USA, 1814

Where 1 Lb. avd. = 14.583 Ozt., the intrinsic price of Pt was ~$ 8.57/Lb. avd.

1814: 1 Troy Oz. platina (whols., Ore 70%) = USD$ 0.613

1814: 1 Troy Ounce platina (US port: bulk, whols., $6./lb. avd.) = USD$ 0.4114
1814: 1 Troy Oz. Pt (intrinsic @ 70%) = $0.58775

 1814: 1 Troy Oz. Platinum (Assumed labor, $6.425./lb avd) ~ $0.44057

1813: 1 Troy Oz. Platinum (Producer Boiler Price) = $ 4.286
1813: 1 Troy Oz. Platinum (Producer Boiler Cost) = $ 2.857
1813: 1 Troy Oz. Platinum (Producer Boiler Profit) = $ 1.429

1814: 1 Platinum Lightning Rod Tip (Producer Whols.) = $ 1.67/ea.

1814: 1 Troy Oz. Platinum (Producer Cost, $15./lb. avd.) = $1.0286
1814: 1 Troy Oz. Platinum (Manufacturer's Price, $60./lb avd) =  $4.115
1814: 1 Troy Oz. Platinum (Mfg's Assumed Profit, $45./lb avd) =  $3.0864

At quoted rates, Bollman's Lightning Rod Tips had ~ 12.64 g or 0.40 Troy Ounces of Pt.


1. April, 1814.
Das Marine-Ministerium hat 300 ($ 500 werth) von meinen Platinaspitzen genommen... Ich habe einen Austrag zu $60. per Pfund angenommen. ... Ich bekomme $60 für das, was mich $15 kostet.

The Naval Department has purchased 300 ($ 500 worth) of my Platinum-Lightning Rods)...I have an accepted assignment for $ 60. per pound.  ... I get $60 for what cost me $15.

27. April 1814.
Du unterschäzeft die folgen meines Thuns. So unterschäten auch wir Beide eindt bie Quercitronrinde, mit welchem Artikel zwei häuser solide Vermögen erworben haben. Wenn ich einen Lieserungsvertrag zu 40 Pfund abschlieste, so kann ich bequem davon leben. Das ist der ungefähre Verbrauch hier zu Lande, Un Lack werben ungefähr 200 Pfund konsumiert; auch diese kann ich zu demselben günstigen Preise herstellen. Meine Platina-Berkaufe beliefen sich im lechten Jahre auf $ 3000 und seit dem 1. Januar c. auf $1300. Dieser Artikel bietet gleichfalls Ausficht auf einen reichen Gewinn. Das Schlimmste ist, das meine Fabrik viel kostet, 

Unterschäzeft you follow my tuna. Both estimates Undercoats thus we offer eindt Quercitronrinde have purchased two homes with solid assets which article. I get $ 60 for what costs me $ 15.  If I am a lockable Liese approximate contract to 40 pounds, so I can comfortably live on.  This is the approximate consumption in this country, Un paint advertise about 200 pounds consumed, even this I can connect at the same affordable prices. My Platinum-Work amounted to $ 3,000 and lighting in years since the first C. January to $ 1300 This article is also fishes out of a rich profit. The worst thing is that my factory costs a lot, consumption here is about to land, Un paint advertise consumed 200 pounds; I can connect to these same low prices. My Patinum-Work amounted to $ 3,000 and lighting in years since the first C. January to $ 1300 This article is also fishes out of a rich profit. The Schlimmfte ift, which costs a lot of my factory,  I'm gebunben from all sides, I work off arrears mechanism, and the cost of learning, the construction costs and the construction of the apparatus be more than $ 2000."

Chaldecott (PMR 1981, No. 4 pp.162-73) cites an 1814 letter* from Erich Bollman to then Secretary of State James Madison. 

Elsewhere mentioned, the c. 1813 price of platina was $5./pound avd in Jamaica and $6./pound avd. in Philadelphia.  From Chaldecott (PMR 1983, Vol. 27, No. 2, p.81):

"[In August 1814, Bollman] told Wollaston that supplies of crude platinum could be obtained from the merchant firm Adams, Robertson & Co. of Kingston, Jamaica, and that smuggled ore could not be bought at Cartagena for less than five Spanish dollars a pound (avoirdupois?) equivalent to 1s. 6d. an ounce troy, and that the price at Philadelphia was six dollars (6)."


Dr. Erick Bollman's Platinum-work was a short-lived venture, but marked the first native Platinum production on record in the USA.  In letters to his brother, Bollman indicates prices (avoirdupoids) for platina & Platinum.  The major project appears to be the 25-gallon sulphuric acid still, ~700 Troy Ounces @ USD$ 3,000. for John Harrison.

If refined 700 ozt (at 70% ore purity) is assumed correctly, the Harrison project required almost exactly 29 kilograms (64 lbs avd.) of raw platina. That large bulk price actually seems high for the period, given the world market (platina glut) but there's no US data to assume the Philadelphia price was ever lower.  

The Boiler cost Bolllman more than $2,000 to manufacture ($384. in platina), with $1,616 in various expenses (laborers, etc.), resulting in <$1,000. profit.

Unfortunately, Bollman underestimated costs and didn't understand the Platinum market.  But he remained a Platinum bug until the end, dying in Jamaica on return from an investigatory expedition on behalf of Barings Brothers to the the 'only source' known; Choco, Nuevo Grenada.


On the US Eastern Seaboard, platina was about half- to one-third the London price.

1814: 1 Troy Oz. Platinum (intrinsic, refined, bulk) = $3.00

1814: 1 Troy Oz. platina (Jamaica: bulk, whols., ore) = $0.338
1814: 1 Troy Oz. platina (US port: bulk, whols., ore) = $0.4114

1814-6: 1 Troy Ounce platina (London: whols., ore) = $0.64 - 0.98

*US. National Archives Building, General Records of the Department of State, Record Group 59, Microcopy M-179, roll 29: letter from E. Bollmann to the Secretary of State dated 16 March I 814. For text of letter see F. Redlich,“Eric Bollmann and Studies in Banking”, New York 1944 pp.84-85

1814: Bollman's entreaty to sell his Platinum to the Commonwealth of Pennsylvania.




The US Mint held on one of Bollman's Coin Pattern in the early part of the 20th C.  The Platinum was likely accumulated residuum from the Philadelphia Mint's Gold refining operations, after treating ore from Chocó.   

At no additional cost (but for loss paid on 'Gold' ore) the Mint did not knowingly nor intentionally purchase additional platina ore: Pt cost was therefore essentially nil.



The intrinsic value of 0.7181 Troy Ounce Fine Pt @ "USD$ 3./oz" in 1813/4, the intrinsic value this coin would be $2.1544. By the Specific Gravity, however, the Coin appears to be 5% Ag, therefore worth ($2.05 + $0.05) $2.10 at presumed market prices for PMs.

Weight: 344.7 Grains Troy
Specific gravity: 20.9 (95% Pt, 5% Ag)
Diameter: 32.6 mm.

This coin was acquired by Charles Link in August 2011 and certified in 2012:

http://www.pcgs.com/News/PCGS-Certifies-1814-Platinum-Half-Dollar
http://rob.com/russ/collection/2316.html



1758: Reportedly, the Platinum-tipped Lightning Rod was Benjamin Franklin's invention.

Description of a Platina Point:

1814: Accum's Chemistry and Bollman's Platinum in the textbook.

Citation: System of Theoretical and Practical Chemistry; Friedrich Christian Accum, Thomas Cooper (1814)

UK, 1815 : Bollman's Coinage Idea

1814: 1 Troy Oz. platina (whols.) = £ 0.15 - 0.20 (USD$ 0.478 - 0.638)
1814: 1 Troy Oz. Platinum (retail?) = £ 1.25 - 1.75 (USD$ 3.99 - 5.58)

February, 1814:

Citation: Encyclopaedia Londinensis, or, Universal dictionary of arts ..., Vol. 15 (1817) p.480

1815: W.S. Jones Catalogue addendum, dated

Citation: An analysis of the principles of natural philosophy ; Matthew Young (Bishop of Clonfert), p.464

In an 1815 letter, Dr. Bollman's hypothetical $1 and $2.5 US coin are mentioned. An number of London bank tokens were coined.

The idea for Platinum coinage persisted in several nations: mules were even struck.

At the market-rate of £ 0.15, it would have been impossible for any nation to furnish The United Kingdom £ 200,000 or 41,460 kilograms of the metal, annually.

Citation: The domestic encyclopedia: or, A dictionary of facts and useful ..., Vol. 1 ; Anthony Willich, Thomas Cooper pp.498-500

US Mint Collection, 1815 mule: example of Bollman's coin, perhaps the $2.50 piece, referenced by John Quincy Adams.

The actual 1815 US Silver Half-Dollar weighed ~208 grains (13.48 grams) and the alloy (89.2% Ag and 10.8% Cu) should have an estimated specific gravity of 10.293. Assuming the specific gravity for pure Pt (21.51), a coin struck to the same dimensions at purity should have weighed 434 grains Troy, or .906 Troy Ounce.  

At 0.7181 Troy Ounce, the intrinsic value of the actual Platinum coin (@ "USD$ 3./oz" in 1813/4) was $2.1544

Weight: 344.7 Grains Troy
Specific gravity: 20.9
Diameter: 32.6 mm.
1860: 1 Troy Oz. Platinum (intrinsic) = USD$ 7.6588

Citation: A description of ancient and modern coins: in the cabinet collection at the United States Mint; Bureau of the Mint, James Ross Snowden (1860)

Liverpool: August 1815?  Dollar value drops by ~20% on ship rumor of abundant USD$ notes!

USA, 1813: Bollman's Introduction of Platinum Manufacture to Philadelphia, 1806-1815

German-born and formerly Continental Erich Bollman had been resident in Philadelphia since 1797. He was manufacturing platina by late 1812, engaging other scientists & learned men in debate at the same time. It was suggested he borrowed his refining method from St. Cloud, of the US Mint at Philadelphia.





In 1813/4, Erich Bollman built a platinum still for John Harrison for the concentration of sulphuric acid. This concentrating vat weighed 700 ounces (avoirdupois? = 638 Troy Ounces) and contained 25 gallons (1 English Wine Gallon = 3.785 litres > 94.64 litres.) 

1814: 1 Troy Oz. Platinum (UK: Mfg) = $ 3.29; USD$ 3.69 (£ 0.90)
 

1814: 1 Troy Ounce platina (US port: bulk, whols., $6./lb avd) = USD$ 0.4114
1814: 1 Troy Oz. platina (intrinsic @ 70%) = $0.58775
1814: 1 Troy Oz. Platinum (Assumed labor, $6.425./lb avd) = $0.44057 

1814: 1 Troy Oz. Platinum (Producer Cost, $15./lb avd) = $1.02857
1814: 1 Troy Oz. Platinum (First Base Price, $60./lb avd) =  $4.1152

1864 summary:


The approximate amount of refined Platinum in the 1813 Bollman/Harrison still by weight per Litre was 6.7413 Troy Ounces; the amount of Litres contained per Troy Ounce was 0.1483 Litres. (By 1840, the typical English still was ~50% lighter by volume.)

The first Platinum still were manufactured in London between 1805 and 1809; in Wollaston's 1805 platinum still for Sandemann, the approximate amount of refined Platinum by weight per Litre was reportedly 3.58 Troy Ounces; the amount of Litres contained per Troy Ounce was 0.293 Litres. (Exceedingly economical, if correct.)

In 1816, in Paris, Jeannetty et Fils constructed two platinum stills; each weighed 176.8 Troy ounces and contained 28 Litres. at an equivalent Paris price of USD$ 4.46/oz. troy.

The approximate amount of refined Platinum in the 1816 Janetty still by weight per Litre was 6.3143 Troy Ounces; the amount of Litres contained per Troy Ounce was 0.1583 Litres.


Citation: The Emporium of arts & sciences, Vol. 1, John Redman Coxe, Thomas Cooper (1813) pp.346-8

Citation: A history of American manufactures from 1608 to 1860...: comprising annals ... (1868) ; John L. Bishop, Edwin T. Freedley, Edward Young. Page 74.

Citation: American journal of pharmacy, Volume 20, By Philadelphia College of Pharmacy and Science (1848), Page 74.

A primitive and smaller scale sulphuric acid set-up:




An unsubstantiated "1810" price at unknown market, cited in 1918.  The assumption might be Colombian ore at Cartagena, S$ 4.-5. piastres-per-libra; the 1828 value is coined Russian Platinum, not a market-price.

1809?: 1 Troy Ounce platina (raw ore, in Colombia) = S$ 0.338

Citation:  The Mining Congress Journal, Vol. 4, Issues 8-10, p.375