January 28, 2014

January 16, 2014

Spain, 1808


Citation: Platina española para Europa en el siglo XVIII, LF Capitan Vallvey (1994) 
 
"The French invasion of 1808 causes the destruction of Madrid's Casa de Platina, the disappearance of all the metal stored there, and independence of New Granada a few years later (in 1819) leaving Spain without possession of the platina mines." 




1793

Jeannetty was paid L.T. 10.542/Ozt sometime around 1793.  Assuming his platina was 70% Pt and without calculating refining cost, 

c. 1793: 1 Troy Ounce platina (Est. 70% ore) = L.T. 10.542
c. 1793: 1 Troy Oz. Pt (.999 Ore) ~ L.T. 15.06
1793: 1 Troy Oz. Pt (Paris Labor, 1789) = L.T. 30.47 (S$ 7.92)
1793: 1 Troy Oz. Platinum (Paris First Base Cost) = L.T. 45.53 (S$ 11.83)

Although this may have been intercepted Spanish cargo (or ~two strong-boxes) of platina, it is more likely ore requested from and paid to the Casa de Platina directly @ ~3 Reals per Onza, a wholesale import European price.

 The 1795 Paris price was known to be L.T. 81.4034 ; Janetty's higher price appears to be retail.

25/5/1793 : 226.375 Marcs = 1,781.345 Ozt (55.406 Kgs.) ∴ 

Where 1 Paris Marc cost L.T. 12 (S$ 3.12) apparently from the Spanish Crown, 
226.375 Marcs (120.4425 Libras) cost L.T. 2,716.50 (5,646.76 Reales), so 
1 Libra cost 46.88 Reales (S$ 5.86 ; L.T. 22.55), or at the Spanish Onza (0.9243 Ozt), 
1 Onza cost S$ 0.3663 (2.93 Reales) x 1,927 Onzas = S$ 705.84

1793: 2.93 Reales/Onza = 46.88 Reales/Libra = S$ 5.86 at Madrid delivered to Paris.

May 1793: 1 Troy Ounce platina (Spanish Crown) = L.T. 1.525 (S$ 0.40, R. 3.17)
1793: 1 Troy Oz. Pt (Spanish Whols., intrinsic ) = L.T. 2.1785 (S$ 0.57)
1793: 1 Troy Oz. Pt (Paris Labor, 1789) = L.T. 30.47 (S$ 7.92)
1793: 1 Troy Oz. Platinum (Paris Cost) = L.T. 32.65 (S$ 8.48)

 
Citation: Oeuvres, Vol. 6; Antoine Laurent Lavoisier, France. Ministère de l'éducation nationale (18  ) p.679















 

1790

 Although not specified as such, Priestly's price-weight is entirely consistent with platina ore at avirdupois.  Where 8 ounces avd = 7.292 English Troy Ounces,

"Richard Knight and His Production of Malleable Platinum"(PMR Vol. 29, #1, 1985; p. 30)

Priestley was also sufficiently interested in platinum to purchase a modest amount; his claim for compensation after the destruction of his house and laboratory on July 14, 1791 includes the item “Half a pound of platinum £ 2 8 s. 0 d.”

c.1790/1: 1 Troy Ounce of platina (ore) = £0.33



c.1790: 1 Troy Ounce Platinum (mfg) ~ Fr 105 (USD$ )

Citation: Naturgeschichte und Technologie: für Lehrer in Schulen und für Liebhaber ...;Carl Philipp Funke (1792 ) p.673
 


"The price {of Platinum manufactures} is slightly lower than works in gold."


"Platina Gefässe in Paris von Jeanty billig zu kaufen"

You unquestionably have long known that some excellent chemical artist edit the Platina as other metals, even found time not so long ago: but that work had been so multiplied darinn now, you would think no. Meanwhile, I can still assure you that at Janety - of against very cheap prices includes snuff-boxes, watch chains, spoon, toothpick boxes, Löhtröhrchen, and everything you could want from a similar work only wishes and orders, (Marchand Orfevre, Rue de l'Arbre Sec) pure platinum, extremely clean and tastefully worked once can get. The Preiss of commodities depends, like, gold and silver, according to the severity and type.


c. 1917 anecdote. A full-weight 1789 2-Escudo weighs 6.76 g., .8985 Fine Au



The Specific Gravity for an older true 2-Escudo should have been 17.655, or 17.18 for a coin just .875 Fine Au.  Also, given the loss of weight from wear, the original Platinum forgery 'new' likewise should have had a Specific Gravity ~19. At this SG, the counterfeit would likely have been approx. 5% Au (Surface), 90% Pt and 5% Cu




January 15, 2014

January 14, 2014

France, 1801


1793: 1 Troy Oz. Platinum (Paris First Base Cost) = L.T. 45.53 (S$ 11.83)

Fall 1795 - Fall 1801: 1 Troy Oz. Pt (Mfg Cost, Estimate) = Fr. 15.2361 / 15.238

Fall 1795 - Fall 1801: 1 Troy Oz. Pt (Mfg: Actual Cost) = Fr. 31.102
 
The total weight of the final delivered Platinum product (4 Meters, 4 Kilograms) should have been ~416.603 Ozt (~12.96 Kgs) ; the weight of Kilogram known, the Meter is presumed 72 Ozt. 

Jannetti was actually paid Fr. 12,922.10 for the eight (8) items.

1.The first Meter & Kilogram required 136.846 Ozt Platinum (Assume: for the Metre ~92.25 Ozt, for the Kilogram 44.6 Ozt) (~28.13% wastage on the Meter; ~38.72% wastage on Kg.)
2. Second Meter required 90.08 Ozt (~25.11% wastage on 2nd Meter)
3. The first Meter was reworked, + 8.861 Ozt (~40.43% wastage on 1st Meter
4. Second Kilogram required ~36.92 Ozt (~14.83% wastage)
5. Third Kilogram required ~37.90 Ozt (~17.89% wastage)
6. Third Meter required 85.406 Ozt (~18.62% wastage)
7. A Kilogram was reworked, ~44.303 Ozt (~37.8% wastage)
8. Fourth Meter required 80.85 Ozt (~12.3% wastage)

Citation: Annales de chimie et de physique, 1882
 







c.1799: by fusing with metallic arsenic, Jeannetty's Platinum was probably ~1% metallic Arsenic, 7.2% Iridium and 91.8% Platinum or 1.10% As, 13.8% Ir and 85.10% Pt

 



1801: 1 Troy Oz. platina (Estimated: Cartagena Mkt) ~ Fr. 2.37
1801: 1 Troy Oz. platina (Estimated: Jamaica Mkt, 25% higher) ~ Fr. 2.95
 

1796

The French Government requested and presumably paid the 1795 Spanish Crown rate for 115 Kgs (3,697 Ozt.) @ S$ 0.541 (L.T. 2.069) per Ozt: S$ 8,000 or L.T. 30,602.50

1796: 1 Kilogram platina (~70% ore, wholesale) = L.T. 266.1085 
1796: 1 Kg. Pt (.999, whols) =L.T. 380.1551 = 7.92 Double Louis= 3.508 Ozt .999 Au
1796: 1 Kg. Pt (Labor) =32.686 Once* L.T. 45.= L.T. 1,471= 30.64 D.-L. = 13.57 Ozt .999 Au
1796: 1 Kg. Platinum (Producer's Price, Retail) = L.T. 1,851 = 17.08 Ozt .999 Au  

 
Aerometer, Fr 18.

c.1796:
 

Platina noted in Hispanola, July 1796:


At the 1896 average Gold Price (USD$ 20.70) 1 Kg. "1796 Pt" cost USD$ 665.52 ;
the 1896 average Platinum Price was USD$ 500.
 
At the 1996 average Gold Price (USD$ 387.88) 1 Kg. "1796 Pt" cost USD$ 6,625. ;
the 1996 average Platinum Price was USD$ $ 12,768.

At the 2006 avg. Au Price (USD$ 601.) 1 Kg. "1796 Pt" cost USD$ 10,265.;
the 2006 average Platinum Price was USD$ $ 36,726.

At the 2009-13 avg. Au Price (USD$ 1,369.) 1 Kg. "1796 Pt" cost USD$ 44,015.;
the 2009-13 average Platinum Price was ~USD$ 48,693.50

1791

According to an August 1791 Letter of Seguin, the French were accumulating "100 Livres" 
(48.95 Kgs = 1,573.8 Ozt) platina for the construction of weights & measures in Platinum.

Where 1 Paris Marc = 244.753 Grammes = 7.869 Ozt cost L.T. 64,

1791: 1 Troy Ounce platina (trade: Gengembre's ore) = L.T. 8.13

Citation: Oeuvres, Vol. 6; Antoine Laurent Lavoisier, France. Ministère de l'éducation nationale (18  ) p.679






Uncertain: assuming per libra, c.1790-5? : 1 Troy Ounce platina (Choco source) = £0.1690




Germany, 1791: 8 days travel from Paris.  Leipzig Price.

Garbling the name "Rio San Juan del Choco"  platina was sold at an exceedingly high rate; where 5 Rthlr was a Louis d'Or, platina cost a Pound Sterling per ounce Troy.  This very high cited price - almost certainly a retail price - was more than 3x higher than Jeannety's bulk-rate platina cost, charged for the weight-standards. 
 
November, 1791: Platina was 3x as expensive in Leipzig as London and the price would fall more than 2/3rds by 1819


Leipzig. Mineralogy and even more so Chemistry lovers are hereby made ​​aware that at the best platina to get is from America and called "Platina del Pinto" and "del Shouo" ; an ounce will cost up to Rthlr 6.

Christian Friedr. Laminir.

Late December, 1791: 1 Troy Oz. platina (ore, retail) = Rthl 6.38 (£ 1.02; Fr 25.50 - 27.) ~ Fr 41.63; £1.038; M 13.19



~Three Dutch or German Ducats ; 19 Hamburg Marks


 Although not specified as such, Priestly's price-weight is entirely consistent with platina ore at avirdupois.  Where 8 ounces avd = 7.292 English Troy Ounces,


"Richard Knight and His Production of Malleable Platinum"(PMR Vol. 29, #1, 1985; p. 30)

Priestley was also sufficiently interested in platinum to purchase a modest amount; his claim for compensation after the destruction of his house and laboratory on July 14, 1791 includes the item “Half a pound of platinum £ 2 8 s. 0 d.”

c.1791: 1 Troy Ounce of platina (ore) = £0.33
c.1790: 1 Troy Ounce of Platinum (Paris mfg.) ~ "a bit less than Gold."

"Price of Platinumware depends, as in gold and silver, according to the difficulty and type of work, it is somewhat lower than that of gold."

Citation: Naturgeschichte und Technologie: für Lehrer in Schulen und für Liebhaber ...Carl Philipp Funke p.371 (Wien & Prag, 1792) p.373







 
1790, 2 Escudos, Madrid Mint

Ponterio & Associates, November 16, 2011 Baltimore Auction, Lot # 22472
Sold for $632.50

1807, 2 Escudos, Madrid Mint  Stack's - The Vermeule, Ward, and Mexico Maxico Collections, January 11, 2010 Lot # ? : 
Sold for $690.


 







1791-3: USD$ 1. = L.T. 5.25

 

1790-94 Exchange Rate

1795

Prior to 1795:
Where 32 RealesL.T. 15.30, S$ 1 = L.T 3.83, and 10 Arrobas = 1,879.527 Paris Marcs
16,000 Reales = S$ 2,000.; L.T. 7,650,  so 1 Paris Marc cost L.T. 4.07; S$ 1.064097

1795: "4 Reales/Onza" = 64 Reales/Libra = S$ 8. at Chocó?
At the Spanish Onza (0.9243 Ozt), 4 Reales = S$ 0.50 x 16,000 Onza = S$ 8,000.
64,000 Reales = L.T. 30,600, so 1 Paris Marc cost L.T. 16.2807; S$ 4.2564

Highest estimates follow the presumed Chocó Base-Spot, largely consisted with recorded price differentials between trade points in 1802, 1814, and 1818.

c.1795: ~"8 Reales/Onza" = 128 Reales/Libra = S$ 16. at Cartegena
At the Spanish Onza (0.9243 Ozt), 8 Reales = S$ 1.00 x 16,000 Onza = S$ 16,000.
128,000 Reales = L.T. 61,200, so 1 Paris Marc cost L.T. 40.70; S$ 8.513

c.1795: ~"10 Reales/Onza" = 160 Reales/Libra = S$ 20. at Jamaica

At the Spanish Onza (0.9243 Ozt), 10 Reales = S$ 1.25 x 16,000 Onza = S$ 20,000.
160,000 Reales = L.T. 76,500, so 1 Paris Marc cost L.T. 32.5614; S$ 10.64

c.1795: ~"12 Reales/Onza" = 192 Reales/Libra = S$ 24. at Philadelphia

At the Spanish Onza (0.9243 Ozt), 12 Reales = S$ 1.50 x 16,000 Onza = S$ 24,000.
192,000 Reales = L.T. 91,800, so 1 Paris Marc cost L.T. 48.8421; S$ 12.77

c.1795: ~"18 Reales/Onza" = 288 Reales/Libra = S$ 36. at London

At the Spanish Onza (0.9243 Ozt), 18 Reales = S$ 2.25 x 16,000 Onza = S$ 36,000.
288,000 Reales = L.T. 137,700, so 1 Paris Marc cost L.T. 73.2632; S$ 19.15

1795: "20 Reales/Onza" = 320 Reales/Libra = S$ 40. at Paris, trade?
At the Spanish Onza (0.9243 Ozt), 20 Reales = S$ 2.50 x 1,600 Onza = S$ 40,000.
320,000 Reales = L.T. 153,300, so 1 Paris Marc cost L.T. 81.4035; S$ 21.28

If 20 Livres/Once, = 320 L.T./Livre p.d.m or 160 L.T./Marc. = S$ 38.10/Livre;
S$ 19.05/Marc


The wholesale price of Crown platina ore was debated, unchanged. For the Spanish Crown this base-cost does not appear to include transport, salaries, etc. therefore it must be an absolute European low price for ore, rather than anything approaching a market-price.

?-1794: 1 Troy Ounce platina (Spanish Crown) = S$ 0.1352 (L.T. 0.5206)
1795: 1 Troy Oz. platina (Chocó Spot) = S$ 0.541 (L.T. 2.069)
1795/6 : 1 Troy Oz. platina (Paris Market) = S$ 1.48 (L.T. 10.345)

Citation: Platina española para Europa en el siglo XVIII, LF CAPITAN VALLVEY (1994) 

The most important executed request was by France in late 1795, in which the charge d'affaires of the French Republic solicited 10 arrobas of platina for the Committee of Public Instruction, a request possibly related to the manufacture of the new weights standards being manufactured in Paris at that time by Marc Étienne Janety (1739 - 1820), for already in November of that year he began working with 200 marcs {1,573.8 Ozt} of platina [59].  No objections were made to the request to graciously give platina, by asking of the Hacienda about what importance is 10 Arrobas {14,790 Ozt}, according to estimates they believed this Metal has [60].  The response indicates that platina has been purchased 4 Reales per Onza {S$ 0.541} so that the total 16,000 Reals {P$ 500. @ L.T. 15.4 = L.T. 7,700 for 10 Arrobas} should not be charged thus, as has been done in the past.

La petición más importante es la llevada a cabo por Francia hacia finales de 1795{"3"?} en la que el encargado de negocios de la Repŭblica Francesa solicita 10 arrobas de platina bruta para la Junta de Instrucción Pŭblica, petición posiblemente relacionada con la fabricación de los nuevos pesos patrón que por esa fecha se están fabricando en París por Marc Étienne Janety (1739- 1820), quien ya en noviembre de ese año empieza a trabajar con 200 marcos de platina bruta [59]. No se ponen reparos a la solicitud, aunque sí a ceder graciosamente la platina, pidiéndose a Hacienda información acerca de quanto importan las 10 Arrobas, segŭn la estima que se cree tiene este Metal [60]. En la respuesta se señala que se ha pagado la platina a 4 reales la onza, por lo que el total importa 16.000 reales y que no debe cobrarse, al igual que se ha hecho en otras ocasiones. 

1795/6 : 1 Troy Oz. platina (Spanish Market, retail?) = S$ 1.48 (L.T. 10.345)

Not convinced by this resolution seems to be Madrid lapidary Pedro Puch, who said that the price of  platina is "20 Reals/Onza" {December 1796} and for that it should be resolved Chabaneau deliver the platina to the French charge d'affaires on payment of the amount [62]; however the consul received and paid for the expressed amount untreated, according to Pierre-Francois Chabaneau [63]. Later Godoy informed the Treasury that the King has seen fit not to charge the platina to Paris. [64] Nicolas Butrow, charge d'affaires at the Russian court, asks a few libras of platina in 1798 for a minister, whose name is not stated...

No debe convencer esta resolución y se pide parecer al lapidario madrileño Pedro Puch quien declara que el precio de la platina es de "20 reales/onza" por lo que se resuelve que Chabaneau entregue la platina al encargado de negocios francés previo abono del importe [62]; sin embargo el cánsul recibió la expresada cantidad sin tratar de su pago, segŭn acaba de participar D. n Fran. c° Chavaneau [63]. Tiempo después Godoy comunica a la Secretaría de Hacienda que el rey ha tenido a bien no cobrar la platina a París [64]. Nicolas Butrow, encargado de negocios de la corte de Rusia, pide en 1798 algunas libras de platina para un ministro, cuyo nombre no se señala, de la

c.1795?: 1 Troy Ounce Platinum (refined) @ Paris ~ Livre 99.77
c.1795?: 1 Troy Oz. Platinum (refined) @ London ~ £4.23
c.1795: 1 Troy Oz. Gold @ New York = USD$ 19.39

If the Crown rate was Reals 4/Onza and the contraband rate 50% higher, then 


1795 - : 1 Troy Oz. platina (Spanish Crown, bequest) = S$ 0.811 (L.T. 3.104

c.1795/6: The platina price in Sante Fe was not too high, with exports in quantity



1795: Platinum was mostly silver!


Pre-1795 Louis d'Or valued 24 Livres = (8.158 g) 22 karat (.917 fine) > 7.48 g fine gold >

1 Troy Ounce Fine Gold = Livres 99.77, or converted to hyper-inflated Francs:

(8/1/1795) 1 Troy Ounce Fine Gold = Fr 3,680.
(9/1/1795) 1 Troy Ounce Fine Gold = Fr 4,800.
(11/1/1795) 1 Troy Ounce Fine Gold = Fr 10,400.
(12/1/1795) 1 Troy Ounce Fine Gold = Fr 12,200.
(2/15/1796) 1 Troy Ounce Fine Gold = Fr 28,800.

1 Troy Ounce Coined Gold (US Mint) = USD$ 19.39

Paper-money inflation in France: how it came, what it bought, and how it ... By Andrew Dickson White (1876) p.22

 
c.1795?






January 13, 2014

1786

Where 1 Onza = 0.92458 Ozt ; 20 Reals per S$ 1.:

1786: 1 Troy Ounce platina (Cadiz Ask, 70%) = S$ 6.92
1786: 1 Troy Oz. Pt (Cadiz Ask, .999) = S$ 9.89
 
1789:

1. In 1786, the chaplain of the "Achiles" a registered ship from Lima, brought to Cadiz about 1,000 onzas of platina, which he tried to sell at 16 pesos per onza; the chaplain returned to Lima in the same registry and probably with his platina because the price was not really cheap.




Donald McDonald : "About 150 libras of native metal were shipped to Spain, this time the miners being paid two or three reales per libra. Further shipments necessitated the price being raised to four reales per libra"

1786: 1 Troy Oz. platina (Colombian Spot) = S$ 0.0169 - S$ 0.0254

1786: Don Fausto describes Chabaneau refining cost of Platinum, per libra (14.792 Ozt)

"We estimate that the expenses would be less than 4 pesetas (8 reales or 1 Spanish Dollar) per libra and we believe that the metal will find a ready market at a much higher price than that of Silver"

1786: 1 Troy Oz. Pt Refining Cost (Est. Madrid Cost) ~ S$ 0.0676

Cited by LF Capitan Vallvey  in "Export and Smuggling of Spanish Platina"in Annals of Science p. 477:
 

1786: 1 Troy Oz. platina (Paris mkt)= L.T. 5.08 - 6.09 (£ 0.2258 - 0.2707)


1/3/1786: Thomas Jefferson, Paris




1789

DSQ



c.1795: ~"8 Reales/Onza" = 128 Reales/Libra = S$ 16. at Cartegena
At the Spanish Onza (0.9243 Ozt), 8 Reales = S$ 1.00 x 16,000 Onza = S$ 16,000.
128,000 Reales = L.T. 61,200, so 1 Paris Marc cost L.T. 40.70; S$ 8.513

1789: In a 13 Dec 1789 letter to Sir Joseph Banks, the manufactured cost of Platinum (perhaps Sponge) is quoted

"Here I sell an Once of Platinum for 30 Livres Tournois..."  @ L.T. 23.214/£ 1.

Where 1 Paris Once = L.T. 30., 
1 Paris Marc unmanufactured Platinum cost L.T. 240. 
1 Paris Livre unmanufactured Platinum cost L.T. 480.
1 Kilogram unmanufactured Platinum cost L.T. 980.58
1 Spanish Libra unmanufactured Platinum cost L.T. 451.09


London 1789: £1 = 22 Livres Tournois, 16 Sous = L.T. 22.80 and where 1 old Louis d'or (24.025 L.T) = 5.778 Grams; 1 Once = 0.98450520 Ozt, and where the Livre was 0.14 Ozt Fine Ag @ £ 0.04167: L.T. 7.142857 per English Ounce Troy,


1788: 1 Troy Oz. platina (Chocó, legal rate to miners) ~ L.T.
 
1789: 1 Troy Ounce Platinum (Producer, Bulk) = L.T. 30.47216 (avg. £1.269) 
1789: 1 Troy Oz. Platinum (Producer's Ingot, Bulk) = £1.316

1789: 1 Troy Oz. Platinum (Paris: Sponge, Bulk) = US $ 5.3417; £ 1.203

1789: 1 Troy Ounce Platinum (Producer's Ingot, Bulk) = £1.1607 ; USD$5.55
Paris, 1789: £1 = 24 L.T., or Ecu (L.T. 6) = £ 0.25; L.T. 5 = £ 0.2083


1789: ore very expensive in London.








 
30 L.T. per Once is 4.273 Ozt Fine Ag/Ozt., at the bullion-rate:

1789: 1 Troy Oz. Platinum (Paris: Sponge, Bulk) = US $ 5.46; £ 1.23

1789: 1 Troy Ounce Silver (French Coin) = £ 0.29762