Colombia, 1836

1836: Estimated Colombian platina yield ~ 1,479 - 1,774.8 Ozt.
460 Grammes = 1 Libra = 46 Kilograms = 1,479 Ozt.


Choco Gold, according to information provided to me about it by Boussingault, contains an average of 5% Platinum, and as the gold minted at Popayan comes from Choco washings, this results in adding to the amount that is provided there each year, one-fifth the value of that exported by smuggling, we will have, in taking 5%, very roughly approximate the amount of platinum provided by the platina ores of Choco, which can be evaluated at 10 or 12 quintals. Anyway, you can wear at least double platinum supplied by Russia, the quantity produced by different parts of America, that amount will increase with the more general use of this metal, who will find over the care of exploiters.

Colombia, 1878

Robert Blake White was resident 17 years in Colombia ; he voyaged up the River Atrato in 1878.  As reported to the Royal Geographical Society five years later, the local quote for Colombian platina was nearly half the London market price for imported ore.  (The actual bulk price paid to small local producers, in trade goods, was likely about half the Source Spot; merchant trade set the market, not specie.)

Where the Colombian peso = 4s. but export transaction were estimated in Fr. 5 (Ag coin units), platina ore @82.5% from Chocó cost a maximum:

Per Libra (14.792 Ozt.) ~ C$ 44.50 (£ 8.75; Fr. 222.50; USD$ 42.95), or 
Per Kilogram (32.15 Ozt) C$ 96.5 (£ 19.; Fr. 482.50; USD$ 93.)

1878: 1 Troy Oz. platina (Nóvita Spot: 82.5% Ore) = C$ 3.  
(Fr. 15., ~£ 0.60 ; USD$ 2.90)

1878: 1 Troy Oz. Pt (Nóvita Spot: .999 Ore) = C$ 3.64 

(Fr. 18.18, ~£ 0.73 ; USD$ 3.52)

1878: 1 Troy Oz. platina (Colombian .999, w/postage) ~ C.$ 4.311 (USD$ 3.601)

The Mexican re-export rate was 44% higher than the Colombian Source-Price.
 

1878: 1 Troy Oz. platina (Mexico: ore, re-export) = $ 3.24

1878: 1 Troy Oz. platina (Rus ore: London, bulk) ~ £ 0.96 (USD$ 5.)

1878: 1 Troy Oz. platina (London, whols.) ~ £ 1.13 (USD$ 5.50)

Citation: Proceedings of the Royal Geographical Society and Monthly Record ..., Vol. 5 (May, 1883) p.258

The Colombian platina purity was rated 89%



Postage: Apparently, postage to NYC was (C$ 0.34 + 0.60)  ~C$ 0.94 per Ounce.




Ecuador, 1877/8

Citation: Geografía y geología del Ecuador; publicada por órden del supremo gobierno ...Theodor Wolf (1892)

Colombia, 1913

In 1913, export of Quibdo platina from Cartagena was estimated at 249.55 kgs, nearly as much as the Gold-ore but curiously, with the suspicion the total Chocó export was 'twice as high.' Later totals (1918) would imply the platina export from Buenaventura was ~217 kgs:  466.56 kgs (USD$ 507,000) in 1913.  Of the entire Colombian yield, 325.38 kgs or 69.74% of the total was exported to the USA. 

The 2.88% difference between Cartagena and New York prices (USD$ 0.97) might account for shipping and insurance costs.

1913: 1 Troy Ounce Gold (Cartagena: Colombian ore) = USD$ 17.55
1913: 1 Troy Oz. platina (Cartagena: Colombian ore) = USD$ 34.29

1913: 1 Troy Oz. platina (NYC: Colombian ore) = USD$ 34.77
1913: 1 Troy Oz. platina (NYC: Colombian ore, intrinsic) ~ USD$ 41.39

Citation: Daily consular and trade reports, Part 2, Issues 76-152 ; Bureau of Foreign and Domestic Commerce (March 16, 1914, # 62)




Citation: Engineering and Mining Journal, Vol. 107, #2,  ; American Institute of Mining Engineers (1/11/1919)


Citation: The Jewelers' Circular, Vol. 85, Issue 2 (11/1/1922) p.77


Factoring the telegraph, New York news arrived about ~30 days later.  

Cartagena merchants "paid" miners 30% the last month's New York Spot for intrinsic Platinum, additionally deducting for 'impurities' (other PGMs) on which they actually realized additional profit in sales to New York buyers.  Assuming 84% purity ore and whereas local Silver Pesos in Chocó were officially rated C$1.38 per Troy Oz.,  per English Troy Ounce of platina, local miners received:

USD$/C$ 34.77 * 33% = $11.58 * 90% = C$ 10.42

Poorer still for the intrinsic coin-silver value, the equivalent 7.538 Troy Ounces Silver (C$) was theoretically worth just USD$ 0.604 per Oz = USD$ 4.55!

Citation: Colombia: a commercial and industrial handbook ; Purl Lord Bell, United States. Bureau of Foreign and Domestic Commerce (1921) p.109
 

Colombia, 1894

In 1894, Colombia produced ~139,939 ozt (4,352.6 kgs) Gold.  

Where the Colombian libra is suggested at 14.792 ozt.,

1894: 1 Troy Ounce platina (Paris: Colombian ore, 83%?) = Fr. 60.84
1894: 1 Troy Oz. platina (Paris: Chocó ore, at purity) = Fr. 73.30

1894: 1 Troy Ounce platina (London: Chocó ore, 83%?) = £ 1.15
1894: 1 Troy Oz. platina (UK: Chocó ore, at purity) = £ 1.38

1894: 1 Troy Oz. Platinum (manufactured, wholesale) = £ 2. (USD$ 9.78)

 

 

Citation: Mineral Resources of the United States 1906 (1907) p.30 


The Chocó platinum is the purest and best sold in foreign markets, as it contains from 80 to 85 per cent of pure metal. Its price had already risen in 1894 to 900 francs, or £36 ($180), per pound. In spite of the high price it commands in the world's markets, the exploitation of the potentially rich platinum deposits of Colombia has been so slight that, as stated by Mr. P.P. Demers, the American consul at Barranquilla, only 661 pounds of it were produced in the Chocó in 1905.

Colombia 1823: Platinum Price

January, 1822: 1 Troy Ounce platina (@ Choco) = S$0.27 (Fr 1.45)
October 1823: 1 Troy Oz. platina (@ Choco) = S$0.34 (Fr 1.82)

January, 1822?: 1 Troy Oz. platina (@ Cartagena) = S$0.41 (Fr 2.91)
March, 1823: 1 Troy Oz. platina (@ Cartagena) = S$0.54 (Fr 3.65)


At Chocó, S$ 1. @£0.2750, 1 libra (S$2.) cost £ 0.55 in 1818.
At Cartagena, 1 libra (~S$ 2.85) cost ~£ 0.7838 in 1818.
 
At Chocó, S$ 1. @£0.23750, 1 libra (S$3.) cost £ 0.71875 in January 1822.
At Cartagena, 1 libra (S$4.) cost £ 0.9583 in January 1822.
 
At Chocó, S$ 1. @£0.23750, 1 libra (S$4.) cost £ 0.95 in March 1823.
At Cartagena, 1 libra (S$6.) cost £ 1.425 in March 1823.

Considering the price differentials, Mollien likely cited the Popyan/Chocó price of October 1823; the British source(s) the coastal rate.  

Citation: Voyage dans la République de Colombia: en 1823, Vol. 2  Gaspard Théodore comte de Mollien



1823: 1 Troy Oz. platina (est. avg Paris bulk) ~ Fr 10.50 - 13.30
1823: 1 Troy Oz. platina (est. avg Paris retail) ~ Fr 29.

Dated information was always dated - recognized or not. In this updated edition (July, 1826) reference to a Colombian's arrival in Paris (1825) informs von Humboldt of a more 'recent' local price (1822/3) ; see Cochrane's 1824 platina prices.

German merchant long resident in Colombia cited both much lower (S$ 2./libra) & higher (S$ 10./libra) Chocó platina prices, for 1818 and April 1826 respectively.

The Livre of 'Poid du Marc' corresponds to the bulk Libra rate at which platina was sold in Cartagena or Chocó. (Precious metals were not commonly priced in kilograms by merchants and goldworkers in this period; that would be an inconsistent comparison.)

The Spanish Dollar was generally falling at London, from £0.2417 > £0.2365.

Citation: Essai politique sur le royaume de la Nouvelle-Espagne, Vol. 3-4, ; Alexander von Humboldt p.157

Information von Humboldt received from Acosta (resident in Chocó several years earlier) was dated accordingly, c.1822/3.

Citation: Ensayo politico sobre la Nueva España, Vol. 3  Alexander von Humboldt, Vicente Gonzalez Arnao (1827) p.48

c. March, 1823: Notes on Colombia, taken in the years 1822-3: Appendix C, p. 302
"Gold Dust from Choco, 1st Quality $200 per lb.; Platinum, (crude), from $4 to 6 per lb."

January - March, 1823: 1 Troy Oz. platina (Cartagena) = S$ 0.34 - 0.61 
Jan. - Mar. 1823: 1 Troy Oz. Gold (Cartagena, .9167) = S$ 13.521 (£ 3.20 - 3.27)
Jan. 1823: 1 Troy Oz. Gold (Cartagena: intrinsic) = S$ 14.75 (£ 3.49)
  
1823: 1 Troy Oz. Gold (Cartagena) = S$ 16.90 (£ 4. - 4.08)
1823: 1 Troy Oz. Gold (Cartagena: intrinsic) = S$ 17.64 (£ 4.17 - 4.26)

Gold was about 24-27% higher at London. 
1823: 1 Troy Oz. Gold (London: intrinsic) = £ 4.2273   

Citation: Bulletin de la Société de géographie (1827) p.193


1823: France imported 76 Kgs (~ 2,443 Ozt.)

Where 20 quintals = 250 kgs of Gold, Platinum was stated at 1/3rd the precious metal yield; so 10 quintals, 125 kgs platina or ~272 libras, annually : at S$ 4./ $1,087.; at $ 5./ S$ 1,359. total yield. (Given the French import, this yield looks too high.)

Citation: Journal of a residence and travels in Colombia during the years 1823-4, Vol. 2 (1825) Charles Stuart Cochrane

A carguero carried 2 quintales (25 kgs or 55 lbs avd.) of precious metal. By the estimated annual yield of platina alone, 10 quintales was about 5 return trips per year, each with two men; 15 for Gold and platina combined.





From 1801, the Gold yield collapsed 50%; the price of free labor declined ~40%.



1826: Basic manual labor in the interior was ~26 reals; £ 0.65/month ; ~S$ 3.25



1823: Miners of the poorer interior were paid 52 reals £ 1.30/month ; ~S$ 6.50.  In Choco, free negros expected 156 reals or S$ 19.50 ; £ 3.90/month.






1826: A detailed summary of Colombia.

Citation: The present state of Colombia, by an officer late in the Colombian service (1826)

1816- 1826: the price of Colombian cotton collapsed 60-80%

Citation: A visit to Colombia: in the years 1822 & 1823, by Laguayra and Caracas, over ... ; William Duane (1826) p.551

1823: Sylvestre Vaudet, J.B. Boussingualt's brother-in-law, proposed a platina export business scheme on 8 June, 1823. A million at his disposal!

Citation: Mémoires de J.-B. Boussingault, Vol. 3 ; Jean Baptiste Boussingault

1822: This unrealized coinage scheme likely drove platina prices much, much higher 1822-6.

 

Where pure Gold is S$ 200./libra, the actual price of Antioquian ore should be reduced accordingly.  Per castellano (71.01 English Troy Grains): 

1823: 1 Troy Oz. Gold (Antioquia, 0.999) = S$ 18.026
  
1823: 1 Troy Oz. Gold (Antioquia, 0.999 pure) = S$ 14.75
1823: 1 Troy Oz. Gold (Antioquia, 0.750 pure) = S$ 13.5192

1823: 1 Troy Oz. Gold (Choco: w/Pt) < S$ 13.52

1823: 1 Troy Oz. platina (Antioquia, 0.75) = S$ 0.2704 
1823: 1 Troy Oz. platina (Antioquia, 0.999) = S$ 0.3606
1823: 1 Troy Oz. platina (Cartagena, 0.75) = S$ 0.4056
1823: 1 Troy Oz. platina (Cartagena, 0.999) = S$ 0.5408 
1823: 1 Troy Oz. Gold (Antioquia, 0.675) = S$ 7.511
1823: 1 Troy Oz. Gold (Antioquia, 0.50) = S$ 5.07

Citation: Travels in the Republic of Colombia: in the years 1822 and 1823 ; Gaspard Théodore Mollien (comte de)