On Platina.: silver

Showing posts with label silver. Show all posts

October 9, 2012

USA: New York Silver Market, 1865 - 1921

Citation: The Mineral Industry -1921 , Vol. 30 (1922) p.247

Citation: Series M268-270: Historical statistics of the United States, colonial times to 1970, Part 1 ; Bureau of the Census, US Congress

"Equivalent" equals estimation!

September 26, 2012

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

August 21, 2012

Peru, c.1792

Where an Ounce of platina was worth 0.7 Ozt Fine Ag in Guayaquil, (purportedly!) 1.4 Ozt Fine Ag in Lima (1788) and 1.138 Ozt Fine Ag in Paris (1791) : the European market price suggests a glut, whereas the colonial price suggests inflationary mis-pricing.

1787: 1 Troy Ounce platina (Guayaquil: Bulk) = S$ 0.54091 (~£0.1217)
1787: 1 Troy Oz. platina (Peru: Mkt) ~ S$ 1.08 (~£0.2434)

1791: 1 Troy Oz. platina (Paris: Bulk) = L.T. 8.13

Price of Silver in Peru, 1791-3:

Where 1 Marco (= 7.40208333 English Troy Oz.) Fine Ag was paid at S$ 8.67279

1791: 1 Troy Ounce Silver (Peru: intrinsic) = S$ 1.1717 (£0.21)
1791: 1 Troy Oz. Silver (Spain: intrinsic) = S$ 1.179 (£0.2113)
1791: 1 Troy Oz. Silver (UK, Mint Rate) = £0.25833
1791: 1 Troy Oz. Silver (UK, Mkt) = £0.283784

Citation: Travels from Buenos Ayres, by Potosi, to Lima: With Notes... Anton Zacharias Helms

Price of Quicksilver in Peru, 1791-3:

1791: 1 Troy Ounce Silver (Colombia: intrinsic) = S$ 1.1717

Citation: Travels from Buenos Ayres, by Potosi, to Lima: With Notes by the ... Anton Zacharias Helms

Where French stocking sold in France for 6 L.T. (0.84 Fine Ag) and 6 Piastres (4.6367 Fine Ag), imported French goods sold retail 5.52x higher in Peru.

1791-3:

European imports, 1760-1790:

Citation: Travels from Buenos Ayres, by Potosi, to Lima: With Notes by the ... Anton Zacharias Helms

Luis Fermin Capitin Vallvey (The Transport of Platina to Spain in the Late Eighteenth Century) mentions Casa de Platina payment for one odd lot, higher than typical Crown expense but half the South American market-rate in Peru. As a commodity with poor demand and limited utility, platina was still worth less than Silver in Spanish ports.

Where Rs. 27,072 = S$ 3,384 and 423 Libras ~ 6,256.2 Ozt, or @ S$ 8./Libra

1787: 1 Troy Ounce platina (Spain: off-mkt?) = S$ 0.54091 (~£0.1217)
1787: 1 Troy Oz. platina (Peru: mkt) ~ S$ 1.08 (~£0.2434)

1788: 1 Troy Oz. Silver (UK, .999 Mkt) = £0.2904 ; 1 Troy Oz. Silver (S$ .999) = £0.2941

"This platina arrived on December 7th, 1787, and payment was made eight months later. In the “Note of expenses incurred in founding the Royal Platina Plant” payment is recorded of “twenty-seven thousand seventy-two Reals which on August 9th, 1788 were released to the proxy representing Bernardo Roca, resident of Guayaquil in payment for 423 Libras of platina” (26). This amounts to a price of 64 Reales per Libra before expenses, but if Bernardo Roca had sold the platina in Lima he could have received double the amount of money!"

	Year of				Port of
Shipment	arrival	Amount	Kgs	Ship	arrival
1	1767	1 @ 22 Libra	21.62	-	Cadiz
2	1784	12,937 Castellano	59.51	-	Cadiz
3	1787	1 @17 Li	19.32	-	-
4	1787	6 @ 4 Li, 8 Onza	70.94	-	-
5	1787	69 Li 14 On	32.14	F. El Pajaro	Cadiz
6	1787	16 @ 23 Li	194.58	F. La Posta de America	Cadiz
7	1789	122 @ 15 Li 9 On	1310.16	-	-
8	1790	4543 Ca	20.9	B. El Farnoso Sevillano	-
9	1791	45 @ 6 Li	520.26	F. El Riojano	Cadiz
10	1791	962 Ca	4.42	F. El Riojano	Cadiz
11	1791	100 Li 14 On	46.4	P. N. S. Carmen	Cadiz
12	1795	146 Li 9 On	67.3	V. San Carlos	Cadiz
13	1802	2267 Ca 112 Tom.	10.43	F. Sta. Sabina	Cadiz
14	1802	95 314 Li	44.04	F. Sta. Sabina	Cadiz
15	1802	493 Li 9 On	227.04	F. Flor del Paraiso	Cadiz
16	1803	22 Li	10.12	F. Sta. Sabina	Vigo
17	1804	11@- 171b15o 7 0	134.54	B. El Serrano	Cadiz
18	1805	1141b 1 4 0 ~ 5 0 ~	52.77	-	Corunna

"A substantially different figure for the total amount of platina sent to Madrid has been reported by Chaston (18). He suggested that the quantity of crude platina which arrived in Madrid between 1786 and 1808 may have averaged 14,000 to 18,000 Troy oz per year - adding up to perhaps one-third of a million ounces (9560 to 12,320 kg) over the twenty-two year period. This amount is significantly larger than that reported here, although it must be acknowledged that smuggling could account for at least some of the difference between Chaston’s figure and my account of legal commerce."

Chaston (1980) vastly over-estimated the production of refined Platinum in Europe - in fact, crude platina (at 70% purity) landed in Europe would have been that much higher, ~622 - 801 kgs per year. The total platina export of 1804, however, is well within that range.

"The quantity of malleable platinum turned out over the 22 years mayhave averaged 14,000 to 18,000 oz Troy per year-say one third of a million ounces in all."

A more reasonable estimate follows : the Spanish Mints likely gathered an average of 50-100 kgs of platina per year and European contraband traders 2 -4x that amount: a high estimate of the total platina exported was closer to 85 - 200 kgs, annually. Broadly speaking, the production and price of platina should simply have followed Gold, by years and seasons and trade access to Carthagena/Guayaquil.

The 1788 price paid is identical to the insupportable high (specimen) "spot-price" cited by von Humboldt in 1801, although we might assume the price at Carthagena (as at Lima) was typically double the Source-Spot. In Choco, bulk spot-prices to contraband traders were conceivably a third higher than the government price, most of the time.

July 3, 2012

UK, 1918

May 1918: 1 Troy Ounce Platinum (pure ingot, London mkt) = £ 20. (USD$ )

Citation: Annual report of the Director of the Mint (Fiscal Year 1918); United States Bureau of the Mint (1918) p.159

1918: Estimated global platina produced

1918: 1 Troy Ounce Silver = £ 0.214 (USD$ 1.02)

Monthly Silver in London & New York:

The value of the British Pound against the US Dollar started deteriorating in November, 1918.

Citation: Economic World, Vol. 21 (Sept. 1921) ; Arthur Richmond Marsh p.19

January - April 1920

February 1920:

December 1921:

March 13, 2012

UK, 1840

1839: 1 Troy Oz. Platinum (unrefined bulk ingot; Paris) ~ (USD$ 3. - 3.20)

1840: 1 Troy Ounce Platinum (Semi-Mfg, Ret.) = £ 1.50
1841: 1 Troy Ounce Platinum (Semi-Mfg, Ret.) = £ 1.50 (USD$ 7.50)
1842: 1 Troy Ounce Platinum (Semi-Mfg, Ret.) = £ 1.50 (USD$ 7.00)

At the end of Alfred Smee's Elements of electro-metallurgy (1840)

Citation: Palmer's New Catalogue, with 300 Engravings of Apparatus, illustrative of Chemistry, Pneumatics, Electricity, Optics, etc., with prices ; (1840) p. p. 20

c.1839/40: Platinized Silver

Citation: Elements of electro-metallurgy, Alfred Smee (1840) pp.

c.1840: Silver was estimated at 1/5th the Price of Platinum

In Advertisements: Watkins and Hill's voltaic or galvanic instruments (1840) "ten pair" would be £ 8.40 (1 Element = £ 0.84), highest catalogue retail for the 0.5 x 4.0 Foil Element.
Smaller Element presumably 0.5 x 2.0 Foi.

SET OF TEN PAIRS OF GROVE'S FLAT PLATINUM AND ZINC P. cells in an ordinary sized Wollaston's porcelain trough, to liberate twenty- ...[six? cubic inches] of the mixed gases per minute, 8£ . 8s.

SET OF FIVE PAIR OF GROVE'S FLAT PLATINUM AND ZINC... liberate thirteen cubic inches of the mixed gases per minute, 4£ . 4s.

SINGLE PAIR OF GROVE'S FLAT PLATINUM AND ZINC PLATES...in Porcelain trough, 13s.

PAIR OF SQUARE PLATINUM DISCS OR PLATES, on Glass Column: decomposition of the alkalies by the influence of voltaic agency, 1£ . 10s. to 3£ . 3s.

In a comprehensive evaluation of various battery types, William Sturgeon grappled with the question of cost. His 10-Cell Grove's Battery is estimated at £ 7. (1 Element = £ 0.70)

Citation: The annals of electricity magnetism and chemistry and guardian of ..., Vol. 5 (1840)

April 13, 1840: 'Quantity' Battery and 'Intensity' Battery

Quantity' Battery: 320 Sq. In. of Platinum Plate ; 640 Sq. In. surface area, so 1 Element was 8 Sq. In. ("about four square feet" is only 576 Sq. In. ; more accurate is "about four and a half square feet" = 648 Sq. In.)

'Intensity' Battery: 600 Sq. In. of Platinum Plate ; 1200 Sq. In. surface area, so 1 Element was 12 Sq. In.

The Annals of Electricity, Magnetism, and Chemistry; and Guardian ..., Vol. 4

April, 1840:

To calculate the amount of Platinum in a Watkin's Grove's Cell, compare the rate at which water is decomposed into Hydrogen and Oxygen. The larger Battery demonstrated by Grove (with 40 Platinum-Zinc Cells in 5 Plates total: 48 square inches Platinum in total, 24 inches of double sided-sided Platinum: 4.8 sq. in. of Platinum Sheet per Plate) produced 110 cubic inches of gases per minute, or 2.75 cu. in. gases per Cell.

For Watkin's & Hill's smaller battery of just 5 Grove Platinum-Zinc Cells advertising 13 cubic inches of gases per minute, each Cell produced 2.60 cu. in. gases per Cell, so each Watkin's & Hill's Cell would have ~4.54 sq. in. of Platinum Sheet per Plate.

Watkin's &Hill's Cell for this battery (with ~4.54 sq. in. of Platinum Sheet) cost £ 0.84; the cheaper "Single Pair" £ 0.65 was certainly smaller w/ less Platinum.
Palmer's Catalogue of 1841 offered the 'larger cell' Grove Platinum-Zinc 6-Cell Battery at £ 0.4167 ; the 'smaller cell' was just £ 0.2917 per Cell.

The cost of batteries (and probably Platinum) was falling dramatically.

Citation: The Metropolitan Magazine, Vol. 27, No. 58

Smee notes that in 1840 the assayer's charge for pure refining Silver was £ 0.05 over the Market-Price, an 18.4% increase for the Producer's Price.

Commercial Silver Nitrate (unknown purity) was ~30.6% over the Market-Price for Silver.

In period wholesale/retail catalogues selling 'pure Silver foil' for £ 0.425, platinised Silver foil sold for £ 0.475 or about 12% over the Market-Price for Fine Silver.

Talbot's engine, with Grove's Battery: 4 Large Elements (198 Sq. In. Platinum Plate) where
1 Element had 49.5 Sq. In. Platinum Plate (99 Sq. In. surface)

April 1840: Where 3 Sovereigns = 0.77 Ozt; 23.964 g., presumed 9-carat

1839/40: 1 Ozt. Gold (Mint) = £ 4.241
1839/40: 1 Ozt. Gold 9-Carat Chain = £ 5.14

1839/40: 1 Ozt. Gold (9-Carat Chain, @.999) = £ 13.70
1839/40: 1 Ozt. Gold .999 (9-Carat Chain, 2.67 Ozt) = £ 11.95

March 6, 2012

UK, 1790-1830: Gold, Silver & Exchange Rates

Where British merchants paid in coin, a premium on contraband at Cartagena is assumed. (Peso Exchange on Madrid is given for comparison.)

	PoS	Exchg	Exchg	Exchg	Exchg	Exchg	SPb £/руб	SPb £/руб
Year	Fine Ag	$ Coin Ag	$ Pesos	Roubles	Roubles	Roubles	UK Exchg	SPb Exchg
1789	£0.3100	£0.2583	£0.1459	£0.1814	£0.1302	£0.1410	£0.1345	руб 7.436
1790	£0.3100	£0.2583	£0.1448	£0.1814	£0.1302	£0.1410	£0.1367	руб 7.316
1791	£0.3037	£0.2531	£0.1492	£0.1777	£0.1135	£0.1229	£0.1173	руб 8.527
1792	£0.3250	£0.2708	£0.1543	£0.1901	£0.0969	£0.1208	£0.1097	руб 9.112
1793	£0.3150	£0.2625	£0.1425	£0.1843	£0.1031	£0.1021	£0.1018	руб 9.826
1794	£0.3050	£0.2542	£0.1267	£0.1784	£0.1156	£0.1188	£0.1181	руб 8.464
1795	£0.3100	£0.2583	£0.1227	£0.1814	£0.1281	£0.1208	£0.1235	руб 8.099
1796	£0.3175	£0.2646	£0.1205	£0.1857	£0.1302	£0.1313	£0.1318	руб 7.588
1797	£0.3000	£0.2500	£0.1042	£0.1755	£0.1240	£0.1208	£0.1214	руб 8.237
1798	£0.3000	£0.2500		£0.1755	£0.1063	£0.1042	£0.1061	руб 9.428
1799	£0.3275	£0.2729		£0.1916	£0.1115	£0.1083	£0.1090	руб 9.174
1800	£0.3450	£0.2875	£0.2250	£0.2018	£0.1188	£0.1188	£0.1197	руб 8.353
1801	£0.3526	£0.2938	£0.1636	£0.2063	£0.1229	£0.1250	£0.1230	руб 8.133
1802	£0.3300	£0.2750	£0.1560	£0.1877	£0.1266	£0.1229	£0.1258	руб 7.952
1803	£0.3300	£0.2750	£0.1514	£0.1877	£0.1422	£0.1438	£0.1418	руб 7.051
1804	£0.3200	£0.2667	£0.1452	£0.1820	£0.1323	£0.1323	£0.1334	руб 7.498
1805	£0.3400	£0.2833	£0.1374	£0.1970	£0.1313	£0.1333	£0.1298	руб 7.707
1806	£0.3238	£0.2698	£0.1492	£0.1876	£0.1219	£0.1250	£0.1250	руб 8.000
1807	£0.3275	£0.2729	£0.1624	£0.1897	£0.1058	£0.1000	£0.1135	руб 8.807
1808	£0.3226	£0.2688	£0.1740	£0.1869	£0.0970	£0.0917	£0.0875	руб 11.429
1809	£0.3250	£0.2708	£0.1798	£0.1883	£0.0838	£0.0792	£0.0833	руб 12.000
1810	£0.3425	£0.2854	£0.1834	£0.1984	£0.0639	£0.0604	£0.0583	руб 17.143
1811	£0.3600	£0.3000	£0.1916	£0.2086	£0.0639	£0.0604	£0.0583	руб 17.143
1812	£0.3962	£0.3302	£0.1799	£0.2295	£0.0806	£0.0750	£0.0750	руб 13.333
1813	£0.4200	£0.3500	£0.2146	£0.2433	£0.0651	£0.0625	£0.0667	руб 15.000
1814	£0.3275	£0.2729	£0.1926	£0.1897	£0.0521	£0.0500	£0.0542	руб 18.462
1815	£0.5626	£0.4688	£0.1683	£0.3260	£0.0456	£0.0438	£0.0452	руб 22.102
1816	£0.2900	£0.2417	£0.1445	£0.1680	£0.0434	£0.0417	£0.0415	руб 24.107
1817	£0.3200	£0.2667	£0.1474	£0.1625	£0.0499	£0.0479	£0.0465	руб 21.489
1818	£0.3250	£0.2708	£0.1688	£0.1667	£0.0521	£0.0500	£0.0497	руб 20.137
1819	£0.3226	£0.2688	£0.1564	£0.1640	£0.0477	£0.0458	£0.0455	руб 21.978
1820	£0.2975	£0.2479	£0.1448	£0.1615	£0.0434	£0.0417	£0.0410	руб 24.370
1821	£0.2912	£0.2427	£0.1500	£0.1581	£0.0412	£0.0396	£0.0396	руб 25.245
1822	£0.2881	£0.2401	£0.1527	£0.1564	£0.0434	£0.0417	£0.0408	руб 24.482
1823	£0.2862	£0.2385	£0.1557	£0.1553	£0.0456	£0.0438	£0.0400	руб 25.001
1824	£0.2887	£0.2406	£0.1518	£0.1567	£0.0412	£0.0396	£0.0396	руб 25.274
1825	£0.2944	£0.2453	£0.1524	£0.1598	£0.1108	£0.0428	£0.1063	руб 23.386
1826	£0.2893	£0.2411	£0.1464	£0.1570	£0.1189	£0.0396	£0.1141	руб 25.274
1827	£0.3156	£0.2630	£0.1428	£0.1713	£0.1089	£0.0425	£0.1045	руб 23.541
1828	£0.2891	£0.2409	£0.1498	£0.1569	£0.1042	£0.0433	£0.1000	руб 23.112
1829	£0.2869	£0.2391	£0.1520	£0.1557	£0.1042	£0.0444	£0.1000	руб 22.521
1830	£0.3250	£0.2708	£0.1499	£0.1764	£0.1040	£0.0441	£0.0998	руб 22.678

The 'Spanish Dollar,' minted in the UK at the standard 925/1000 purity:

Citation: A geographical and statistical display of the locality, relation, superficies, and population of each county, section, district, and colony of the British Empire etc. ; John Marshall (1833) pp. 46; 53