At the St. Petersburg Mint, 1827 rate: 1 Kilogram Ural platina = 703.276 руб Banco
The nominal Coin-Rate set by the Russian Government reveals the immediate failure of the coinage/monopoly and true global market price.
In 1829, the Banco - Silver Rouble rate was 3.67 : 1 > therefore, the value of 3-Silver Roubles = 11. руб Banco (~USD$ 2.20)
1829: 1 Troy Oz. Pt Coined (Nominal exchange) = 34.29 руб Banco (USD$ 6.86)
However, the St. Petersburg metal-market discounted Platinum enormously: the 3-Rouble Coin (o.321055 Pure Pt) had an intrinsic worth of just 1.863 Silver Roubles (1,863 Kopecks).
1829: 1 Troy Oz. Pt Coined (SPb mkt, intrinsic) = 21.26 руб Banco (USD$ 4.25)
1829: 1 Troy Oz. Pt Coined (SPb mkt, intrinsic) = 5.79 руб (USD$ 4.36)
At the metal-market of the largest global producer, the intrinsic rate in local currency (even if black-market) therefore approximates a global price at whatever forex :
Where 100 Фунт = 1,316.61 Ozt. produced 916.69 Ozt. of Fine Platinum, the Russian platina at the Mint was only 69.63% pure Pt.
Where 1 Фунт was worth 10.7677 руб. (38.75 руб. A.) or
1829: 1 Troy Oz. Pt (Refining Cost) = 0.8178 руб. (2.9432 руб. A.)
.... £ 0.1226 - 0.1329, Fr 3.32 - 3.37, USD$ 0.613
The cost - to clean crude platina, render it malleable to hit the boards to cut, and shape, including the loss in plating and cutting the sheet (as is called the whitening, polishing and stamping) - was by the authorization of {29 May 1829} estimated from 100 Funts of raw Platina producing 70 Funts (actually only 69.625 Russian Funts) of pure Platinum, which comes to 749.70 руб. Silver or 2,698.92 руб. A.; by which we calculate {the production cost} 1 Funt of pure Platinum = 10.767684 руб. Silver or 38.7636625 Bankassignationen (at 360 Copecks) to expenses these items.
Citation: Vollständiges tasehenbuch der münz- maass- und gewichts..., Vol. 2; Christian Noback, Friedrich Eduard Noback p.907
The nominal Coin-Rate set by the Russian Government reveals the immediate failure of the coinage/monopoly and true global market price.
In 1829, the Banco - Silver Rouble rate was 3.67 : 1 > therefore, the value of 3-Silver Roubles = 11. руб Banco (~USD$ 2.20)
1829: 1 Troy Oz. Pt Coined (Nominal exchange) = 34.29 руб Banco (USD$ 6.86)
However, the St. Petersburg metal-market discounted Platinum enormously: the 3-Rouble Coin (o.321055 Pure Pt) had an intrinsic worth of just 1.863 Silver Roubles (1,863 Kopecks).
1829: 1 Troy Oz. Pt Coined (SPb mkt, intrinsic) = 21.26 руб Banco (USD$ 4.25)
1829: 1 Troy Oz. Pt Coined (SPb mkt, intrinsic) = 5.79 руб (USD$ 4.36)
At the metal-market of the largest global producer, the intrinsic rate in local currency (even if black-market) therefore approximates a global price at whatever forex :
1828: 1 Troy Oz. Platinum (mkt, London) ~ £ 1.28 (USD$ 6.32)
Where the Poud in Coined Silver was worth 772.64 руб (Fr. 3098.29) but exchange determined 2,831.22 руб. A. = Fr. 3,196.23 in bills. In Silver, the 3-Rouble coin would have been worth Fr 12.03; intrinsically, at French retail rates, Fr. 9.123
1829: 1 Troy Oz. Ag Coined (SPb: French forex) = 0.681617 руб/2.50 руб A.
1829: 1 Troy Oz. Pt. Coined (SPb: Ag Rate) = 9.3517 руб; 34.27 руб A.
... Fr 37.50 - 38.69
c.1830?: 1 Troy Oz. Platinum (producer's mfg, retail) = Fr 28.44 (USD$ 5.50)
3) The minting of Platinum, which one would doubt earlier is indeed proved most convincingly by the most successful Russian coins , however it seems so difficult to be that the costs of production in comparison to Silver and Gold come to be quite disproportionately high. As for the cited imperial decree of 23 Dec. 1803 at the Mint a Poud {526.645 Ozt} of Fine Silver is assumed to be 772.64 Roubles {0.68162 руб/Ozt.} from 790.12 Roubles and factoring the minting to be 3% of its metal-worth; Platinum Coin, in the value of 3 Rouble-Coin, is only 2.4271 Zolotniks or 155.7 {Cologne} Gran Platina {0.320798047 Ozt.} which according to the price shown above from the Fr. 22 per French Once = 1.82 Roubles are worthy and 11.6 Gran of Silver, the value .0417 Rub . is . The metal-worth of the coin is, therefore, 1.863 Roubles, and the trial run of minting 1.137 Roubles therefore more than 37 % of the value of the coin. Should also - but this is not to suspect is - the current price of Platina higher Being ; remain so in every only acceptable reduction of mintage, this but in comparison to those of other metals more so excessively high, because even the coinage costs given that Silver is extraordinarily important in Russia.
1829:
1829: 1 Troy Oz. Ag Coined (SPb: French forex) = 0.681617 руб/2.50 руб A.
1829: 1 Troy Oz. Pt. Coined (SPb: Ag Rate) = 9.3517 руб; 34.27 руб A.
... Fr 37.50 - 38.69
c.1830?: 1 Troy Oz. Platinum (producer's mfg, retail) = Fr 28.44 (USD$ 5.50)
3) The minting of Platinum, which one would doubt earlier is indeed proved most convincingly by the most successful Russian coins , however it seems so difficult to be that the costs of production in comparison to Silver and Gold come to be quite disproportionately high. As for the cited imperial decree of 23 Dec. 1803 at the Mint a Poud {526.645 Ozt} of Fine Silver is assumed to be 772.64 Roubles {0.68162 руб/Ozt.} from 790.12 Roubles and factoring the minting to be 3% of its metal-worth; Platinum Coin, in the value of 3 Rouble-Coin, is only 2.4271 Zolotniks or 155.7 {Cologne} Gran Platina {0.320798047 Ozt.} which according to the price shown above from the Fr. 22 per French Once = 1.82 Roubles are worthy and 11.6 Gran of Silver, the value .0417 Rub . is . The metal-worth of the coin is, therefore, 1.863 Roubles, and the trial run of minting 1.137 Roubles therefore more than 37 % of the value of the coin. Should also - but this is not to suspect is - the current price of Platina higher Being ; remain so in every only acceptable reduction of mintage, this but in comparison to those of other metals more so excessively high, because even the coinage costs given that Silver is extraordinarily important in Russia.
1829:
Citation: Jahrbücher der Geschichte und Staatskunst [afterw.] Jahrbücher der ... Ed. Karl Heinrich L. Pölitz (1830) p.36
Where 100 Фунт = 1,316.61 Ozt. produced 916.69 Ozt. of Fine Platinum, the Russian platina at the Mint was only 69.63% pure Pt.
Where 1 Фунт was worth 10.7677 руб. (38.75 руб. A.) or
1829: 1 Troy Oz. Pt (Refining Cost) = 0.8178 руб. (2.9432 руб. A.)
.... £ 0.1226 - 0.1329, Fr 3.32 - 3.37, USD$ 0.613
The cost - to clean crude platina, render it malleable to hit the boards to cut, and shape, including the loss in plating and cutting the sheet (as is called the whitening, polishing and stamping) - was by the authorization of {29 May 1829} estimated from 100 Funts of raw Platina producing 70 Funts (actually only 69.625 Russian Funts) of pure Platinum, which comes to 749.70 руб. Silver or 2,698.92 руб. A.; by which we calculate {the production cost} 1 Funt of pure Platinum = 10.767684 руб. Silver or 38.7636625 Bankassignationen (at 360 Copecks) to expenses these items.
Citation: Vollständiges tasehenbuch der münz- maass- und gewichts..., Vol. 2; Christian Noback, Friedrich Eduard Noback p.907
1829:
Citation: Neues Archiv für Geschichte, Staatenkunde, Literatur und Kunst, Vol. 2 (Jan. 1830) p.2
1829:
Citation: Allgemeine Zeitung München; Johann Friedrich von Cotta (Jan. 1830) p.570
1829: In Paris and irrespective of the intrinsic rate on any metal-market, the 3-Rouble in Platinum had a nominal coin-value of Fr 12.03 (USD$ 2.33 ; £0.4725)
Where the English Half-Sovereign had a diameter of 19.30 mm and the Platinum 3-Rouble was ~23.5 mm, the 3-руб. Pt = 10. руб. Banco.
August, 1829: 1 Troy Oz. Pt. Coined (SPb) = 30.80 руб A. (1.20)
c. August 1829
Citation: On the practicability of an invasion of British India; George de Lacy Evans (1829)
1829 Platina Yield (at Mint Price, Retail) 5.8623 руб Ag/Ozt
41,486 Ozt : 890,858 руб Acc. = 243,204. руб Ag
.... @ £ 0.1625 руб Ag: £ 39,521 ; @ £ 0.0444 руб Acc. : £ 39,557
1829: 1 Troy Oz. platina = £ 0.9526 - £ 0.9535
Citation: Narrative of a Visit to the Courts of Russia and Sweden: In the Year 1830 & 1831, Vol. 2; Charles Colville Frankland (1832)
1829/30: A loss at exchange, Paper for Silver, rendered the 4:1 rate 3.70:1. The Platinum Cours against Silver or Paper Roubles is unknown/unrecorded.
August, 1829: 1 Troy Oz. Pt. Coined (SPb) = 30.80 руб A. (1.20)
c. August 1829
Citation: On the practicability of an invasion of British India; George de Lacy Evans (1829)
1829 Platina Yield (at Mint Price, Retail) 5.8623 руб Ag/Ozt
41,486 Ozt : 890,858 руб Acc. = 243,204. руб Ag
.... @ £ 0.1625 руб Ag: £ 39,521 ; @ £ 0.0444 руб Acc. : £ 39,557
1829: 1 Troy Oz. platina = £ 0.9526 - £ 0.9535
Citation: Narrative of a Visit to the Courts of Russia and Sweden: In the Year 1830 & 1831, Vol. 2; Charles Colville Frankland (1832)
1829/30: A loss at exchange, Paper for Silver, rendered the 4:1 rate 3.70:1. The Platinum Cours against Silver or Paper Roubles is unknown/unrecorded.
c.1829/30: Description of Russian ore
8 kg. = 19.5 Funt
Citation: Scientific Tracts and Family Lyceum: Designed for Instruction..., Vol. 4 Ed. Jerome Smith (1835)
8 kg. = 19.5 Funt
Citation: Scientific Tracts and Family Lyceum: Designed for Instruction..., Vol. 4 Ed. Jerome Smith (1835)
Relayed by a traveler to Russia in 1830, published account in late 1832:
Citation: The Repertory of patent inventions [formerly The Repertory of arts] (1832) p.399
Where 2.85 Poud (= 113 Funt; 1,500.94 Ozt. = 46.684 Kgs.) = "199.5 Marcs"
1 Marc = 7.52349599 Ozt.
Where 10.5625 Funt (= 139.07 Ozt. = 4.326 Kgs.) = 9.2421875 Pfund Preuss. = 18.5 Marc
1 Pfund Preuss. = 15.047 Ozt. and 2.002 Marc
Nuggets discovered in 1824-1826:
It's impossible the single platina nugget (5.5 Kgs. = 13.43 Funt= 176.83 Ozt.) was worth ever Fr 565.515/Ozt. in the 19th C. if the Crown paid rate for Fine Pt was ~ 2.45 руб. A., so the nugget cost ~ 2,575 руб. A. Where the Franc was nearly at par 1:1 (1824-6) the nugget (assumed 80% Fine Pt) was only intrinsically worth Fr. 2,576 - 2,725 (Fr. 18.53 - 19.59)
Early August, 1829: account of von Humboldt's voyage
May, 1830?: Platinum Coin not circulating in Russia, by traveler reports (Constantine's birthday: 27 April)
Citation: The New Monthly Magazine and Literary Journal,Vol. 28, No. 114 (June, 1830) p.542
1829/30: Hypothetical valuation in Gulden
As reported in an October 1829 textbook, Pt Roubles were scarce as curios.
1828/9: Nominally, the 3-Rouble Platinum Coin was worth USD$ 2.26,
1829: 1 Troy Oz. Pt, Coined (Silver Rouble @ $0.75) = USD$ 7.03
1829: @ Silver Rouble = £ 0.2625 the 3-Rouble Ag Coin was nominally worth £ 0.7875 1829: 1 Troy Oz. Ag, Coined (Silver Rouble @ £ 0.2625) ~ £ 2.3552
1829: 1 Troy Oz. Pt, Coined (Silver Rouble @ £ 0.1562) ~ £ 1.4593 (USD$ 7.09)
Where exchange was actually 3.67 Banco per Silver Rouble, the 3-Rouble Pt Coin was nominally worth £ 0.4765 (USD$ 2.35)1829: 1 Troy Oz. Pt, Coined (Silver Rouble @ £ 0.1562) ~ £ 1.4593 (USD$ 7.09)
1829:
Citation: Selection of Reports and Papers of the House of Commons: Trade ..., Vol. 24 (1835) p. 352
1829: 1 Troy Oz. Pt, Coined (Silver Rouble @ £ 0.1562) ~ £ 1.4593 (USD$ 7.09)Citation: Selection of Reports and Papers of the House of Commons: Trade ..., Vol. 24 (1835) p. 352
1831: Russian Platinum coinage rate accepted at face value.
In 1831, the Uralian platina yield for 1829 was reported as "2,196.5 lbs" (avoirdupois?) = 32,030 Troy Ounces. This total would appear to be incomplete, seriously underweight, perhaps a miscalculation from another 'pound' or otherwise omitting black market platina (~25%) that later sources might include.
Citation: The Edinburgh new philosophical journal: exhibiting a view of the ..., Vol. 12 (Oct.-Dec. 1831) p.203
The 2nd Semester Yield for 1829 arrived in May 1830.
Citation: Nouvelles annales des voyages ; Conrad Malte-Brun, Victor Adolfe Malte-Brun (July - Sept. 1830) p.112
Citation: Nouvelles annales des voyages ; Conrad Malte-Brun, Victor Adolfe Malte-Brun (July - Sept. 1830) p.112
As indicated by Ure (1843) the Uralian platina yield of 1829 was 3,458 Troy Pounds, or
41,490 Troy Ounces (= 2,845 Pounds Avoirdupois.) This given weight is closer to 20th Century estimations.
Citation: A dictionary of arts, manufactures, and mines: containing a clear exposition; Andrew Ure (1843; USA:1851) p.
1918 historical summary:
In the Late June through mid-July 1829, von Humboldt and Gustav Rose visited the Uralian platina fields:
As reported in 1842, presumably recorded earlier:
Gold Cost
The disappearance of specie, despite considerable coining of Persian Gold and Silver, suggested to the Emperor an expedient solution to the Silver shortage of 1827: coining Platinum again, in higher denomination.
Nicolas had recourse to an expedient employed two years earlier which had not gotten the results he had hoped for; by a ukase of November 30, 1829 (.. Dec. 21, nouv st), addressed in the Senate leader, he created a new currency platinum, Six Roubles, the size of half a Silver Ruble; but that currency which merchants only accepted with reluctance was soon abandoned as the previous one, although the emperor, persevering in an idea that seemed good to him, has since ordered other tests mint platinum, which did not succeed any further.
6-Rouble Coin = "Platina~Dublone"
Citation: Histoire de la vie et du règne de Nicolas Ier, empereur de Russie, Vol.4; P. L. Jacob (1867) p.449
Citation: The Encyclopaedia Britannica: Or, Dictionary of Arts..., Vol. 7; Vol. 15 (1842) p.254
As reported in 1842, presumably recorded earlier:
Gold Cost
The disappearance of specie, despite considerable coining of Persian Gold and Silver, suggested to the Emperor an expedient solution to the Silver shortage of 1827: coining Platinum again, in higher denomination.
Nicolas had recourse to an expedient employed two years earlier which had not gotten the results he had hoped for; by a ukase of November 30, 1829 (.. Dec. 21, nouv st), addressed in the Senate leader, he created a new currency platinum, Six Roubles, the size of half a Silver Ruble; but that currency which merchants only accepted with reluctance was soon abandoned as the previous one, although the emperor, persevering in an idea that seemed good to him, has since ordered other tests mint platinum, which did not succeed any further.
6-Rouble Coin = "Platina~Dublone"
Citation: Histoire de la vie et du règne de Nicolas Ier, empereur de Russie, Vol.4; P. L. Jacob (1867) p.449
Citation: The Encyclopaedia Britannica: Or, Dictionary of Arts..., Vol. 7; Vol. 15 (1842) p.254
No comments:
Post a Comment