At one time it was
coined in Russia, but it is no longer applied to that use. We have
obtained some very good crude platinum ore from South America and have
refined it successfully, but the supply from that source is, as yet, very
small. I am not aware that it has been found anywhere else than in
Colombia, on that continent, but the explorations thus far made into the
mineral resources of South America have been very meager, and it is by no
means improbable that platinum may yet be discovered there in quantities
rivaling the supply of Russia.
"A popular error respecting platinum is that its intrinsic value is the
same as that of gold. At one time it did approximate to gold in value, but
never quite reached it, and is now worth only $8 to $12 an ounce,
according to the work expended upon it in getting it into required forms
and the amount of alloy it contains. The alloy used for it is iridium,
which hardens it, and the more iridium it contains the more difficult it
is to work, and consequently the more expensive. When pure, platinum is as
soft as silver, but by the addition of iridium it becomes the hardest of
metals. The great difficulty in manipulating platinum is its excessive
resistance to heat.
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