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A silver Spanish dollar minted in Mexico City c. 1650. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity (sometimes known as "specie" coinage) eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real (or 1-peso) coin ...
As the Spanish need for silver increased, new innovations for more efficient extraction of silver were developed, such as the amalgamation method of using mercury to extract silver from ore. [6] In the two centuries that followed the discovery of Potosí in 1545, the Spanish silver mines in the Americas produced 40,000 tons of silver. [7]
The silver real (Spanish: real de plata) was the currency of the Spanish colonies in America and the Philippines. In the seventeenth century the silver real was established at two billon reales (reales de vellón) or sixty-eight maravedíes. Gold escudos (worth 16 reales) were also issued.
The silver 8-real coin was known as the Spanish dollar (as the coin was minted to the specifications of the thaler of the Holy Roman Empire and Habsburg monarchy), peso, duro or the famous piece of eight. Spanish dollars minted between 1732 and 1773 are also often referred to as columnarios. The portrait variety from 1772 and later are ...
Spanish American mines were the world's most abundant sources of silver during this time period. Spanish America's ability to supply a great amount of silver and China's strong demand for this commodity which the Spanish supplied via Latin American trade with the Philippines using the Manila Galleons, [7] resulted in a spectacular mining boom ...
There were silver 1 ⁄ 2, 1, 2, 4 and 8 reales, and gold 1 ⁄ 2, 1, 2, 4 and 8 escudos, with silver 1 ⁄ 4 reales added in 1842. Copper coins for 1 ⁄ 16 , 1 ⁄ 8 and 1 ⁄ 4 real were issued both by the Federal government at the Mexico City mint and by the state governments at various mints around the country.
Now one of the largest silver mines in Bolivia, and in the world, the Cerro Rico de Potosí mine to date has yielded an estimated 60,000 tons of silver, and deposits are thought to still contain estimated reserves of 1.76 billion ounces (50,000 tons) of silver and 540 million tons of ore grading 0.17% tin. [25]
The Spanish silver dollar created a global silver standard from the 16th to 19th centuries. The silver standard [a] is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873.
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