The ms. of José Manuel Restrepo was completed 3 June 1825; the first ~50 pages presumably date to late 1823. The official estimated annual gold yield in Chocó was very low, only 299 kilograms; where platina was assumed 4:10, the platina yield (1820-1824) is roughly estimated 119.6 kilgrams. It is doubtful there were 22,000 washers
Late 1823: 1 Troy Ounce platina (@ Choco) = S$0.5408
Late 1823: 1 Troy Oz. Gold (@ Choco) = S$ 13.52 - 15.21
[n. e.: en la edición de 1827 se hacía la siguiente anotación en pie de página:
* La parte mas abundante de platina en la provincia del Chocó es el canton de Novita, y las aguas que fluyen al rio San Juan. De las ocho partes de platina las siete son de Novita, y una de las minas de Quibdó ó Citará. No hay un dato positivo de la platina que se saca de las minas del Chocó; mas, conforme á un estado aproximado que formó el actual gobernador de aquella provincia coronel Pedro Murgucitio á solicitud mil son cuatrocientas libras poco mas ó menos las que dan sus minas cada año. Segun el mismo estado el oro que se estrae en un año por un medio tomado de un cuatrienio asciende á seiscientas cincuenta libras. He aquí lo que produce una poblacion de veinte y dos mil almas ocupada esclusivamente en lavar oro. La platina jamas se saca sola y siempre se halla mezclada con el oro. Es cierto que ninguno trabajaría una mina de platina cuando no son abundantes de este metal, y cuando su mayor valor apenas es de ocho pesos la libra, siendo asi que la de oro vale de doscientos á doscientos veinte y cinco pesos.
* In the province of Chocó, the most abundant portion of platina is from the city of Novita and the flowing waters of the San Juan River. Seven-eighths come from Novita, and one-eighth from the mines in Citará Pretoria. While there is no positive data on platina drawn from the mines of Chocó, according to a statement requested from the current governor of that province, Colonel Pedro Murgucitio, approximately four hundred libras (more or less) per thousand {libras Gold} are taken from the mines every year. According to the same source, the annual Gold yield (from a four year period) amounted to six hundred and fifty libras (299 kgs). This is what a total of 22,000 gold washers can produce. Platina is never found by itself, it's always mixed with gold. It is true that no one will work a platina mine when there is an abundance of this metal, as its greatest value is only eight dollars a pound, with gold well worth the two hundred to two hundred twenty-five dollars per libra.
Citation: Compendio de la historia de Colombia, José Manuel Restrepo (1827) p.44
The official report of May 1823 indicated no progress on the purification of platina by Colombian authorities.
European merchants made fortunes "trading platina" or rather smuggling it. Rising platina prices in Colombia and Jamaica anticipate by 3-4 months rising Continental Platinum Prices reported in von Humbolt's Paris price-record (1822-26.) Logically, London platina prices may have risen somewhat earlier than Paris, as British merchants carried most of the platina to European markets and had better information-networks for their shipping. Mentioning the imposition of a platina export ban, Cochrane cited the early 1824 price at S$ 8-10 Dollars/piastres per libra.
From Hurtado as the source, Cochrane estimates 914.25 - 1,015.75 kgs Au, plus 508 kgs Pt. (Local estimate, c.1823)
c. Late 1823: 1 Troy Ounce. platina (@ Choco) = S$0.5408
Late 1823: 1 Troy Ounce platina (@ Choco) = S$0.5408
Late 1823: 1 Troy Oz. Gold (@ Choco) = S$ 13.52 - 15.21
[n. e.: en la edición de 1827 se hacía la siguiente anotación en pie de página:
* La parte mas abundante de platina en la provincia del Chocó es el canton de Novita, y las aguas que fluyen al rio San Juan. De las ocho partes de platina las siete son de Novita, y una de las minas de Quibdó ó Citará. No hay un dato positivo de la platina que se saca de las minas del Chocó; mas, conforme á un estado aproximado que formó el actual gobernador de aquella provincia coronel Pedro Murgucitio á solicitud mil son cuatrocientas libras poco mas ó menos las que dan sus minas cada año. Segun el mismo estado el oro que se estrae en un año por un medio tomado de un cuatrienio asciende á seiscientas cincuenta libras. He aquí lo que produce una poblacion de veinte y dos mil almas ocupada esclusivamente en lavar oro. La platina jamas se saca sola y siempre se halla mezclada con el oro. Es cierto que ninguno trabajaría una mina de platina cuando no son abundantes de este metal, y cuando su mayor valor apenas es de ocho pesos la libra, siendo asi que la de oro vale de doscientos á doscientos veinte y cinco pesos.
* In the province of Chocó, the most abundant portion of platina is from the city of Novita and the flowing waters of the San Juan River. Seven-eighths come from Novita, and one-eighth from the mines in Citará Pretoria. While there is no positive data on platina drawn from the mines of Chocó, according to a statement requested from the current governor of that province, Colonel Pedro Murgucitio, approximately four hundred libras (more or less) per thousand {libras Gold} are taken from the mines every year. According to the same source, the annual Gold yield (from a four year period) amounted to six hundred and fifty libras (299 kgs). This is what a total of 22,000 gold washers can produce. Platina is never found by itself, it's always mixed with gold. It is true that no one will work a platina mine when there is an abundance of this metal, as its greatest value is only eight dollars a pound, with gold well worth the two hundred to two hundred twenty-five dollars per libra.
Citation: Compendio de la historia de Colombia, José Manuel Restrepo (1827) p.44
The official report of May 1823 indicated no progress on the purification of platina by Colombian authorities.
European merchants made fortunes "trading platina" or rather smuggling it. Rising platina prices in Colombia and Jamaica anticipate by 3-4 months rising Continental Platinum Prices reported in von Humbolt's Paris price-record (1822-26.) Logically, London platina prices may have risen somewhat earlier than Paris, as British merchants carried most of the platina to European markets and had better information-networks for their shipping. Mentioning the imposition of a platina export ban, Cochrane cited the early 1824 price at S$ 8-10 Dollars/piastres per libra.
From Hurtado as the source, Cochrane estimates 914.25 - 1,015.75 kgs Au, plus 508 kgs Pt. (Local estimate, c.1823)
c. Late 1823: 1 Troy Ounce. platina (@ Choco) = S$0.5408
c. February 1824: 1 Troy Oz. platina (@ Choco) = S$0.6792
Citation: Journal of a residence and travels in Colombia during the years ..., Vol. 1, Charles Stuart Cochrane (1825) p.421
Early 1823: Mollien noted the enormous stockpile of platina in Bogota, in 1823 platina was officially estimated at half the value of Gold. Prior to the Decree prohibiting platina export August 1823 (as reported by Mollien in October 1823 in the 1824 Edition.)
Citation: Journal of a residence and travels in Colombia during the years ..., Vol. 1, Charles Stuart Cochrane (1825) p.421
Early 1823: Mollien noted the enormous stockpile of platina in Bogota, in 1823 platina was officially estimated at half the value of Gold. Prior to the Decree prohibiting platina export August 1823 (as reported by Mollien in October 1823 in the 1824 Edition.)
November, 1823 @ Choco: 3 - 4 Spanish Piastres (Official Rate?)
November, 1823 @ Cartagena: ~6-8 Spanish Piastres
Official rate: 1 Troy Ounce platina (@ Choco) = $0.20 - 0.27 per troy ounce
1822: 1 Troy Ounce auro-platina (@ Choco) = S$10.24 per troy ounce
c.1825: 1 Troy Oz. Gold (high-grade ore @ Choco) = S$ 13.52 per troy ounce
c.1825: 1 Troy Oz. Gold (Contraband @ Jamaica) = S$ 16.90 per troy ounce
1822: 1 Troy Ounce auro-platina (@ Choco) = S$10.24 per troy ounce
c.1825: 1 Troy Oz. Gold (high-grade ore @ Choco) = S$ 13.52 per troy ounce
c.1825: 1 Troy Oz. Gold (Contraband @ Jamaica) = S$ 16.90 per troy ounce
1825 Edition, by then a dated price (1822/3):
A Castillan in Gold was 0.15 Troy Ounce, or S$ 1.50, or the local equivalent (in 1822) S$10.34 per English Troy ounce. In Spanish Dollars, Gold was 25% more valuable in Jamaica (S$ 12.75) an a commodity for European export & commercial trade.
January 1824: As reported early January 1824 by Cochrane, 8 - 10 Spanish Piastres ($) at the source; Gold was 25% higher in Jamaica.
c. January 1824: 1 Troy Oz. platina (@ Choco) = S$0.54
c. January 1824: 1 Troy Oz. platina (@ Cartagena) ~ S$0.72
c. September 1823: 1 Troy Oz. platina (@ Choco) = S$0.68
c. December 1823: 1 Troy Oz. platina (@ Choco) = S$0.54
c. September 1823: 1 Troy Oz. platina (@ Cartagena) = S$0.85
c. December 1823: 1 Troy Oz. platina (@ Cartagena) = S$0.68
At 46 kgs per Spanish quintal, Coffee sold at Caracas @ S$ 0.2174 - 0.228 per kg.
At 45.36 kgs per hundredweight, Coffee sold at London @ £ 0.13.23 (S$ 0.5879 per kg.), ~ 150% markup.
At 45.36 kgs per hundredweight, Coffee sold at London @ £ 0.13.23 (S$ 0.5879 per kg.), ~ 150% markup.
Die Regierung will jetzt aus Platin Geld münzen Da aber die Britten für das Pf 10 Piaster zahlen so geht sie im Schleichhandel nach Jamaica.
European merchants made fortunes "trading platina," or rather smuggling it. Rising platina prices in Cartagena or Jamaica have anticipated by 3-4 months the rising Continental Platinum Price, such as von Humbolt's Paris price-record (1822 - 1826.)
Logically, London platina prices may have risen somewhat earlier than Paris, as British merchants carried most of the platina to European markets and had better information-networks for their shipping. Mentioning the imposition of a platina export ban, Cochrane cited the early 1824 price at 8-10 Dollars/piastres per libra, the Choco precious metal yield (2:1 Gold/Platina) and the annual platina yield 460.1 kgs.
Citation: Journal of a residence and travels in Colombia during the years ..., Volume 1, Charles Stuart Cochrane (1825)
Citation: Journal of a residence and travels in Colombia during the years ..., Vol. 1, Charles Stuart Cochrane (1825)
Early 1823: Mollien noted the enormous stockpile of platina in Bogota, in 1823 platina was officially estimated at half the value of Gold. Prior to the Decree prohibiting platina export August 1823 (as reported by Mollien in October 1823 in the 1824 Edition.)
November, 1823 @ Choco: 3 - 4 Spanish Piastres (Official Rate?)
November, 1823 @ Cartagena: ~6-8 Spanish Piastres
Official rate: 1 Troy Ounce platina (@ Choco) = $0.20 - 0.27 per troy ounce
1822: 1 Troy Ounce auro-platina (Colombia: mkt) = S$10.24 per troy ounce
c.1825: 1 Troy Ounce Gold (Mint: Gold Dust) = S$ 13.50
c.1825: 1 Troy Ounce Gold (Jamaica: Gold Dust mkt price) = S$ 16.90
1822: 1 Troy Ounce auro-platina (Colombia: mkt) = S$10.24 per troy ounce
c.1825: 1 Troy Ounce Gold (Mint: Gold Dust) = S$ 13.50
c.1825: 1 Troy Ounce Gold (Jamaica: Gold Dust mkt price) = S$ 16.90
1825 Edition, by then a dated price:
A Castillan in Gold was 0.15 Troy Ounce, or S$ 1.50, or the local equivalent (in 1822) S$ 10.34 per English Troy ounce. In Spanish Dollars, Gold was 25% more valuable in Jamaica (S$ 12.75) an a commodity for European export & commercial trade.
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 (@ Choco) = $0.34 - 0.61
"Gold Dust from Choco, 1st Quality $200 per lb.; Platinum, (crude), from $4 to 6 per lb."
January - March, 1823: 1 Troy Oz. platina (@ Choco) = $0.34 - 0.61
January 1824: As reported early January 1824 by Cochrane, 8 - 10 Spanish Piastres ($) at the source; Gold was 25% higher in Jamaica.
c. January 1824: 1 Troy Oz. platina (@ Choco) = S$0.54
c. January 1824: 1 Troy Oz. platina (@ Cartagena) ~ S$0.72
c. September 1823: 1 Troy Oz. platina (@ Choco) = S$0.68
c. December 1823: 1 Troy Oz. platina (@ Choco) = S$0.54
c. September 1823: 1 Troy Oz. platina (@ Cartagena) = S$0.85
c. December 1823: 1 Troy Oz. platina (@ Cartagena) = S$0.68
Where the Spanish libra was 460 grams or 14.792 English Troy Ounces, Gold sold at Cartagena for
1823/4: 1 Troy Oz. Gold (dust@ Cartagena) = S$ 13.521
1823/4: 1 Troy Oz. Gold (dust@ Jamaica) = S$ 16.90
Where the Spanish libra was 460 grams or 14.792 English Troy Ounces, Gold sold at Cartagena for
1823/4: 1 Troy Oz. Gold (dust@ Cartagena) = S$ 13.521
1823/4: 1 Troy Oz. Gold (dust@ Jamaica) = S$ 16.90
The highest Pt/Au ratio, 3:1 was confirmed by USGS in 1969 (Geological Survey professional paper, Volumes 630-631) for two areas only, the Condo and Iró River districts. Prices paid (in currency, or traded goods' value) for native platina at these locales would represent the true 'Colombia Source Spot-Price' in all periods prior to the Russian discovery.
Higher prices encouraged a 'search for platina' in the 1820s.
c. 1822 - 1828:
Citation: An Encyclopaedia of Geography ; Hugh Murray(1834)
The Colombian government paid for Gold in depreciated paper, so even the official price is misleading. Also unknown is the merchants' price for Gold dust. It was widely believed that 3/5ths of the precious metals were traded with British merchants for British manufactures during this period (1818-1825), at unknown rates (Colombian Gold dust for British manufactures.)
"Gold, Silver and platina will pile up almost exclusively in the ports of Great Britain."
Citation: Bulletin universel des sciences et de l'industrie. 6 ..., Vol. 3 ; Société pour la propagation des connaissances scientifiques et industrielles Paris (1825)
c. 1822 - 1828:
Citation: An Encyclopaedia of Geography ; Hugh Murray(1834)
The Colombian government paid for Gold in depreciated paper, so even the official price is misleading. Also unknown is the merchants' price for Gold dust. It was widely believed that 3/5ths of the precious metals were traded with British merchants for British manufactures during this period (1818-1825), at unknown rates (Colombian Gold dust for British manufactures.)
"Gold, Silver and platina will pile up almost exclusively in the ports of Great Britain."
Citation: Bulletin universel des sciences et de l'industrie. 6 ..., Vol. 3 ; Société pour la propagation des connaissances scientifiques et industrielles Paris (1825)
c. December 1824:
Citation: Travels through the interior provinces of Colombia; John Potter Hamilton (1827)
1824: Prices
1 Fish (Salmonetta) 60 lbs = $1.
1 arroba tobacco (best quality) = S$ 5.
260 lbs dye-wood = S$ 8.
1 horse (fine quality) = S$ 200.
Bouga: Population =
Alluvial mining operation: 12 slave women, 4 days of work
News from Bogotá, via New York, reached Milano ITALY 17 weeks (+4 months) later.
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