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Relatively simple mining and processing techniques of the Incas and other indigenous people dominated American silver mining for the early part of the 16th century. [6] However, mining in the Americas became reliant on mercury amalgamation after it was developed and popularized in the mid-16th century. Mercury amalgamation dramatically ...
Based on the records of Earl J. Hamilton (1934), the total imports of specie from the Americas during the 16th century amounted to around 210 million pesos, with 160 million of these pesos being imported in the second half of the 16th century. [8] The total amount of silver imported added up to about 3,915 metric tons of silver. [8]
The ultimate destination for the mass amounts of silver produced in the Americas and Japan was China. [13] From 1500 to 1800, Mexico and Peru produced about 80% [14] of the world's silver with 30% of it eventually ending up in China. In the late 16th and early 17th century, Japan was also exporting silver heavily into China. [14]
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Historically, silver has been more valuable in China than Europe, relative to gold and other commodities, and European traders had for centuries paid for their purchases of Chinese goods with silver. Now for the first time, price levels made the importation of silver objects made for export to Europe attractive. [ 2 ]
The 16th Century bombas (pumps) helped drain mines, animal-powered "whims" were then commonly used for extracting water and ore, and "blasting" was commonly used in the 18th century. [26] After silver ore was extracted, it had to be processed. Silver ore was taken to the amalgamation refinery to be processed with a stamp mill which ran on water ...
Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver ...
The former Casa Lonja (right), built for it by Philip II and today the Archivo General de Indias, next to the Cathedral of Seville. The Consulado de mercaderes was the Spanish merchant guild, founded in Seville, the sole port for Spain's overseas trade in the 16th and 17th centuries, until the official port was relocated to Cadiz, following the Treaty of Utrecht.