Where did Spain find gold and silver?

Where did the Spanish find gold and silver?

The Spanish worked alluvial gold deposits in the Caribbean, Mexico, and the Andes (especially in New Granada). Spanish settlers located all the main silver-bearing zones of Latin America in the sixteenth century. Some deposits of silver ore had been known to the native cultures.

Where did the Spanish find the gold?

In the 1970s, a treasure of silver and gold from a 1554 Spanish shipwreck was discovered off the coast of Texas. The wealth of the discovery speaks to Colonial Spain’s ambitions for gold and silver found in the Americas.

Where did Spain get their silver?

After they conquered America in the 16th century, the Spanish exploited the considerable silver resources of Peru and Mexico. Every year, nearly 300 tons of silver were extracted from New World mines. The result was an intensive production of silver coinage minted in Peru or in Mexico.

Did Spain find gold and silver in the New World?

By 1550 Spain had dominion over the West Indies and Central America and its large surviving native population. New World mines yielded gold and silver for Spain in far greater amounts than France and Portugal had ever been able to extract from West Africa.

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Why did the Chinese want silver?

China had a high demand for silver due to its shift from paper money to coins in the early period of the Ming Dynasty. … The Ming attempted to produce copper coins as a new form of currency, but production was inconsistent. Hence silver became of high value because it was a valid currency that could be processed abroad.

How much gold did Spain steal from Mexico?

At that point, it is estimated that the Spanish had amassed some eight thousand pounds of gold and silver, not to mention plenty of feathers, cotton, jewels and more. Cortes ordered the king’s fifth and his own fifth loaded onto horses and Tlaxcalan porters and told the others to take what they wanted.

How much gold did Spain steal from the New World?

Between 1500 and 1650, the Spanish imported 181 tons of gold and 16,000 tons of silver from the New World. In today’s money, that much gold would be worth nearly $4 billion, and the silver would be worth over $7 billion.

Why did a majority of silver end up in Spain and China?

The main objective behind the sea route plied by Spanish galleons was to establish trade with China. These European vessels became known as China Ships. They transported silver from the Americas to exchange for goods in Asia, mostly commodities of Chinese origin.

Where did most silver end up after leaving Spain?

Where did most of the silver end up after it left Spain What was the reason for its ultimate destination? Answer: The ultimate destination for much of the silver produced in the Americas and Japan was China. Silver from the Americas flowed mostly across the Atlantic and made its way to the Far East.

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