Plantou's 'scarcity of platina' refers to experiments carried out in 1824-6 for this patent application made in 1826 or 1827 and granted
on April 5, 1828.

Citation: Journal of the Franklin Institute, Vol. 3, No. 5, p.44


Platinum pins employed in Parisian dentistry, c.1808:




Gold premium, 1825:

  

The Death of Emperor Alexander  (30 November 1825) was reported in New Orleans 10 weeks later; 'news from London' arrived 7 weeks later.






April 23, 2012

Colombia, 1828

The Colombian Treasury had been accumulating platina since 1821. Cost-basis and total reserves are unknown, but these numbers are broadly consistent with the Paris market price ratio relative to prior years.

Where the castellano weighed 70.935 English Troy Grains (~0.14778 Troy Ounce),

June 1, 1827 - June 30, 1828, where 885.48 English Troy Ounces (27.54 kgs.) @ S$ 600.

Fiscal Mid-Year 1827-28 : 1 Troy Oz. platina (Colombian Treasury) = S$ 0.6776

Citation: Gaceta de Colombia, No. 347, 24 August 1828:



March, 1828: 21,343.9 castellanos = 3,154.2 Troy Ounces.

Citation: Gaceta de Colombia, No. 347, 18 May 1828:

1828/9: As no Platinum coins were issued from Colombia, 'platina en especie' must refer to crude ingot.  In 1827/8, the refining cost alone was estimated at S$ 0.41 per Troy Ounce, well above the value cited here.

In June 1828, the Colombian Treasury held 3,847.6 Troy Ounces (or 199.68 kilograms) but sold 160.1 libras (2,368.2 Troy Ounces or 73.66 kgs.) for S$ 633., at an average price of:

July 1, 1828-June 30, 1829: 1 Troy Oz. platina (ore at ~75%?) = S$ 0.2673 
1828: 1 Troy Oz. platina (Chocó 75% ore at purity) = S$ 0.3564
1828 : 1 Troy Oz. Pt (est. Refining Cost) = S$ 0.41
1828: 1 Troy Oz. Platinum (Est) = S$ 0.7664

January 1828: Ore @ ~S$ o.369
February 1828: Ore @ ~S$ o.362
March 1828: Ore @ ~S$ o.360
April 1828: Ore @ ~S$ o.333
May 1828: Ore @ ~S$ o.326
June 1828: Ore @ ~S$ o.327
July 1828: Ore @ ~S$ o.3175 
August 1828: Ore @ ~S$ o.3158
September 1828: Ore @ ~S$ o.380
October 1828: Ore @ ~S$ o.295
November 1828: Ore @ ~S$ o.275
 December 1828: Ore @ ~S$ o.265

Citation: Gaceta de Colombia, Issue 425, 9 August 1829



Mid-August 1828 : 1 Troy Oz. platina (Colombian Treasury) = S$ 1.081477
Mid-August 1828 : 1 Troy Oz. platina (w/Export Cost) = S$ 1.14907
....  £ 0.25854, Fr. 6.0326, USD$ 1.2168


1828: where 1 libra @ S$17. = £ 3.825, Fr. 89.25, USD$ 18.00 (premium on Spanish specie & Silver, factored) so 1 Kilogram @ S$ 36.94, £ 8.321, Fr 193.95, USD$ 39.12

OTHER. The current day (12 August 1828) in the Treasury of the City Government House at the corner of Calle Florian, opposite the University, with its salesroom. Also auctioned some pounds of platinum, priced not be less than 16 Pesos/libra, and most buyers must also pay for the export duty per libra weight.  Individuals who want to bid may come with cash at 11:00 in the morning  until 12:30, when the auction closes.

Citation: Gaceta de Colombia, Issue 425, 9 August 1829



By a Decree of 14 March, 1828, platina was exported at the tariffed rate of S$ 1. per libra.

From a decree by March 14, 1828, the following changes and additions have been made to the above Decree:
{...}Platinum. Purification and mint platinum could not be carried out until now, the prohibition of platinum output, delivered by Art. 5 of the Act of March 13, 1824, is revoked. Therefore, it can be exported through the specific duty of one piastre per libra.

Citation: Archives du Commerce, ou Guide des commerçans, recueil de tous ..., Vol. 9-10



By a Decree of 23 December, 1828, platina was exported at the rate of S$ 2. per libra.



1828: Gabriel-Pierre Lafond de Lurcy describes how inland traders with Guayaquil used gold dust & platina as currency. The value of platina was therefore a great concern to locals, who sought to understand the commodity's demand in distant markets.

Citation: Voyages autour du monde et naufrages célèbres, Vol. 2 ; Gabriel Lafond de Lurcy


A lavadero might find 1-2 castellanos (S$ 2. - 4.) of Gold dust per day:

1828 : 1 Troy Oz. Gold (Source: Chocó ore) = S$ 13.52 (Fr 67.60)





Berzelius' analysis of Chocó (Barbacoas) ore.



With ports-of-call, shipping time from Cartagena to New York was ~5-7 weeks.  The direct route was 3 weeks.