UK, 1877: PGMs in Griffin's Catalogue

1877:

Griffin's 1877 Catalogue shows an older, erroneous Platinum Price. Assuming the same 5s. per Ozt charge on manufacture of simple Platinumware, the correct Platinum Price may be ascertained.

1877: 1 Ozt. Platinum (Semi-Mfg, Error: Old Price!) = £ 1.65 (USD$ 8.51)
1877: 1 Ozt. Platinum (Unmfg) = £ 2.35 (USD$ 12.12)
1877: 1 Ozt. Platinum (Mfg: Spatula) = £ 2.60 (USD$ 13.67)

Citation: Chemical handicraft: A classified and descriptive catalogue of chemical ... John Joseph Griffin (1877), p.460

1877: 1 Ozt. Platinum (UK Mfg, Crucibles) = £ 2.65 (USD$ 13.67)

Labor for UK Platinumware, charged retail in 1877, was probably 5s 6d./Ozt.


1877: *(Gold $ 8.03; Merchant Bill $ 8.08; Value: *USD$ 8.5517)

Citation: Chemical Handicraft: A Classified and Descriptive Catalogue &c.; John Joseph Griffin(1877) 



Citation: Chemical Handicraft: A Classified and Descriptive Catalogue &c.; John Joseph Griffin(1877)






Assuming a 5s. 6d. per manufacture charge on basic Platinumware, the correct Platinum Price may be correctly ascertained. Platinumware prices were not updated accurately.

Crucible w/cover:

Where a Crucible 1/2 Imperial Fluid Oz. (14.2065 cc) weighed 0.5833 Ozt (18.1437 g.), ∴
1877: 1 Ozt. Platinum (UK Mfg, Crucible: 15cc Rate) = £ 2.57 (*USD$ 13.33)

Presume a Crucible 1 Imperial Fluid Oz. (28.4131 cc) weighed 1.109 Ozt (34.4922 g.), ∴
30 cc Crucible =  35.51 g./ 1.1416 Ozt. = £ 2.8766
1877: 1 Ozt. Platinum (UK Mfg, Crucible: 30cc Rate) = £ 2.51  (*USD$ 13.02)

1877: 1 Ozt. Platinum (UK Mfg, Crucible: 30cc Rate) = £ 2.50  (*USD$ 13.00)

Capsule:
Where a Capsule 1 Imperial Fluid Oz. (28.4131 cc) weighed 0.75 Ozt (23.3276 g.), ∴
30 cc Crucible =  24.63 g./ 0.792 Ozt (30cc Crucible =£1.95; 30cc Rate/Ozt : £ 2.51)

1877: 1 Ozt. Platinum (UK Mfg, Capsules; Catalogue) = £ 2.65 (USD$ 13.67)



The German Mark was conveniently assumed to be equal to 1 English Shilling, therefore:

1877: 1 Kilogram platina (Russia: 74.8% ore) ~ £ 10.50 (95.71 / 84. - 112. руб)

1877: 1 Troy Ounce platina (Ru: Contract 74.8% ore) ~ £ 0.3266 (USD$ 1.659)
1877: 1 Ozt. Pt (Ru: Intrinsic) ~ £ 0.4366 (USD$ 2.218)
 

In 1867-77, the firm of Johnson Matthey & Co. paid ℳ 210/kg. for the unprocessed ore, and after 1877, ℳ 315/kg.  In 1895/6,  ℳ958/kg.


Rhodium, Osmium, Ruthenium & Iridium were not listed in the 1866 edition. Palladium was out of stock. Silver, Platinum and Platinized Silver were listed at identical prices in both 1866 & 1877 catalogues.

1877: 1 Ozt. Ruthenium = £ 18.00 (USD$ 91.44)

1877: 1 Ozt.  Rhodium = £ 6.40 (USD$ 32.51)

1877: 1 Ozt. Iridium = £ 3.20 (USD$ 16.26)

1877: 1 Ozt. Osmium= £ 8.00 (USD$ 40.64)

1877: 1 Ozt. Palladium = £ 6.40 (USD$ 32.51)
1877: 1 Ozt. Platinum = £ 1.65 (USD$ 8.38)


1877: 1 Ozt. Pure Silver = £ 0.50 (USD$ 2.54)
1877: 1 Ozt. Platinized Silver = £ 0.60 (USD$ 3.05)
1877: 1 Ozt. Pure Gold= £ 4.80 (USD$ 24.38)

UK, 1850: Advertisement

1850: 1 Troy Ounce Platinum (Scrap, Bid) = £ 0.375
1850: 1 Troy Oz. Platinum (Scrap, Ask) = £ 0.75 

1850: 1 Troy Oz. Platinum (Wire, Ret.) = £ 1.50

May, 1851: 1 Troy Oz. Platinum (semi-mfg, whols./retail) = £ 2.19 (USD$ 10.68)

July, 1850:
Citation: The Chemist; a Monthly Journal of Chemical Philosophy and of Chemistry...  John and Charles Watt (1851)


A 6-Element Grove's Battery (12.5 Square Inches per Cell, ~0.26 Ozt Platinum) had 75 Sq.


 In. with a total of ~1.5625 Ozt Platinum.





A tantalizing glimpse at ephemera with ten years' Platinum prices, lost forever?

Unknown (c.1845):

c. March 1850: spurious Sovereign appears in Birmingham (perhaps mis-reported as a foil-type, covered Platinum planchet.) With unknown examples, low production is likely.  

If suitable Platinum scrap at an approximately correct Specific Gravity was purchased in bulk for £ 0.375/Ozt, a False Sovereign would have an intrinsic value (cost) of £ 0.0963. 

Assuming 3-man labor at a minimum £ 1.50/day, the tools and manufacture £ 40.

Reported 4/6/1850: 3/30/1850 "news" perhaps rumor.

Citation: The Illustrated London News, Vol. 7 p.227

"Spurious Sovereigns.—On Saturday certain information was conveyed to her Majesty’s Government of the discovery of an illicit manufacture of sovereigns in the town of Birmingham. It was first ascertained in one of the Government departments where, some suspicion being entertained as to a coin tendered, the same was procured, which resulted in the discovery that the centre was entirely composed of an inferior metal enclosed within a shell of standard gold. These coins are so skilfully executed that they defy the test of weight, sound, or aquafortis; a slight imperfection, however, exists in the milled edging, which should be slowly observed so {...} the imperfection.

 
Reported in USA, May/June 1850: "utterers" are fences or swindlers, knowingly passing bad coin


1914:
"The skilled false-coin utterers thought that they were perpetrating a particularly cunning piece of sharp practice in putting a quantity of platinum into their illegal coinage. Some of those false coins contain at least 6 grams of platinum"


Platinum Sovereign, solid and Gold-plated, of Platinum/Copper/Zinc alloy (originally used by unscrupulous jewelers) appears in Dublin, c. Spring 1850?

c. June/July, 1850:
Citation: The Chemist; a Monthly Journal of Chemical Philosophy and of Chemistry...  John and Charles Watt (1851)



Specific Gravity of British Standard Gold Coin: 17.589


W. E. Wiley, of the Albert Works, became the largest maker of gold pens in Birmingham by the mid 1870s. Wiley began making gold pens in 1850, exhibiting at the Crystal Palace in 1851, the New York Industrial Exhibition in 1853-54, and the Paris Universal Exhibition in 1855. Thirty years prior to early 1876 was c.1846; in that time, the manufactured pen nibs fell -75%.  It appears Iridium tips were generally abandoned, certainly for the cheapest nibs.

Although different catalogue retailers prices varied from 1834-1847, the retail Iridium price apparently fell ~ -80.9%.

c.1847?: 1 Iridium-tipped Gold Pen (Best? Retail) = £ 1.05  
c.1850: 1 "Gold" Pen (Worst? Retail) = £ 0.25   


In this period, the price of Platinum also collapsed.

1834:  1 Troy Ounce Iridium (pure, semi-mfg, mkt) = Fr 488. (£ 19.18)
1847:  1 Troy Ounce Iridium (pure, semi-mfg, mkt) = Fr 93.30 (£  3.656)

c.1840:

1850: Mosley Gold Iridium-tipped Pen




c.1875:
 

USA, 1850s: Grove's and Smee's Batteries

Constructed from retail materials, four Elements: £ 0.525 each

1840:





When Platinum was  £ 1.50/Ozt., Grove's Batteries (unknown size) were less than £ 0.2917 and £ 0.4917 per Element, considering the "mahogany tray." Assuming the Platinum Foil Battery, each Element should have 26.67 Grains @£ 0.1083 or 

1841: 1 Troy Oz. Platinum (Semi-Mfg, Ret.) = £ 1.95 (??) 
1845: 1 Troy Oz. Platinum (Semi-Mfg, Ret.) = £ 2.00 (USD$ 9.74)

1841:

Citation: Elements of electro-metallurgy, or, The art of working in metals; Alfred Smee (1841)



When Platinum was  £ 1.50/Ozt., Grove's Batteries were £ .75 and £ 1.00 per Element. There was either no discount for 6 Elements or the discount was equivalent to the cost of the "mahogany stand."

1842: 

Citation: List of prices of mathematical philosophical, optical, and chemical instruments and apparatus; Edward M. Clarke (1842)






1848:  Large Grove Battery, where 4" Square Inch Sheet of Platinum (= 8 Sq. In. surface) x 50 Cells = 200 Sq. In. of Platinum Sheet (=400 Sq. In. surface.)




In Pike's Catalogue of 1848, we may estimate the cost of Platinum by the differential rates between platina- and non-platina batteries.

Daniell's (Smaller 6-Cell) Battery, per Cell $ 2.
Daniell's (larger 10-Cell) Battery, per Cell $ 2.50
Smee's (Smaller) Battery, per Cell $ 2.50
Smee's (Extra Large) Battery, per Cell $ 5.
Grove's (Smaller Unit - 2 Cells?) Battery, per Cell $2.25
Grove's (Medium Unit) Battery, per Cell $2.75
Grove's (Larger Unit) Battery, per Cell $3.12




In 1854, estimating the cost/weight of Platinum Strips in Grove's Battery where Platinum Sheet cost £ 1.50 (USD$ 7.32), the incremental cost of Platinum per sq. in. was  , 

single cell/double cell sold in British catalogues for the equivalent of $0.61 and $1.22, respectively; in NYC, the price was

Citation: Descriptive and general catalogue of philosophical apparatus and chemical ... Bland & Long (1854), p.78




Where the total price (£ 0.425) of the Smee Battery No. 1 (4.25" x 3.25") included a 4"x 3" Zinc & Platinized Silver Plate @ £ 0.225; the Zinc Pair @ £ 0.0375, the Platinized Silver Plate was apparently 44% of the total cost.   

Extrapolating size-scaled price rates from British dimensions, it's possible estimate the British price (£ 0.486 = $ 2.38) for a complete Smee Battery (6" x 2.5") sold wholesale from the 1855 Chilton Catalogue, nearly the same @ $2.50.  In NYC, the Platinized Silver Plate appears to be just 20% - 25% of the total cost, illustrating how the imported zincs ($0.50 pair) were relatively much more expensive.

Per Troy Ounce, pure Silver Foil cost £ 0.425 and Platinized Silver £ 0.50 - 0.55, double the London Market Price for Silver (£ 0.2563) in 1854.












Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1853 Wightman, pp.31+)


Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1853 Wightman, pp.31+)

1854: USA, NYC
Where a 2.5 lb Grove's Battery cost $2.50 and Platinum Sheet sold @$12./oz (troy), the Platinum Strip was 40% of the total cost.  The weight of a 3.5" x 0.75" Platinum strip may be estimated @:  0.0833 troy ounces (40 grains) @ $0.3810 per sq. in.

Platinized Silver: unknown rate

Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1854 Kent, p.22)

Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1854 Kent, p.33)

1855: USA, NYC
At the same price as 1854 in different catalogues, a 3.5" x 0.75" Platinum strip is presumed @: 0.0833 troy ounces (40 grains) @ $0.3810 per sq. in.

Platinized Silver: unknown weight (lower price?) @ $0.042 per sq. in.

Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1855 Chilton , p. 12-13)

Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1855 Chilton , p. 51)

1857: USA, NYC

From this German importer in 1857, there were different sizes of Grove's Battery.  

Platinum Sheet wholesaled @$10./oz (troy), a 16.67% reduction in price.  The weight of a 3.5" x 0.75" Platinum strip may be estimated @: 0.0833 troy ounces (40 grains) @ $0.3175 per sq. in.  The standard Platinum Strip cost $1.00, wholesale.

Platinized Silver: unknown weight (20.63% lower price) @ $0.0333 per sq. in.

Citation: Descriptive catalogue of chemical apparatus, chemicals and pure reagents (1857 Luhme, p. 51)



1856, 2nd Ed.:


Catalogues in 1852, 1853 show Platinum Plate & Wire sold at the same rate.

1865:  1 Troy  Ounce Platinum   (manufactured, wholesale)  = USD$ 12. - 15.

1865:  1 Troy  Oz. Platinum   (mfg., whols. @ Gold Rate)  = USD$ 18.88 - 23.60

Estimating Platinum costs from Grove's Battery foils (sometimes pure, sometimes 'plated');

2 2"x5" foils (small?), 2 2.25"x6" foils (large?) etc.

1865:  1 Troy  Oz. Platinum (semi-mfg, wholesale)  = USD$ 9. 

1865:  1 Troy  Oz. Platinum (semi-mfg, whols. @ Gold rate)  = USD$ 14.72

Where Platinum foil was $.43 per square inch (for a 2"x5" Platinum foil), 12.9% more expensive than in 1855.

1865:  1 Troy  Oz. Platinum (semi-mfg, wholesale)  = USD$ 9. 

1865:  1 Troy Oz. Platinum (semi-mfg, whols. @ Gold rate)  = USD$ 14.72

Where Platinized Silver was substituted for zinc, 2 4"x8" plated Platinum foils cost $3. The estimated cost of Platinum was > 3x higher.

At the 1865 Gold rate (@$1.5 ea.; $9./oz. = $14.95/oz.)  $0.05/sq. in. = $0.08 or ~12% more than in 1855.

UK, 1866:

1869:

Citation: Journal of the telegraph, Volumes 1-2, Western Union Telegraph Company (1869) p.98

1847:




1865-9:






c. 1885:

Adjusting for Real Inflation since 1865 (3,584%) we    can extrapolate a long term price for wholesale  refined Platinum @   $  479.  (in 2009 USD$)  The respective  platinum price is  inflation-projected to ~ $ 553. per Troy  Ounce in 2009   Dollars.