Where did the Spanish 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.
Where was silver discovered in the Americas by the Spanish?
The main silver regions found by 1600, and still active in the early twenty-first century, were located in the central Andes (in present-day southern Peru and western Bolivia) and in a 600-mile band of Mexican territory running northwest from Pachuca to Santa Bárbara.
Where did the Spanish first discover silver?
In 1546, Juan de Tolosa, one of Cortez’s lieutenants, discovered the great silver deposits of Zacatecas, reportedly finding the outcrop at the foot of the Cerro de la Bufa near the site of the present-day city of Zacatecas.
When did Spain discover silver?
The discovery of massive deposits of silver in New Spain and Peru from the mid-16th century set in motion a chain of events that reverberated across the globe. Large-scale silver production in Spanish America not only transformed local, regional, and colonial economies across large parts of the Americas.
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.
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.
Where did silver originally come from?
Silver was first mined around 3,000 BCE in Anatolia, now located in modern-day Turkey. The precious metal helped early civilizations in the Near East, Ancient Greece to flourish.
Where did most of the world’s silver come from?
Silver can be found across many geographies, but about 57% of the world’s silver production comes from the Americas, with Mexico and Peru supplying 40%. Outside of the Americas, China, Russia, and Australia combine to make up nearly 22% of the world’s production.
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.
How did the Spanish silver trade change the world?
“The effects of the global trade in silver were worldwide and linked the world in new and unprecedented ways. … It also led to an increasing traffic in humans to work, among other places, in the silver mines of the Americas. In the Americas, silver mining at Potosí led to the deaths of eight million Indians.
What was the silver drain?
“silver drain”: Term often used, along with “specie drain”, to describe the siphoning of money from Europe to pay for the luxury products of the East, a process exacerbated by the fact that Europe had few trade goods that were desirable in Eastern markets; eventually, the bulk of the world’s silver supply made its way …
What percentage of the worlds silver did Spain mine?
So Spanish mines in the Americas produced over 150,000 tons of silver between the 16th and the 18th centuries, over 80% of the world’s supply.