Russia, 1831

March/April calculation in SPb, with 1830 Paris price data?

1831: 1 Troy Oz. Platinum (Paris: Mkt?) = 24.64 руб Acc. (Fr. 24.634)
 
Citation: Memorial revue encyclopédique des connaissances humaines (May, 1831) p.162


Featherstonhaugh's The Monthly American journal of geology and natural science (Philadelphia, September, 1831) included reference to Late 1830 prices.  

Young Demidoff would be Anatole Demidoff, who had the Temple built at Bagni di Lucca (1831); the largest nugget here reported apparently 11.07 kgs (?)

The citation of 1830 Gold returns strongly implies the author well-informed; no mention of the 12-Rouble coin (November, 1830)  either. In all likelihood, this London price for malleable platina ("currently") refers to 1830 or 1831, being rather high and where (unmentioned) Paris refined prices collapsed by 1830.

The American minerologist James Dickson of New Brunswick NJ reported on Platinum production to date: "Though many hundred pounds weight of platina are coined monthly, into pieces of 11 and 22 rubles {3- and 6-Rouble Coins} they disappear rapidly from the circulation. They may be met with occasionally, and a few at a time, in the hands of the brokers. I consider their price much above the London price of malleable platina, which is at present about 25 shillings English per ounce : considering that the crude platina is the produce of the country, the Russian price for malleable platina, which is about 28s., is too extravagant; and yet this does not arise from the expense of manufacturing, but from the cost of the material itself, which is far higher than the platina of South America."

The scarcity of the Platinum coinage "at the brokers" is noteworthy, as is the valuation (below the official coined Silver rate.)  Dickson also cited the (crude) platina price at
"~£ 1.00/ozt" = £ 0.9645/ozt.  Where 1 руб Banco = £ 0.0441 (1830) and 1 руб Banco =
£ 0.0448 (1831) 1: 3.6272 

1831: 1 Troy Oz. Pt (Coin, SPb ~28 s./ozt) = £ 1.40 (8.6153 руб Ag)
1831: 1 Ozt. Pt (Coin, SPb ~28 s./ozt) = 8.6153 руб Ag; 31.25 руб Acc.

1830: 1 Ozt. Platinum (Refined, SPb ~28 s./ozt) ~ £ 1.40 (31.75 руб Acc.)
1831: 1 Ozt. Platinum (Refined, SPb ~28 s./ozt) ~ £ 1.40 (31.26 руб A.)

1830: 1 Ozt. Platinum (~28 s./ozt) ~ £ 1.235 (28 руб A.)
1831: 1 Ozt. Platinum (~28 s./ozt) ~ £ 1.254 (27.58 руб A.)

1830: 1 Ozt. platina (StPb =3 руб acc./zolotnik) = £ 0.965 (21.885 руб A.)

1830: 1 Ozt. platina (StPb, 75%) = £ 0.980 (22.225 руб A.)
1830: 1 Ozt. Pt (SPb: Refiner Cost) ~ 1.45 руб Acc. ?
1830: 1 Ozt. Platinum (SPb: Intrinsic) = £ 1.044 (23.67 руб A.)
1830: 1 Ozt. Pt (SPb: Refiner Profit) = £ 0.356 (8.08 руб A.)
  
1827: 1 Ozt. Pt (SPb: Refiner Cost) = 1.75 руб Acc. ~ 0.47 руб (Ag)  
1831: 1 Ozt. Pt (SPb: Refiner Cost) ~ 1.45 руб Acc. ? 

1831: 1 Ozt. Platinum (75% ore, intrinsic) = £ 0.965 (21.574 руб A.)
1831: 1 Ozt. platina (75% ore, intrinsic) = £ 0.980 (21.882 руб A.)
1831: 1 Ozt. Pt (SPb: Refiner Cost) ~ 1.45 руб Acc. ?
1831: 1 Ozt. Platinum (SPb: Intrinsic) = £ 1.045 (23.33 руб A.)
1831: 1 Ozt. Pt (SPb: Refiner Profit) = £ 0.355 (7.93 руб A.)
 

1831: 1 Ozt. Pt (Coined) = 11.03 руб Silver/40.44 руб A.

.... = ~ $8.27, £ 1.77-1.89

Citation: The Edinburgh new philosophical journal, Vol. 13 (1832) p.190

Mid-April 1831:

Citation: Narrative of a Visit to the Courts of Russia and Sweden: In the Years 1830 & 1831, Vol. 2;  Charles Colville Frankland



c. 1831: William Marshall, Esq. (F.G.S. M.W.S.), perhaps merely a statistician repeating others' data and 'dated' information.



1829: The Ducat was the 3-Rouble Platinum Coin, 10.355 Grams 'Platinum' (0.975 Fine)


1831-2: The three 'largest platina nuggets' specifically weighed 257.4 Ozt, 256.6 Ozt and 178.4 Ozt :



1831 Platina Yield (at Mint Price, Retail) 5.8623 руб Ag/Ozt
58,510 Ozt : 1,275,109  руб Acc. = 343,004. руб Ag 

.... @ £ 0.1667 руб Ag: £ 57,167 ; @ £ 0.0448 руб Acc. : £ 57,100

1831: 1 Troy Oz. platina  = £ 0.9759 - £ 0.9771



As reported in June 1833?:


Reported 5/24/1831 in Vienna, 6/11/1831 in London.

In the current year a curiosity, which is so far unique in its kind, is reported by the State Councillor Demidov: from his Nishnetagilsk Works has been sent a native platina nugget of 20 Funt 2.33 Zolotnik {8.2 Kgs, 263.586 Ozt} Until now, the LARGEST  native piece of platina found weighs only 10 Funt , 54 Zolotnik, and that's preserved in the Museum of the Mountain-Corps.




As reported in early 1832, hearsay?
Citation:  The Philosophical Magazine: Or Annals of Chemistry, Mathematics ..., Vol. 11 (May 1832) p.323



In St. Petersburg, Gold, Silver and two circulating Paper Roubles - against massive quantities of Platinum mined each successive season - presented considerable opportunities for arbitrage and speculation. At some point, with unknown but conceivable fluctuations in prices, the coins would have been more valuable than the poor quality ingot the Russian Mint exported to Europe.

By 1831 and after a brief price collapse at Paris (1825-28), the Platinum 3-Rouble coin reportedly valued at just 2.5 Silver Roubles (USD$ 1.93) in Russia.  In other words, that coin was more valuable than Paper but less than Silver Money! (By contrast, Western observers cite Platinum lows at 2x the Price of Silver.)

1831: 1 Silver Rouble = 3.70 Banco (Paper) Roubles = USD$ o.74

1831: 1 Silver Rouble = USD$ o.749 ; 1 Banco Rouble = $USD 0.2029

1831: 1 Troy Oz. Pt Coined (Banco exchange rate) = £ 0.6798 ; USD$ 3.04

1831: 1 Troy Oz. Pt Coined (intrinsic; Imperiale) = £ 0.7806 (USD$ 3.79)

1831: 1 Troy Oz. Pt Coined (intrinsic, Banco) = USD$ 3.25

1831: 1 Troy Oz. Pt Coined (Silver Ru exchange rate) = USD$ 6.0

1828-31: 1 Troy Oz. Platinum (intrinsic, StPb rate) = 21.87 руб Banco

1831: 1 Troy Oz. Platinum (intrinsic, StPb rate) = 6.08 руб Silver

1831: 1 Troy Oz. Platinum (intrinsic, StPb rate) = Fr. 19.7788

In 1831, Russian sources pretended the Platinum price stabilized.

Citation: Memorial revue encyclopédique des connaissances humaines (1832) p.216

According to data from St. Petersburg in April 1831, the Russian Pound {Livre} of Platina was calculated at the time 288 Paper Rubles (= 80 Silver Rubles) to the then statutory rate of 360 Paper Rubles for 100 Rubles. Gradually but ever more so, the price of platina decreased and was, by 1839, Fr 16. per once (poids de marc.) ; (1 Russian Livre = 409.511 Grams, 1 oz p.d.m. = 30.594 grams; furthermore, Fr 51.968 and 12.995 Silver Rubles = 1 Vereins-mark Fine Silver = 233.5489 Grammes) ; from that, the Russian Livre of Platinum cost (53.55 Silver Roubles) and the intrinsic value of the Platinum-Ducat is 135.39 Kopeks silver, resulting in a seignorage of 1 Silver Rouble, 64.61 Kopecks per 3 rubles = 54.87 per cent. against the value of 3 rubles. The cost of minting should, because of the difficult treatment, about 16 percent that amount.

The platinum-ducat is worth: after the numerical value of 3 rubles: 3 Rix. 6 Sgr. 11'52 preufs Pf. 5 fl = 39'36 kr. in 24.5 fl Fuss, and after the current internal value of 1 R. Kop .35'39 : 1 Rix. 13 Sgr. 9'09 preufs Pf. 2 fl = 33'15 kr. in 24.5 fl Fuss.

If we add the value of 1 ounce p. d. m. to 16 francs, then the value of an association according to the above conditions Platina Mark Rix 32. 28 Sgr. 5'12 preufs Pf. Fl = 57 39'49 kr. in 24% fl feet. - If you take the value of a club fine gold cord to 219 Rix. preufs. = 383 fl 15 kr. in 24% fl feet, fine silver to
14 Rix. or 24% of fl: 1 mark so fine gold worth as much as 6'647Mark Platina and 15'643 f. Mark Silver, and 1 Mark Platina as much as 2'353 Mark f. silver.

But as the Platinum coin gradually into the public coffers, where they were accepted in payment of taxes, more and more accumulated: as prescribed by a ukase of 22 Should be June 1845, that marked no Platinum Coin increasingly present in all Rent estates over the other changes from six months after which time the acceptance for payment of public funds and to confuse is prohibited, by the way, individuals can, if later zirkulirt of this coin yet them according to mutual agreement to accept . It follows that no legal value Platinamünze since 1846 and is now more to be regarded only as a commodity.

1831: 1 Troy Oz. Platinum (mkt) = 21.8743 руб Banco = Fr. 19.7788
1839: 1 Troy Oz. Platinum (mkt) = 13.797 руб Banco = Fr. 16.27

1831: 1 Troy Oz. Platinum (mkt) = 5.882 - 6.0762 руб Silver
1839: 1 Troy Oz. Platinum (mkt) =                3.710 руб Silver

1839: 1 Troy Oz. Platinum (Coin, 3 per Ozt, intrinsic) ~4.0673 руб Silver
1839: 1 Troy Oz. Pt (Mint Cost)  ~0.7912 руб Silver = Fr. 0.933 ; £ 0.0378

Citation: Handbuch der münz- wechsel- mass- und gewichts-kunde, oder Erklärung der ...Eduard Döring (1862) p. 402

1832: The Russian estimated value, for production from 1824-30 suggests only ~8 Pouds whereas the Table counts 17 Pouds of ore (1824-30); hence a refined price.

1828-31: 1 Troy Oz. Platinum (refined?) = 34.18 руб Banco (£ 1.5306)
1831: 1 Troy Oz. Gold (Fine) = 94.941 руб Paper (£ 4.2515)
1831: 1 Troy Oz. Silver (Fine) = 6.221 руб Paper (£ 0.2786)

Citation: De l'état des forces industrielles de la Russie, jusqu'en 1832 ; Vikentii Stanislavovich Pelćhiniskii (1834) p.49

Where 330 pouds, 14 funt, 41 zolotnik = 173,990 English Troy Ounces, the Paper Rouble price becomes:

1831: 1 Troy Oz. Platinum (ore, output) = 21.87 руб Banco

1831:

1831: 1,801.853 kgs. or 57,930.92 ozt, where Pt is estimated at Fr. 750./kg.
1st Semester: 889.801 kgs. ; 28,607.772 ozt.
2nd Semester: 912.052 kgs. ; 29,323.148 ozt.

1831: 1 Troy Oz. Platinum (intrinsic) = Fr. 23.33 (23.37 руб a.)

Citation: Précis de la géographie universelle, ou, Description de toutes les parties... Conrad Malte-Brun (1833) p.461 

1831: " in 1831 {Platinum} production was up to 1,750 kgs" ... presumably, ore
~ 56,260 ozt = 1,922,400 руб (1,230,336 руб ?)

80 pouds (@ "18,000 руб = 1,440,000 руб) = 42,130 ozt (refined Pt?) = 34.18 руб a.

1831:

The Ducat (Platina-Dukaten) was commonly understood to be the 3-Rouble Platinum Coin, 10.355 Grams 'Platinum' (0.975 Fine), the Double-Ducat (Doppelter Platina-Dukaten) was the 6-Rouble Coin, and the Imperial (Imperial-Dukaten) was the 12-Rouble Coin.

In c.1833, a "Ducat of Ten Roubles" (Assignats) was (10 руб Acc.= £ 0.45) in Russia worth theoretically 2.77 - 2.7105 руб Ag (discount of -7.66 ~ 9.65%; Avg. 1833: £ 0.4271); the same amount of Coin Russian Silver was worth at least but only ~£ 0.4676

1833?: 1 Troy Oz. Platinum (Coin-rate, intrinsic, dubious) = £ 1.69 (USD$ 7.76)

This geology text summarizes in great detail recent developments in the field, particularly, the chemistry of the elements. But reference to 'ducats of 10 roubles' is somewhat ambiguous; 3-, 6- and 12-Rouble Platinum pieces had all been coined from 1830-1834 and there were no other Platinum pieces coined in the 19th Century.

Although 'Ducat' here implies coin of the highest value, Russian sources used the term in French to describe preferred foreign specie. The 12-Rouble coin was actually quite rare, and some contemporary foreign observers denied it circulated at all.  However, a ducat correctly valued £ 2.25 at the prevailing 1834 Sterling/Rouble forex (22.54 руб Banco = £ 1.) must be worth 50.71 руб Banco.  At a Silver Rouble rate of 3.70 руб, this can only be a coin of 13.70 руб metallic. It might appear the author confused a GOLD ducat and miscalculated, here.

If correct valuation from a merchant source, the 12-Rouble Platinum Coin was therefore discounted 200 kopecks. Furthermore, the author isn't describing an intrinsic rate of the Platinum Rouble by troy-weight or any other but rather a prevailing forex and coin-rate for this, the largest coin. (By contrast, listing all three coins or a single metallic Platinum ducat rate per Rouble was more typical in lists of coin values and forex.) The expression "ducat of 10 Roubles" was not idiosyncratic but rather timely, as Banco/Silver versus Platinum coin rate fluctuated accordingly. That record is sadly missing!

In London, bulk platinum was retailing cheaper in 1833, but nothing suggests a calculation based on current London Platinum prices.

c. 1833:

March, 1831: Largest Nugget found, 8.00 Kilogram/ 21.44 English Pounds Troy


Actually, 7,837 Grams:

In 1895, that nugget was described as "310 Ounces" avd? = 8.79 Kgs = 282.6 Ozt.

Gold Yield:


Misunderstanding the price-weight of refined Platinum, if the Poud-Rate of Platina Ore (~.750 Pt) was in fact 11,520 Pуб A., the Refined Platinum Poud-Rate should be 15,360 Pуб A., plus Labor (432 Pуб A.) and all surcharges, profit, etc. 

The true price-quote was 19,200 Pуб A. or 5,333.33 Pуб Ag./Poud, ∴

1831: 1 Ozt. Pt (SPb Mint .999 Pt, Base Price) = 29.99 руб. Banco (£ 1.3430)
1831: 1 Ozt. Platinum (SPb Mint Refined Price) = 10.127 руб. Ag 

Citation: Handbuch der münz- und wechselkunde: oder, Erklärung der wechsel-, geld- ...  Eduard Döring (1837)