Colombia, 1814

1814: 1 Troy Ounce platina (Est. Choco Spot) ~ S$0.1014 (£ 0.0225)
1814: 1 Troy Oz. platina (Est. Cartagena Spot) ~ S$0.1352 (£ 0.03)

Dr. Erich Bollman quoted a purported Cartagena platina price a of S$ 5./libra in 1814. 

Had Bollman's information had been correct, the profit margin between Cartagena and Philadelphia would have been just 22%. 

In 1823, Cochrane (1824) indicates that Gold was 25% more valuable in Kingston than in Cartagena. Logically, bulk platina was sold cheaper to British merchants in Kingston than Bollman's quote in 1813/4:  perhaps ~S$ 4. /libra.  So intuitively, Bollman's price-quote was the Jamaica-rate, where 'Kingston to Philadelphia' trade allowed +S$1./oz Troy marginal profit.  Likewise, Cartagena to Kingston was +S$1./oz Troy, ~33% or fair markup.   

Therefore, the Cartagena bid must have been even lower, a Colombian Price-Low. 

When platina was sold in London for 3s/oz. Troy,  it was 5x the Choco Spot-Price.  See 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 (libra) equivalent to 1s. 6d. an ounce troy, and that the price at Philadelphia was six dollars (6)."  

"S$5." ÷ 14.7946 Ozt. (often, 1 libra = 14.792 English Troy Oz.) = S$0.3380 = "1s. 6d." (£0.0750) assumes an exchange of 4s. 5.25d. (or £1. = $4.5062), a relatively high rate against the Pound. 

1814: 1 Troy Oz. platina (Choco: Estimate) ~ S$0.1014 - 13.52 (£ 0.0225 - 0.03)

1814: 1 Troy Oz. platina (Cartagena: Est.) ~ S$0.2704 (£ 0.06 = '1s. 2.35d') )

1813/4: 1 Troy Oz. platina (Jamaica Price) = S$0.338 (£ 0.075)

1813/4: 1 Troy Oz. platina (Philadelphia: bulk, ore) = USD$ 0.4115 (£ 0.0833)

1814: 1 Troy Oz. platina (London: whols., ore) = £ 0.15 (S$ 0.6758) 

1814: 1 Troy Oz. platina (Colombia: Est. Specimen Rate) ~ S$0.4056 - 0.5 (£ 0.09 - 0.12)

Also:
1813/4: 1 Troy Oz. Platinum (Producer Cost, $15./lb. avd) = USD $1.029 (£ 0.2207)


Where 13,960 Marcos of .880 Gold Ore = 180,660 Ozt Fine Gold in 1814.

Citation: L'Europe et ses Colonies en Decembre 1819, Vol. 1; M. Beaumont de Brivazac (1820) p.219

Local merchants accumulated & traded large quantities of platina in exchange for low-quality English goods acquired at subsidized rates.

A large platina nugget was found in 1814, taken by Spanish authorities in October 1816, transported to Spain in late 1817, and first reported publicly in early May 1818.  That discovery suggests two important points relevant to the Colombian platina yield of 1814, which may have signaled a Price-Low in that year.

1) 'Record-setting' nuggets were typically found in rich placers, during seasons with a extraordinarily high mineral yields.

2) The presentation of platina to the Commanding General of the Spanish Armies, in a time of war, suggests that mineral was instrumental in funding the attempted Reconquista.    

It is especially ironic that General Pablo Morillo was lauded as a protector of scientific discoveries.  Morillo gained infamy in 1816 for ordering the execution of intellectuals such as the Colombian scientist, Francisco José de Caldas (who had traveled with Alexander von Humboldt, in 1801).  Morillo's terse repudiation of pleas for clemency sounded a proto-fascist note: "España no necesita sabios."

Assuming Castillan weight as first reported, the 'Hurtado pepita' weighed 23.23 English Troy Ounces or 722.2 grams. 

Madrid, 1818: news from London took ~3 weeks; from from St. Petersburg, ~8 weeks; from Venezuela ~14 weeks (3.5 months).

Whereas merchant price-currents followed normal shipping times, general knowledge of foreign data was delayed until summary or re-publication in journals.  This Madrid news item was reported by English scholarly journals 6 months later.   (The actual specimen discovery in Choco had occurred four years earlier.)

Citation: Gaceta de Madrid, No. 53, p. 442 (May 2, 1818) : 

Citation: El Español constitucional: Ó miscelanea de política, ciencias y ..., Vol. 1 (Oct. 1818 ) p.136

Citation: The Philosophical Magazine and Journal, Vol. 52, No. 247  Andrew Tilloch(Nov. 1818) p.382

Citation: Travels through the interior provinces of Columbia [sic], Vol. 2 John Potter Hamilton


1824: In Colombia, Specimen-Gold was sold at the 'market price for Gold' (presumably, coined rate) notwithstanding intrinsic value nor impurities.  Specimen-platina likely sold to European travelers at similarly inflated 'retail' rates, in both earlier & later periods.




Bonnycastle's work was a compendium; he was never in Colombia.  The uncertain reference for this price may be the 1817 French dictionary which also reproduced dated information.

Taking the French Franc at Fr 1.23 per English Shilling in December 1814:

33 Shillings per Libra = 32.54 s.  per Pound Avd. = £3.5869 per Kg. (~72 s.) ;

Fr. 40.59 per Libra = Fr 40.02 per Pound Avd. = Fr. 88.56 per Kg.

1814?: 1 Troy Ounce platina (raw ore, in Colombia) =  £ 0.1116 (Fr 0.25)

Citation:  Spanish America: or A descriptive, historical, and geographical account of ... By Sir Richard Henry Bonnycastle 1818, p.274

c. 1814?

Citation: Nouveau dictionnaire d'histoire naturelle, appliquée aux arts, à ..., Vol. 26 (1817) p.583

Citation: Colombia: being a geographical, statistical, agricultural, commercial, and ... Alexander Walker (1822) p.312

Where .750 Gold was S$ 200. per libra, Fine Gold .9999 was S$ 267./libra.
Where 'poor Gold price was S$ 37.50 - S$ 75. per libra and 'oro bajo' the fineness may be assumed less than 35%.

Platina was sometimes found to be 50/50 Au-Pt:

Citation: Proceedings of the Second Pan American Scientific Congress, Washington, USA ; Glen Levin Swiggett p.331


Platinum/Gold Ratio on the Condo River was 3:1







1817: In this account, General Morillo's henchman and chief-of-staff, Pascual Enrile, was blamed for much of the butchery and the liquidation of Colombia's scientists & intellectuals.

Citation: Estudio cronologico de la guerra de la independencia de la antigua Colombia ;  Nicolas González Chaves (1879) p.551

Colombians viewed the export of these treasures as little more than Crown theft.

USA, 1862

1862: 1 Troy Oz. Platinum (UK: Semi-mfg, Trade) = £ 1.35 ($ 6.58)

1861/2: 1 Troy Ounce Platinum (Wire: Wholesale) = £ 1.225 ($ 5.95; USD$ 5.95 - 6.06)
1862/3: 1 Troy Oz. Platinum (Wire: Wholesale) = £ 1.2087 ($ 5.89 ; USD$ 6.03 - 9.39) 
1862/3: 1 Troy Ounce Platinum (Wire: Wholesale) = £ 1.201 ($ 5.85 ; USD$ 6.76 - 9.39)



in August 1862, Platinum crucibles became more expensive, after the 1862 tariff hike.

Published prices appear consistent, but large premiums and Gold-rate inflation occurred 1862-4.

February, 1862:

1861/62: 1 Troy Oz. Silver-Platinum Alloy (French Import, Trade) = USD$ 6.50

1861/62: 1 Troy Ounce Gold (presumed, whols.) = USD$ 22.

Citation: New York Dental Journal, Vol.5 (March, 1862) p. 107

February, 1862: 1 Troy Oz. Silver-Platinum Alloy (Dental Trade) ~ $ 7. ; USD$ 7.25

Citation: Hettingers Dental News, Vol, 1-6 (February, 1862) p. 16

Citation: New York Dental Journal, Vol. 5 (July?1862) p.64

Platinum became war-materiel in 1862; scarcity was noted in the South.

Judging from European prices, the US Market Platinum Low may have occured in 1862/3?

Citation: Dental office and laboratory, Vol. 5, No. 3 (1891) p.

Where 879 Pounds Avd. is understood to be 12,818.75 Ozt,
 
1861/2: 1 Ozt. Platinum (Plate: Whols., Import.) = $ 5.2797




Where 11 Pounds Avd. is understood to be 160 Ozt,
 
1861/2: 1 Ozt. Platinum (Plate: Whols., Import.) = $ 5.2488 
 
Where 897 Pounds Avd. is understood to be 13,081 Ozt,
 
1861/2: 1 Ozt. Platinum (Plate: Whols., Import.) = $ 5.2818

France, 1807

By von Humboldt's mis-estimation, the Paris Price (trade?) was only ~3.5x higher than the Chocó Spott-Preis.  In all probability, the Chocó Spot was likely much lower (~S$ 3./libra) so the Paris multiple was closer to 8.7x higher, though major French consumers (bulk discount) certainly paid far less than his cited trade-price in Paris.

We can probably date von Humboldt's ms. to 1808-09, several years after his return to France (1804.)  The livre refers the Spanish libra, 460 g., whereas the livre poids de marc or livre de Paris was heavier, 489.5 grams (15.74 ozt.)  He did not mean a 'kilogram' (carefully specified elsewhere in this early volume) for that would halve the Paris Price, inconsistently.

Where the Poid de Marc (16 once) was 15.7378 English Troy Ounces; 
1 P.d.M. @ Fr 8./once = Fr 130., @ Fr 9./once = Fr. 150.

Reduced to 1 Spanish Libra, @ Fr 8./once = Fr 122.21, @ Fr 9./once = Fr. 141.
Reduced to 1 Pound Avoirdupois, @ Fr 8./once = Fr 120.5, @ Fr 9./once = Fr. 139.
Increased to 1 Kilogram @ Fr 8./once = Fr 265.6, @ Fr 9./once = Fr 306.5

In S$ @ Fr 8./Once, 1 Libra = S$ 24.5, 1 Pound = S$ 24.1, 1 kg = S$ 53.1
In S$ @ Fr 9./Once, 1 Libra = S$ 28.2, 1 Pound = S$ 27.8, 1 kg = S$ 61.3
 

c.1805?: 1 Troy Ounce platina (Paris mkt, retail) = Fr 9.38  
c. 1809?: 1 Troy Oz. platina (Paris mkt, retail) = Fr 8.13

Citation: Bibliothèque britannique, ou, Recueil extrait des ouvrages ..., Vol. 46 (1811)

Citation: Political essay on the kingdom of New-Spain, Vol. 3  ; Alexander von Humboldt, John Black

European Low Price for platina, might suggest a Colombian platina Low (c.1806)?

In 1807, 46 kgs (1,479 Ozt) of platina were imported to France from the Netherlands.

Citation: Dictionnaire des productions de la nature et de l'art qui font l'objet du ...Magnien p.379

France, 1830

Uncertain date. Platina and Platinum prices had fallen dramatically by 1830/1 but began rising in 1832 with expanding US demand.
1829: 1 Troy Ounce Platinum (refined) = Fr 22.35 (USD$ 4.39)
1832:

Citation: Eléments de technologie ou description des procédés des arts... Louis-Benjamin Francoeur (1833) p.288


Vague references to platina costing "less than Silver" (< Fr 4) suddenly appear in French textbooks around 1834/5.

Following the 1825 Platina Price Collapse in Russia, a Paris Platinum Price LOW occurred c.1830, coincident with a refined Pt Low in Great Britain (c.1831.)

Given a reasonable lag-time between source & consumer markets, the -60% collapse in platina exports from Cartagena c. 1834 and a clamour from US buyers to know the price of platinum stills (in 1833) both appear to confirm this hypothesis.

The first edition of this book appeared in 1834, the ms. may have been prepared several years earlier. This price does not likely recall 10 years earlier, when the author was 15 years old; rather, this almost certainly indicates the 1830 Low Price. Also, the 1835 edition of a different title by the same author (and virtually identical text) cites a higher Platinum price.

It wasn't often that, from the Siberian discovery (1817) to 1840, platina was cheaper than standard Silver on the French market (unless specie & bullion was in greater demand?)

The Colombian tariff (after December 1828) would have marginally raised platina costs for merchants, marginally by April/May 1829 and thereafter.

March, 1829?: 1 Troy Oz. Platinum (refined, mkt) = Fr 14.22 (USD$ 2.72)
1830: 1 Troy Oz. platina (ore, Paris mkt) < Fr 6.60 or USD$ 1.27
1831: 1 Troy Oz. Silver (mkt) = Fr 6.60 (USD$ 1.27)

Citation: Petite histoire naturelle des écoles ou leçons sur les minéraux, les plantes ...; Constant Saucerotte (1840; first ed. 1834) p.23

The 1st edition of the school texbook, in 1834:

October 1830: Osmiridium separated more efficiently  



The English Troy Ounce of Silver in Paris, 1831 = Fr 6.60

The French Edition (1831) omits any reference to Russian discoveries or coinage. Fairly typical for textbooks, the price data was already moot and incorrect.

In Russia it is already established as a coin, and shaped pieces of it to 3 and 5 rubles. The value of this "noble metals" is about 5 times the silver, for a long time ago in Paris that cost 1 gram platinum francs - and a three-ruble piece weighs 10.35 grams.

Citation: Traité de chimie appliquée aux arts. 8 tom. [and] Atlas, Vol. 3; Jean Baptiste A. Dumas

Compilation of various dated sources 

Citation: Manuel du voyageur en Allemagne: itinéraire de l'artiste, du négociant ...  By Audin (1836)


In 1830, 78.25 kgs of platina were imported to France.

1830 : French Imports of platina (ore, 75%) = 2,516 Ozt
1830 : French Platinum Import (at purity) ~ 1,887 Ozt

Citation: Archives du Commerce, ou Guide des commerçans, recueil de tous ..., Vol. 3 p.27


Ghent/Gand Belgium:

1830 Coins



1832 Coins

France, 1831: Military & Laboratory Costs

March/April calculation in SPb, with 1823 Paris price data?

1831: 1 Troy Oz. Platinum (Paris: Mkt?) = Fr. 24.634
 
Citation: Memorial revue encyclopédique des connaissances humaines (May, 1831)

Citation: Précis de la géographie universelle ou description de toutes les parties.. Conrad Malte-Brun (1832) p.794

In 1831, 90.01 kgs of platina were imported to France.

Citation: Archives du Commerce, ou Guide des commerçans, recueil de tous ..., Vol. 3 p.27

Russia, 1840

From 1828, the Russian price for refined Platinum collapsed profoundly by 1840, in Silver value from 5:1 to about 2:1. (The same valuation for ore appears in a 1842 US article : "in large quantities it would be worth twice as much as Silver.")

Several unknown factors must explain this extraordinary event, unrecorded and poorly understood even today.

c.1840?:

Citation: Revelations of Russia: or The Emperor Nicholas and his empire, in 1844, Vol. 2 By Charles Frederick Henningsen (1844) p.275

c.1844

Peak production of Platinum in the early 1840s was likely related to the falling price. Also, Bonolli's massive importation (of Colombian ore, from Cartagena) to Europe probably coincided with Demidoff's gargantuan Russian export in 1840. By this perhaps not coincident oversupply, the market-price for Russian ore suddenly and briefly collapsed.

1880s
 

c.1825: 1 Troy Ounce Platinum (coined, Russian rate) = £ 1.43 ($USD 5.15)

1844: 1 Troy Oz. Platinum ("about 2x Ag: £ 0.2976") ~ £ 0.5951 ($USD )

c.1844: 1 Troy Oz. Platinum (Russian mkt value) = £ 0.23 ($USD 0.83)

Dated information, 1847: James Abbott was in Orenburg in June 1840, in St.Peterburg by August 1840. Platinum Coin was then supposed to be about half the Gold-Coin, but the Platinum Rouble was well-known to be discounted.

Improved technology (cheaper refining methods) also reduced Platinum prices dramatically; this comment presumably refers only to refining-cost parity, yet reads dramatically to imply a par-value with Silver.

1840:

But the British manufactured market price was firm, as manufacturers eagerly absorbed cheap platina for new uses & demands. (See Grove's Battery.)

1805: 1 Troy Ounce Platinum (refined) = £ 0.88 ($USD 3.83)

c.1835: 1 Troy Ounce Platinum (mfg, retail? See Davy.) ~ £ 1.80 (USD$ 8.73)

Citation: Journal of the Chemical Society: Transactions, Vol. 77 By Chemical Society (1900) p.578

Russian estimation of Davy's Battery: £600. ?

Jacobi's Grove's Battery, 1840:
 

Platinum was ~ 17 - 18% of the Gold Yield (excluding old Gold Coin, etc.)

1839 Platina Yield: 91.9123 Poud = 3,676.5 Funt = 48,405 Ozt. = 1,505.5 Kgs.  

1840: Platina Yield: 94 Poud = 3,760 Funt = 49,505 Ozt. = 1,539.77 Kgs.
1840: Gold Yield: 551 Poud = 22,040 Funt = 290,181 Ozt. = 9,025.65 Kgs.
1840: Gold Yield: 534 Poud = 3,760 Funt = 281,227.2 Ozt. = 8,747.14 Kgs.
 
 

Gold Yield, 1824 - 1848:
 

Platinum 2x Silver 
Citation: Archiv für Natur, Kunst, Wissenschaft und Leben (No.2, March 1841) , p.22