Silver has a far more storied history that simple use in investment! Silver has been used for thousands of years as a way of storing wealth, trade, and in treasure. From early history to a prominent role in currency, from myth and symbolism to the hard facts of the stock market, silver has played a role in it all and been a strong part of the lives of humans all over the world. What is the history of silver alongside humans? Well, it’s too long for a single web article, but hopefully this will summarize things a little and whet your appetite for more silver. (Please also see some of our other articles that go into more details for the history of silver coins and bars).
The Early History of Silver
Silver is one of the more commonly mined metals because it is often found close to the surface of the earth and was fairly easy for ancient man to find and use. Silver is also relatively easy to work with and forges and smelts were built to accommodate it.
Silver history goes back as far as 4000 BC where evidence of silver being pulled from lead has been dated in the Aegean Sea and in Asia Minor. Silver then was probably used for jewelry and for signs of wealth; it was greatly sought after in the Minoan civilization and in Asia Minor where it was briskly traded. Silver was also used in religious ceremonies and in rites of power; mystically speaking, silver had purifying qualities and could be used to break enchantments. The most infamous example of this is of course the silver bullet used against a werewolf. Silver was even used in healing, with silver iodine drops put in the eyes of babies to prevent blindness and silver nitrate being used in medicine up until the 1930s.
Merchants began using silver as currency as early as 700 BC; coins and bars were simply easy ways to transport the silver as well as make it easy to keep track of in terms of transactions. Silver runs began up and down the coast of continents such as Europe and Africa where silver was mined in vast quantities and shipped all over the Old World (Europe and Asia) and much later, the New World (the Americas).
Silver in the New World
Silver in the New World (from about 1500-1800 and referring mainly to the Americas) flourished due to the massive Spanish Mines which were shipping silver all over the world, both in legitimate cargo ships and in pirate ships. Silver currency was often the standard for most people and silver jewelry became known as items symbolizing trust, love and wisdom. Tones and tones of silver were pulled out of extensive mines in order to keep empires such as the British Empire afloat and were shipped by the boatload all over the world.
In the 1600s, silver mines were discovered in Mexico and Peru and they were even huger! Silver catapulted South America into being the leader in silver production for generations to come. South America only lost its silver crown in the 19th century when silver was found in Nevada, U.S.A., though the crown was regained in the 20th century.
Silver was also a draw for pirates with ships being sunk and plundered in order to grab the precious metals. While gold and jewels were sought after, silver was more readily available and so pirates and privateers were just as willing to go after it alongside things like food, medicine, and clothing.
In 1792, Silver became one of the main currencies of America, with its worth weighed against gold. Silver was chosen because, although it’s not incredibly common, it is more plentiful than gold and is easier to mine out of the ground as many veins are close to the surface of the earth. Silver coins were still being produced up until 1962 and there are still plenty of people with the old ‘silver dollars’ pocketed away.
Silver Uses Today
Silver still enjoys a prominent status in the marketplace today and is used in investments. There are several investment ‘vehicles’ for silver: bullion’s which are bars that are at least 99.9% pure, coins, medallions, certificates, future intents (to buy), and mutual funds. You can talk to your investment broker about the right kind of silver vehicle for you. Silver is generally considered a ‘safe’ investment because the price of it rarely drops too low since there is always a demand for it. And of course, silver still features prominently in jewelry of all sorts, as well as things like photography, batteries and electronics which is another reason why it’s considered a stable investment.
Silver has enjoyed a long and storied history alongside mankind. It was a popular metal to use owing to its relative ease of mining as well as its pure appearance and many ways it could be made into different objects. Now it stands as a very popular metal to collect, give as gifts and invest.
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