Colombia, 1893

In 1893, at the Peso Exchange rate (USD$ 0.613) the relative value of the Colombian precious metals export or Au/Pt/Ag Ratio was 1: 1.68: 26.19 but Pt was just 2.87% of the Gold Yield.  At export prices, the Platinum/Silver Ratio was 1: 15.574 in Cartagena.

1893: 1 Troy Ounce Gold (Colombia: Ore) = USD$ 12.555
1893: 1 Troy Oz. Silver (Colombia: Ore) = USD$ 0.4793

Apparently referencing Colombia 1893 by Clímaco Calderón and Edward E. Britton, p. 96:

"At present the annual output is about 125 kilos, worth about [C$]38,000. Mr. Charles Bullman, in The Mineral Industry, estimated the total output of Colombia at from 16,000 to 20,000 kilos, worth at present [USD$] 3,840,000 to $4,800,000."  

This suggests the current US refining cost was ~ USD$ 0.39 per troy Ounce. (See Bullman for discussion.)

1893: 1 Troy Oz. platina (Colombia: Ore, 82%) = USD$ 5.796
1893: 1 Troy Oz. Platinum (Colombian ore: .999) = USD$ 7.07
1893: 1 Troy Oz. Platinum (Mkt: Colombian Pt) = USD$ 7.465
1893: 1 Troy Oz. Platinum (US Refining Cost) = USD$ 0.39

USA, 1893: 1 Troy Oz. Platinum (NYC: scrap, retail) = USD$ 9.50 
1893: 1 Troy Oz. platina (California: Spot, intrinsic) ~ USD$ 8.62 
USA, 1893: 1 Troy Ounce Platinum (semi-mfg, whols./ret.) = USD$ 11.51

Citation: American Gas Light Journal, Vol. 61 (9/3/1894)






Colombia: a commercial and industrial handbook ;  Purl Lord Bell, Bureau of Foreign and Domestic Commerce (1921) p.97

Germany, 1853

Assuming the Leipzig commercial Loth = 14.60 Grams (0.4694 Troy Ounce), which makes the most sense here, "should be worth 4.25 Thlr." :

At retail rate, the Mark was Thlr. 96. ; 1 Kilogram (96.606 3-Rouble Coins) was Thlr. 410.57 (Fr 1,505.)  The intrinsic Scrap Bid rate for the 3-Rouble Coin was stated at Thlr. 1.50 - 2. Intrinsic value at the retail Platinum rate would be 4.10 Thlr per coin, but the Scrap Bid rate less than half the Seller's Retail Price.


1853: 1 Troy Oz. Ag (Coined, ~9 Roubles, Ag) = Thlr. 9.69 
1853: 1 Troy Oz. Platinum (Coin, Numismatic Rate?) = Thl. 6.21 (Fr. 22.77) 

1853: 1 Troy Oz. Platinum (Wire, Retail) = Preuss. Thlr 12.773 ; Fl 21.921

1853: 1 Troy Oz. Platinum (Bid: Scrap Low) = Preuss. Thlr 4.508 ; Fl 7.89
1853: 1 Troy Oz. Platinum (Bid: Scrap Avg.) = Preuss. Thlr 5.26 ; Fl 9.20
1853: 1 Troy Oz. Platinum (Bid: Scrap High) = Preuss. Thlr 6.01 ; Fl 10.515

The semi-manufactured Platinum sold retail for nearly an identical rate in Paris (1853: Fr. 46.82) and perhaps abit less in London (1852 £ 1.56) if £ 1.92/ozt. in Germany.

1853: 

The metal value of the Platinum Ducat (3-Rouble) is hard to determine because the price of Platinum is very different, dependent on the processing it gets. In Leipzig, Platinum Foil (1/2 Linie thick = 1.09 mm) costs about Thlr 6. per Loth (14.611 Gr.), so a Ducat should be worth about Thlr. 4.25.   Notwithstanding its value, you get no more than Thlr. 1.5 - 2. for it. - In Russia, the Platinum Ducat may not be introduced again.

Citation: Neueste Münzkunde: Abbildung u. Beschreibung der jetzt coursirenden Gold-... Ludwig Fort (1853)
 

The Platinum Ducat (3 руб Pt) = Preuss. Thlr 1.75 ; Fl 3.063
The Platinum Double-Ducat (6 руб Pt) = Preuss. Thlr 3.50 ; Fl 6.125

c.1852: 1 Troy Oz. Platinum (Coined: Scrap Avg.?) = Preuss. Thlr 5.257 ; Fl 9.20







1853: 1 Troy Ounce Platinum (Semi-Mfg) = Thlr. 12.76 -14.88 
.... (USD$ 9.23 -10.76)

Citation: Zeitschrift, Vol. 6; Österreichischer Ingenieur- und Architekten-Verein, Österreichischer Automobiltechnischer Verein (March, 1854) p.126

c.1853: Platina Ratio, to Silver & Gold.


Leipzig Weight: 1 Commercial Loth (Leipzig) = 14.5875 g. or 14.592 g. (English Avd. Grain)
(The Apothecary Loth = 0.4867 English Troy Ounce.)  

c.1847 


Elsewhere suggested: the Leipzig Pfund of 32 Loth (at 467.5501 Grams or 15.0320831 Ozt.) so the commercial Loth = 14.61094063 Grams; 0.4697 English Troy Ounce.

Or, here: the commercial Loth = 14.6133 g.


 

USA, 1865/6: MIT Textbook; Luhme Catalogue (1866)

Assuming the lowest grade Osmiridium (Ir 47% / Os 49%; Ir 53.5% ) was meant; otherwise the SF Platinum market (Scrap) should estimated $7./Ozt at .999 Purity.

1865: 1 Troy Oz. platina (CA: Osmine, Ir 47%-54%) = USD$ 2. (USD$ 2.19)
1865: 1 Ozt. Ir (CA: Iridium, .999) ~USD$ 3.74 (USD$ 4.10) 
1865: 1 Ozt. Ir (CA: Iridium, .999) ~USD$ 4.25 (USD$ 4.67)
  
1865: 1 Ozt. platina (CA: "85.5% Pt") = USD$ 6. (USD$ 8.29 - 8.45)
1865: 1 Ozt. Pt (CA: .999 Pt) = USD$ 7. (USD$ 7.68)

 Citation: Mechanics Magazine; John Knight, Henry Lacey (June 1, 1866) p.347


1866:  1 Ozt. Platinum (UK: Semi-mfg., Whols/Ret.) = USD$ 12.50 (£ 1.65)
1866: 1 Ozt. Platinum (UK: Mfg, Whols./Ret.) = USD$ 14.70 (£ 1.94) 

1865: 1 Ozt. Platinum (Mfg, Bulk) = $ 6.35 ; USD$ 10. (Fr 32.66)
1866: 1 Ozt. Platinum (Semi-Mfg., Retail) = $ 6.09 (Fr. 31.1035) 

Larger Platinumware items of simpler construction were cheaper, but all paid a 40% US Import duty.  The US unmanufactured rate likewise appears ~42% higher than the Paris price, to include merchant costs and profit.


1866: 1 Ozt. Platinum ( > 1 Ozt. Semi-Mfg, Whols./Ret.) = $8.64 (USD$ 9.48)

1866: 1 Ozt. Platinum ( < 1 Ozt. Semi-Mfg, Whols./Ret.) = $9. (USD$ 9.87)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $7.20 (USD$ 7.90)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $8.40 (USD$ 9.22) 
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $8.64 (USD$ 9.48)
  
1866: 1 Ozt. Platinum ( > 1 Ozt. Semi-Mfg) = $9.87 (USD$ 13.91)
1866: 1 Ozt. Platinum ( < 1 Ozt. Semi-Mfg) = $14.40 (USD$ 15.80)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $12. (USD$ 13.17)
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $14. (USD$ 15.36) 
1866: 1 Ozt. Platinum (Mfg, Whols./Ret.) = $14.40 (USD$ 15.80)
 

In Luhme's Descriptive Catalogue of Chemical, Pharmaceutical and Physical Apparatus, Meteorological & Mathematical Instruments (c.1866)

p. 43 "Blowpipe Spoons, Platina $2.00 to $2.50"p. 55 "Capsules, Apothecaries, of Platina or Iridio-Platina, Paris make, with or without lip, shallow or hemispherical, and with or without cover. Price according to the size From 40 to 45 cents pr. gramme, or 2 1/2 to 3 cents pr. grain.do., of Pure Silver, according to size. $3.00 to 4.00 pr. oz." 

p. 83 "Crucibles, Platinum or Iridio-Platinum (as used by St. Cair Deville); conical form; with covers having the form of a shallow capsule with handle. Best Paris make. Capacity fr. 1/8 to 1.5 oz. Price 3 cents per Grain, or 45 cents pr. gramme. The capacities of the different sizes, in comparison to their weight, are aboutCont. 1/8.....1/4....1/2....3/4........1....1 1/4....1 1/2 oz.Weight 120....180....240....320....400....500....650 grains about 676. 
Crucibles, pure Silver, conical form, with cover Cont. 2.........4 oz.Weight $5.....$7.50"

p. 107 "Galvanic Battery, Grove's. The size of the glass tumbler is 4 inches high by 3.75 inches in diameter. The weight of the amalgamated zinc* is 2.5 pounds the size of the platinum foil is 3 1/2 inches by 3/4 inch. 

Single cell with binding screw........$3.

Double Cell complete.....................$4.50

Intermediate Cells.........................$1.75

Six Cells in a wooden box...............$12.

Twelve...........................................$22."

(indicated as $0.25/lb., p.151)

p.134 "1259. Platinum Foil for Grove's Battery or Blowpipe use...... $9.00 pr. oz., 3 cts pr grain.

.............do., Wire, for Blowpipe use .....50 cts. to $1.00 pr foot

.............do., Wire, very fine, for ignition with the battery.....15 cts. pr foot

Before any import cost, duties, or profit the Dollar-depreciated values of foreign Platinum were much higher after April, 1864, but fluctuating in 1865:

4/1864 - 9/1864?: 1 Troy Ounce Platinum (mfg., whols.) = Market Price of Gold

1865/6: 1 Troy Ounce Platinum (mfg., whols.) = £ 1.60 - 2.40 (USD$ 12.30 - 18.46)

A Chemistry textbook was jointly produced by two brothers-in-law, Charles Eliot & Frank Storer, after the first year of a course they taught for the Massachusetts Institute of Technology (February, 1865) in Boston.

A 2:1 Gold ratio implies Platinum rose more significant than most commodities, before the 1866/7 price crash. A hypothetical Platinum price record in Greenbacks follows:

4/1864: 1 Troy Ounce Gold (refined) = USD$ 35.70
4/64: 1 Troy Ounce Platinum (refined) ~ USD$ 35.70
7/64: 1 Troy Ounce Gold (refined) = USD$ 53.41
7/64: 1 Troy Ounce Platinum (refined) ~ USD$ 53.41
10/64: 1 Troy Ounce Gold (refined) = USD$ 42.83
10/64: 1 Troy Ounce Platinum (refined) ~ USD$ 35.
1/65: 1 Troy Ounce Gold (refined) = USD$ 44.69
1/65: 1 Troy Ounce Platinum (refined) ~ USD$ 22.50
4/65: 1 Troy Ounce Gold (refined) = USD$ 30.72
4/65: 1 Troy Ounce Platinum (refined) ~ USD$ 15.35
7/65: 1 Troy Ounce Gold (refined) = USD$ 29.36
7/65: 1 Troy Ounce Platinum (refined) ~ USD$ 14.75
10/65: 1 Troy Ounce Gold (refined) = USD$ 30.09
10/65: 1 Troy Ounce Platinum (refined) ~ USD$ 15.
1/66: 1 Troy Ounce Gold (refined) = USD$ 28.96
1/66: 1 Troy Ounce Platinum (refined) ~ USD$ 14.75
4/66: 1 Troy Ounce Gold (refined) = USD$ 26.31
4/66: 1 Troy Ounce Platinum (refined) ~ USD$ 13.
7/66: 1 Troy Ounce Gold (refined) = USD$ 31.34
7/66: 1 Troy Ounce Platinum (refined) ~ USD$ 15.50
10/66: 1 Troy Ounce Gold (refined) = USD$ 30.66
10/66: 1 Troy Ounce Platinum (refined) ~ USD$ 15.
1/67: 1 Troy Ounce Gold (refined) = USD$ 27.82
1/67: 1 Troy Ounce Platinum (refined) ~ USD$ 14.

Richmond Price:
10/64 - 1/65: 1 Troy Ounce Gold (refined) = Gold $ 64. ; C$ 3,840.
10/64 - 1/65: 1 Troy Ounce Platinum (refined) = Gold $ 64. ; C$ 3,840.


Citation: "Dental Surgery as applied in the Armies of the Late Confederate States" W. Leigh Burton in American Journal of Dental Science, Vol. 1, No. 4 (August, 1867) , p.182



1866:

Citation: A manual of inorganic chemistry: arranged to facilitate the experimental ... By Charles William Eliot, Frank Humphreys Storer(1866), p.592

High though these Greenback prices might seem, dental suppliers were advertising/retailing refined Gold foil in Early-Mid 1866 for +75% the New York Market Spot. That implies retail prices for the far rarer imported Platinum rose above $26./oz. in Greenbacks.

In 1864, pure Palladium was reportedly sold for $150./oz. (in Greenbacks?), up from $30. - $60. in the mid-1850s. If following the price of Palladium +300%, refined Platinum products sold at retail might well have cost ~$45. in Greenbacks. In 1858, Platinum crucibles were reportedly sold for $18. - 19. ; a doubling of prices was by no means atypical in this period.

If Gold Foil in 1865 was 50% more expensive than it had been in 1855, Platinum Foil might easily have cost ~ $25 wholesale.

Citation: Hettingers Dental News, Vols. 1-6 (June 1866) p.71

Citation: Hettingers Dental News, Volumes 1-6 (Dec. 1866) p.178


1865-72: Philadelphia Platinum Price, $10.40, Gold Rate

1865-72: 1 Troy Oz. of Platinum (semi-mfg, retail) = USD$ 16.36 > 11.62)

Citation: Dental summary, Vol. 36 (1916) p.249


L.G. Tillotson's Catalogue (July, 1866):



Tables of the NY Gold/Greenback Price, 1862-65:

Inflation of Retail Prices in Greenbacks:

19th Century: A Silver-Platinum Ratio

Ref

Following the age-old Gold-Silver Ratio, the Price of Platinum was frequently expressed as a ratio to Silver and/or Gold.  Comparing cited Platinum (and not ore) prices to London Bar Silver (see below), the ratio for refined ingot metals was never lower than 5:1 after 1867.

It appears the Platinum ratio was never below 4:1 after 1840, nor was it ever below 3.5:1 (1830-1).

1874: ~5.71/1 
1875: ~5.4/1
1876: ~6.02/1
1877: ~5.83/1
1878: ~6.06/1
1879: ~6.25/1
1880: ~5.96/1
1881: ~6.19/1
1882: ~6.67/1
1883: ~6.8/1
1884: ~7.05/1
1885: ~7.58/1

In an excellent historical summary, the US Platinum Price 1867-1904 is borrowed from Raynor's Johnson & Matthey invoices (erroneously transcribed by Bullsman in 1892):

Citation: The Journal of the Canadian Mining Institute, Vol. 8, By Canadian Mining Institute

1867 - 1907: Silver Fell -51%

1868: 1 Troy Ounce Silver = USD$ 1.33

1907: 1 Troy Ounce Silver = USD$ 0.65317 

1865 - 1904: Silver Fell -55.85% 

1865: 1 Troy Ounce Silver = USD$ 1.3384

1904: 1 Troy Ounce Silver = USD$ 0.5909

USD$ Silver Chart:

The Value Changes of Gold & Silver, as estimated in the Pound Sterling against a broad Commodity Basket.

Citation: Money and currency in relation to industry, prices and the rate of interest, By Joseph French Johnson

 Gold-Silver Ratio, as estimated in the late 19th Century.

Citation: The history of bimetallism in the U.S. 4th ed By James Laurence Laughlin, 1900

Weight & Density: Gold, Silver & Platinum

Troy-weight per 1 sq. in. of sheet/plate Au, Ag & Pt

USA, 1828: Ohio (Dated Colombian Estimation)

1828: 1 Troy Ounce Platinum (coined rate)  = £1.10 (USD$ 5.43)

1828: 1 Troy Oz. platina (market)  = USD$ 6.

News of late 1827:
 Citation: Niles' Weekly Register, Vol. 33 (February 2, 1828)

Citation: The Literary Register; a weekly paper edited by the professors of ..., Vol. 1, Miami University (Oxford, Ohio) 1828 p.174

It was a matter of more than passing academic interest what Platinum was worth, but US platina or platinum prices were not recorded or publicly reported until the last quarter of the 19th Century.  Establishing the relative intrinsic value of Platinum by ratio with Silver and Gold was one common reference, even where the market price of the commodity (unrefined platina and semi-manufactured Platinum) was in flux and subject to local scarcity.
  
On the Eastern seaboard, generic news from London to New York/Boston took ~35-40 days, and Russian summer news was at least 12 days older (~50 days prior)  during shipping months of 1828.  In rural Miami Ohio, printed news from New York traveled ~14 days; from Colombia ~45 days, from London ~50 days; from Vienna, Austria 70 days; from St. Petersburg ~65-80 days before or after the port froze seasonally. 

Another 'common misunderstanding' was simply repeating an old price reported elsewhere, earlier.  On May 17, 1826, the Colombian Government declared a Mint price of $6./per onza, an arbitrary price largely estimated by platina sales to exporting merchants.   The rural Ohio newspaper appears to be repeating that particular valuation (1826) matter-of-factly, as late as August 1828.  In reality, imported platina prices were declining from a presumed Price-of-Gold High in the USA circa March, 1826.   

In rural Ohio, Russian "commercial news" was at least 2.5 months old.  The poor state of information is also evidenced by the dated and incorrect Rouble price (August, 1827: Journal d'Odessa) August 1827 news reported in the Summer 1828.

October, 1828: The August 1827 Paper Rouble price at the Silver Rouble exchange rate.  Although it's tempting to imagine a US price of $15.53 per Troy Ounce of platina or $ 26.44/oz. for refined Platinum, there were significant duties to be added to Pt imported into the USA.  

Erroneous calculation, actual 1828 US/New York market price unstated.


Citation: Journal of the Franklin Institute, Vol. 2 (Philadelphia, Pa.) Oct. 1828 p. 249

Citation: Cuerpo de leyes de la republica de Colombia: que comprende todas las leyes (1840) p.541


Correctly, "the value of platina" might be estimated at intrinsic rates and/or quality of the ore.  A US market rate for imported Platinum was certainly much higher, too.  By coincidence, the August market-price for imported Platinum in New York and Philadelphia was probably ~USD$6. ; three months earlier the price was higher, ~$7. The January 1828 price should have been ~ $8., etc. 

After the 15% tariff was removed in 1832, "Six Dollars" per Troy Ounce was a merchant's cited price for imported bulk manufactured Platinum in 1833, five years later.


If these are correct market prices for the ore, platina had risen 593% from 1816 - 1828, though the platina price was already declining after 1830. 

1828: 1 Troy Ounce Silver  = USD$ 1.1538 (4x Ag)  ~ $4.60
1828: 1 Troy Ounce Gold = USD$ 19.39 (1/4 Au)  ~ $4.85

1828: 1 Troy Oz. Platinum (coined)  = £ 1.10 (USD$ 5.42)

1828: 1 Troy Oz. platina ~ $4.75

1828: 1 Troy Oz. Platinum (intrinsic)  ~ USD$ 6.

1828: 1 Troy Oz. Platinum (intrinsic) = USD$ 7.15

Citation: Gaceta de Colombia, Vol. 4, Issues 359-493

1831: 1 Troy Ounce Platinum (hypothetical, coined rate)  ~ USD$ 4.55

1832/3: : 1 Troy Ounce Platinum (imported Paris manufacture)  = USD$ 6.

1816: 1 Troy Ounce platina (ore @ Philadelphia)  = USD$ 0.6857

In 1829, actual news from English markets took at least 4 weeks to reach the USA, but "recent" topical matters might be dated several years earlier.

February 2, 1828: Recycled news, but suggesting a diminished platina price in New York

The specimen had been found in 1824, nearly four years earlier:

Citation: Geo. F. Kuntz in Economic World, Vol. 15 (1/12/1918)

1920: Estimation for Period?

1828: