Russia, 1845

In 1828, Russian platina had sold for 9 руб per Troy Ounce; less than 20 years later the price had fallen by nearly -50%.

1845: 1 Troy Ounce Platinum (European Mkt) = 4.7527 - 5.3319 руб 

 (USD$ 3.56 - 4.)

1845: 1 Troy Oz platina (Cartagena: ore) = C$ 3.46 (USD$ 3.13; £ 0.65)

1828: 1 Troy Oz. Platinum (coined, 1828) = 9.01 руб Ag = Fr. 36.54 = £ 1.4234
1844: 1 Troy Oz. Platinum (mkt) = 6.578 руб = Fr. 26.69 = £ 1.044
1845: 1 Troy Oz. Platinum (mkt) = 5.3319 руб = Fr. 21.61 = £ 0.8422
1845: 1 Troy Oz. Platinum (mkt) = 4.7527 руб = Fr. 19.27 = £ 0.7507


"With the introduction of platinum coins in 1828, the assumed metallic value was 1.236 руб per Zolotnik, or 4,746 Roubles per Poud. As a result, this nominal value differs so greatly from the commercial value of the metal; under such circumstances, in 1843 the Treasury took the question to council whether to continue minting Platinum coinage. In 1844 the difference was already calculated at 137% (3,464 Roubles per Poud) and in 1845, as revealed that in the main markets (Paris, London, Hamburg) it was officially retracted that prices were fluctuating between of 2503-2808 Roubles per Poud. So instead of 1.236 руб per Zolotnik, the cost was only 0.65-0.74 руб and the government was induced, following on 9 February 1845 to meet the most supreme confirmed measures:" 



 Citation: Spink & Son , The Numismatic Circular, Vol. 15, May 1907 p. 9885:
"(Bei der Einführung der Platinmünze im Jahre 1828 wurde der Metallwert zu 4745 Rubel für das Pud angenommen. Im Jahre 1845 schwankten die Platinpreise auf den europäischen Hauptmärkten von 2503 bis 2808 Rubel für das Pud.)" 

1828: 4,745 руб Acc./ Poud = £ 205.
c.1839: 2,300 руб Acc./ Poud = £ 110.
1845: 600 руб Kr./ Poud = £ 94.77 

In 1845, Platinum prices fluctuated on the major European markets, from 2503 to 2808 Roubles per Poud.  In the Urals, 1 Poud platina fell to 600 руб Kr. (750 руб Kr. per Poud Fine Pt.) or 588.6 руб Ag. (736 руб Kr. per Poud Fine Pt.)

1845: 1 Troy Oz. platina (Ural: 80% ore) = 1.1393 руб Kr.
1845: 1 Troy Oz. platina (Ural: .999) = 1.4241 руб Kr.

Citation: Transactions of the Institution of Mining and Metallurgy, Vol. 21 (1912) p.650
 

Platinum coinage abandoned because counterfeiting:




1845: 1 Kilogram platina (Paris: Mkt) = Fr. 800 

Citation: Revue des deux mondes, Vol. 3; Volume 106 (1855) ; François Buloz,et al. p.132

Citation: American Journal of Numismatics, Volumes 40-42 Sept 1907



Gold Yield, 1824 - 1848:


"Platina snuff boxes" from Tula were a Silver-Steel alloy, not Platinum.

 

Colombia, 1828

The Colombian Treasury had been accumulating platina since 1821. Cost-basis and total reserves are unknown, but these numbers are broadly consistent with the Paris market price ratio relative to prior years.

Where the castellano weighed 70.935 English Troy Grains (~0.14778 Troy Ounce),

June 1, 1827 - June 30, 1828, where 885.48 English Troy Ounces (27.54 kgs.) @ S$ 600.

Fiscal Mid-Year 1827-28 : 1 Troy Oz. platina (Colombian Treasury) = S$ 0.6776

Citation: Gaceta de Colombia, No. 347, 24 August 1828:

March, 1828: 21,343.9 castellanos = 3,154.2 Troy Ounces.

Citation: Gaceta de Colombia, No. 347, 18 May 1828:

1828/9: As no Platinum coins were issued from Colombia, 'platina en especie' must refer to crude ingot.  In 1827/8, the refining cost alone was estimated at S$ 0.41 per Troy Ounce, well above the value cited here.

In June 1828, the Colombian Treasury held 3,847.6 Troy Ounces (or 199.68 kilograms) but sold 160.1 libras (2,368.2 Troy Ounces or 73.66 kgs.) for S$ 633., at an average price of:

July 1, 1828-June 30, 1829: 1 Troy Oz. platina (ore at ~75%?) = S$ 0.2673 
1828: 1 Troy Oz. platina (Chocó 75% ore at purity) = S$ 0.3564
1828 : 1 Troy Oz. Pt (est. Refining Cost) = S$ 0.41
1828: 1 Troy Oz. Platinum (Est) = S$ 0.7664

January 1828: Ore @ ~S$ o.369

February 1828: Ore @ ~S$ o.362

March 1828: Ore @ ~S$ o.360

April 1828: Ore @ ~S$ o.333

May 1828: Ore @ ~S$ o.326

June 1828: Ore @ ~S$ o.327

July 1828: Ore @ ~S$ o.3175 
August 1828: Ore @ ~S$ o.3158
September 1828: Ore @ ~S$ o.380

October 1828: Ore @ ~S$ o.295

November 1828: Ore @ ~S$ o.275
 December 1828: Ore @ ~S$ o.265

Citation: Gaceta de Colombia, Issue 425, 9 August 1829

Mid-August 1828 : 1 Troy Oz. platina (Colombian Treasury) = S$ 1.081477
Mid-August 1828 : 1 Troy Oz. platina (w/Export Cost) = S$ 1.14907
....  £ 0.25854, Fr. 6.0326, USD$ 1.2168


1828: where 1 libra @ S$17. = £ 3.825, Fr. 89.25, USD$ 18.00 (premium on Spanish specie & Silver, factored) so 1 Kilogram @ S$ 36.94, £ 8.321, Fr 193.95, USD$ 39.12

OTHER. The current day (12 August 1828) in the Treasury of the City Government House at the corner of Calle Florian, opposite the University, with its salesroom. Also auctioned some pounds of platinum, priced not be less than 16 Pesos/libra, and most buyers must also pay for the export duty per libra weight.  Individuals who want to bid may come with cash at 11:00 in the morning  until 12:30, when the auction closes.

Citation: Gaceta de Colombia, Issue 425, 9 August 1829



By a Decree of 14 March, 1828, platina was exported at the tariffed rate of S$ 1. per libra.

From a decree by March 14, 1828, the following changes and additions have been made to the above Decree:
{...}Platinum. Purification and mint platinum could not be carried out until now, the prohibition of platinum output, delivered by Art. 5 of the Act of March 13, 1824, is revoked. Therefore, it can be exported through the specific duty of one piastre per libra.

Citation: Archives du Commerce, ou Guide des commerçans, recueil de tous ..., Vol. 9-10



By a Decree of 23 December, 1828, platina was exported at the rate of S$ 2. per libra.



1828: Gabriel-Pierre Lafond de Lurcy describes how inland traders with Guayaquil used gold dust & platina as currency. The value of platina was therefore a great concern to locals, who sought to understand the commodity's demand in distant markets.

Citation: Voyages autour du monde et naufrages célèbres, Vol. 2 ; Gabriel Lafond de Lurcy


A lavadero might find 1-2 castellanos (S$ 2. - 4.) of Gold dust per day:

1828 : 1 Troy Oz. Gold (Source: Chocó ore) = S$ 13.52 (Fr 67.60)





Berzelius' analysis of Chocó (Barbacoas) ore.

With ports-of-call, shipping time from Cartagena to New York was ~5-7 weeks.  The direct route was 3 weeks.

Russia, 1824-30: First Stage of Russian Platinum Production

Even to contemporaries, the valuation of Platinum in 1824-28 was problematic, uncertain, sometimes incorrect. In the comment about the St. Petersburg Price Drop, the Russian Platina Price Peak may be dated to November-December, 1825.

1825/6: Assuming the Colombian platina ban was somewhat effective, the large French consumption in 1825 & 1826 can be explained by early Russian platina export.

Citation: Aperçu sur les monnaies russes et sur les monnaies étrangères ..., Vol. 1; Stanislav Shoduar(1836) p.147


1822-1823: Platina was found but not yet fully identified.

In early 1826, von Humboldt calculated the 1824 Oural mine output in Francs (@ Fr 19,500,000/ 5700*32.15.) and it appears that intrinsic Platinum was implied or inferred to the Price of Gold at the monopolist St. Petersburg Mint.

Decades later, authors mistakenly continued to cite this as an actual Russian market 'Gold Price' for the period. It is nowhere evident nor established that unrefined or refined platinum (platina) in Russia ever sold at an intrinsic rate equal to Gold.

The Paris Price for refined Platinum was also not so high, perhaps 2/3rds the Gold Price (in December, 1825) according to Breant's table. However, on other markets this confusion may have advantageously favored speculators as Paris Platinum rose episodically & stratospherically on rumors and shortages.

Citation: Le globe, Volume 3 (1827), p.478

An unconfirmed expert opinion looking back ~80 years. This is may be an erroneous forex calculation (in Paper Rouble rates), the discrepancies below noted.

1) Among contemporary observers, however, the highest Paris-reported period Price for Russian platina was ~ Fr 32. (<£ 1.50), nearly matching a London Price for Colombian ore circa 1825, ~£ 1.55.

2) If otherwise correct, an extraordinarily circumstance occurred: refined Platinum sold at market in Paris for less than the "Ural Price for Crude" cited below at the Peak (December, 1825.) Those traders purchasing w/gold or silver would have paid higher 'metallic equivalent rates' at a Peak - an exceedingly poor (and unlikely) trade at the Troy Ounce, indeed.   Therefore, dubious estimations, 1819-27.

1825: 1 Troy Ounce platina (ore, @ Silver Rouble rate) = £ 2.10 (USD$ 10.14)

Citation: The Mineral industry, Volume 17 (1908), p.718

1836:
Official Russian estimation (1824-34)

1824-36: 1 Troy Oz. Platinum (est. avg.) = 22.30 Banco руб (USD$ 4.31)

Citation:Handels-Geographie: Ein Handbuch für Handels-, Gewerbs-, Real- und andere... ; Adolph Nischwitz (1835) p.641

The platina demand in France 1824-1826 exceeded Russian production by ~20%; it seems likely Russian platina exported to Paris.

1822-31: Russian platina production and French platina imports, in Troy Ounces



1918 Historical Platinum Production Summary:


Citation: Traité de chimie appliquée aux arts; Jean-Baptiste Dumas (1833) p.432


The early Platinum years coincided with increasing Russian bond market volatility, with notably higher bond prices (& speculative activity?)




Poud, in English Troy Ounces and Marcs, etc.

As late as the 1860s, this sort of transport from the Ural placers was common. The caravan journey took 5 months?

USA, 1825-1828: Exchange & Premium on Coin

DSQ

As 'common knowledge,' Brande's Quarterly Journal of Arts & Science (XXXVIII: July 1825) reported large masses of Gold found in the Perm region the previous Summer (1824): attention was thus drawn to the region and the massive yield on Gold discovered there.  

On the New York market, the premium on Gold fell by half, in the Summer of 1825; other commodities prices were rising sharply.

For merchants, business news from the Urals was probably ~4 months after the fact.  In 1825, general commercial news from the Urals (specifically, the area of the Platinum tracers) was reported New York City nearly 5 months later.

An extraordinary, such as the death of Tsar Alexander at Taganrog on 1 December 1825, reached Baltimore, MD on 4 February 1826: 2 months later.  Winter diplomatic news from St. Petersburg to Washington DC also took 2 months.




Citation: Niles' weekly register, Vol. 29 ; William Ogden Niles (5 November 1825)

c.1825: The bulk price markup for Russian iron, w/ tariff and if equal to 'best quality US' iron, was 62%. 



1823-25: US iron prices @ NYC rose 25%.



Citation: Congressional Edit. 2nd Sess, 22nd Congress, Vol 2 (1830) p. 57





1831 New Jersey Bar Iron = $80./ton ; NYC $85./ton
1830 New Jersey Bar Iron = $80./ton ; NYC $85./ton
1829 New Jersey Bar Iron = $80./ton ; NYC $85./ton
1828 New Jersey Bar Iron = $80./ton ; NYC $85./ton
1827 New Jersey Bar Iron = $75./ton  ($3.75 sh to NYC) NYC $80./ton
1826 New Jersey Bar Iron = $80./ton ; NYC $85./ton
1825 New Jersey Bar Iron = $75./ton ; Pennsylvania $85./ton ... NYC PA $110./ton
1824 New Jersey Bar Iron = $  /ton; Pennsylvania $75./ton ... NYC PA $  ./ton 

1823 New Jersey Bar Iron = $  /ton; Pennsylvania $75./ton ... NYC PA $  ./ton 
1822 New Jersey Bar Iron = $  /ton
1821 New Jersey Bar Iron = $  /ton
1820 New Jersey Bar Iron = $  /ton 
1819 New Jersey Bar Iron = $  /ton 1818 New Jersey Bar Iron = $  /ton 
1817 New Jersey Bar Iron = $  60./ton 1816 New Jersey Bar Iron = $  65./ton 

   






1831 Bar Iron @ Cincinnati = $ 100.-110./ton   
1830 Bar Iron @ Cincinnati = $ 100.-110./ton 

1829 Bar Iron @ Cincinnati = $ 112.50-122.50/ton
1828 Bar Iron @ Cincinnati = $ 115.-125./ton   
1827 Bar Iron @ Cincinnati = $ 120.-130./ton 
1826 Bar Iron @ Cincinnati = $ 125.-135./ton 
1814-18 Bar Iron @ Cincinnati = $ 220.-225./ton  

Gold premium, 1828:



Exchange Rate:

UK, 1828: Uncertain Price

Estimation of valuation of the Russian platinum coin in mid-1828, 20% lower than market prices in 1826/7. Did the global price of Platinum recover ? A shortage of refined Platinum in London was rumored with a (momentary) high prevailing price in June, 1828.

In a December 1827 letter to Alexander Humboldt, Count Cancrin discussed possible values for the anticipated Rouble coinage in Platinum (confirmed September 1828.) As Finance-Minister, Cancrin should have been well aware of the trade value of platina in London and elsewhere: he cited the London Price Ratio of Platinum to Silver as 1:5 (presumably, 1826/7 prices.)

Cancrin cites (circa October 1827) a London bar-price is ~58% lower than the June 1828 bar-price in Galini's Messenger.

There's no evidence of a price surge and/or Platinum shortage in Paris in 1828. The Colombian authorities were selling platina or crude ingot by mid-1827. An enormous platina stockpile released by the Spanish govt to Breant was processed and for sale at ~Fr 27.50 per English Troy Ounce in Paris.

c. Summer, 1828: 1 Troy Oz. Coin Intrinsic (est.) = £ 1.10 (USD$ 7.66)

c. Summer, 1828: 1 Troy Oz. Platinum (London mkt) = £ 1.55 (USD$ 7.66)

c. Summer, 1828: 1 Troy Oz. platina (est.) = £ 0.42 (USD$ 2.07)

June, 1828

Citation: Bulletin universel des sciences et de l'industrie: Bulletin des sciences ...(1829) p.339

c. Summer, 1828: 1 Troy Oz. platina (est.) = £ 0.42 (USD$ 2.07)

c. Summer, 1828: 1 Troy Oz. Platinum (intrinsic) = £ 0.4946 (USD$ 2.44)

c. Summer, 1828: 1 Troy Oz. Platinum (refined, est.) ~ £ 0.75 (USD$ 4.75)

c. June 15, 1828: News of the Russian Platinum coinage reaches England.



"Michael Faraday’s Use of Platinum in His Researches on Optical Glass" Melvyn C. Usselman

There is no evidence that Wollaston continued to supply platinum to the Glass Committee after the one ingot was consumed, and for further work platinum was probably purchased from P. N. Johnson.  In his paper onthe subject Faraday mentions “the great expense of the material: the value of the plate in question [weighing 3.6 02.1 is about L6 10 s”.( I 9). This corresponds to a price of about 36 s.per oz., twice Cary’s usual selling price forWollaston’s platinum.

Fall or December, 1828:

Citation: The Athenaeum and literary chronicle, Vol. 1, Issue 64 (Jan. 14, 1829) p.30

c. November 1828?

1828: 1 Troy Oz. Platinum (Russian Coin value) = £ 1.10 (USD$ 5.43)

c.1828? London Market Price, intrisic, 5.25x Silver = £ 1.39 (USD$ 6.86)

Calculating different Sterling values for mined Uralian platina & gold, the 1827 producer value for ore was estimated.

1828: 1 Troy Ounce platina (estimation of ore value) = £ 0.42
1828: 1 Troy Oz. Platinum (Russian coin value) = £ 1.43 (USD$ 7.05)

1828: 1 Troy Oz. platina (ore @ St. Petersburg) = 21.87 руб = (USD$ 4.37)

1828: 1 Troy Oz. Platinum (semi-refined @ St. Pete) = 29.16 руб = (USD$ 5.83)

1828: 1 Troy Oz. Platinum (refined; ingot @ St. Pete) = 36.46 руб = (USD$ 7.29)

1828-40:

Where £1.00 = 23 Paper руб. and "3 рубли на серебро" = £0.475 and 11.16 Paper руб.,

1828: 1 Troy Oz. Platinum (Russian coined value) = 33.58 руб Paper
1829: 1 Troy Oz. Platinum (Russian coined value) ~ £1.45 (USD$ 7.05)
1829: 1 Troy Oz. Platinum (semi-refined @ St. Pete) = 29.16 руб = (USD$ 5.83)

In the USA during 1828, there was a 10% premium on British money.

Citation: The Literary gazette: A weekly journal of literature, science ...,Vol. 13 edited by William Jerdan et al. p.74

1828:

Late 1828 gossip:


1829:

In 1828, a single French Still weighed ~273 Ozt ("8.5 Kgs") had a capacity of 42 Liters.



From an 1829 ms. with recent information, c. 1826-8. The daily production was 20 carboys (= 757 Liters) @ 68 Kg. each = 1,361 Kg. = 1.36 metric tonnes, or {1.34 Tons?} 'Sulphuric Acid of commerce.'
 
Citation: Chemical Essays: Principally Relating to the Arts and Manufactures...; Samuel Parkes, J. W. Hodgetts (1830)

Ibid. p.232





Presumably, 1 carboy = 37.85 - 37.89 Liters


Presumably, 1 carboy = 37.85 - 37.89 Liters
c.1860


 c.1833: presumably, in error.
 
10 Scotch Gallons Whiskey = 35.811 English Gallons ; elsewhere, 36.0877 English Gallons
Where 1 English Gallon = 3.785 Liters; 10 Scotch Gallons = 135.6 - 136.6 Liters








c. November, 1828

Citation: The Jewelers' circular, Vol. 77, # 2 (1917) p55