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New World
Silver (1500 -
1875)
More significant improvements in technology and
discovery of the "New World" in 1492 led to a vast
storehouse of mined silver that expanded silver
production by nearly an order of magnitude, most
particularly in the development of the mercury
amalgamation process. The first major exploitation of
"New World" silver was in the Potosi district of
Bolivia. Although the actual production from Bolivia
from 1500 to 1800 A.D. is difficult to quantify
accurately, Spanish records indicate that about 1
billion troy ounces were produced in this time-frame.
For the same period, about 1.5 billion troy ounces were
mined in Mexico with the bulk being mined from 1700 to
1800.
Peru's production has been more consistent - production
averaged more than 3 million troy ounces annually from
1600 through 1800. Historically, the Cerro de Pasco
district has been among the leading sources of silver in
Peru.
The Spanish produced Mexican silver beginning in the
early 1500s. Production increased significantly in the
1700s, averaging about 9 million troy ounces annually.
From 1500 through 1800, Bolivia, Peru and Mexico
accounted for over 85 percent of world production and
trade. The remaining production in the period was
derived largely from Germany, Hungary, and Russia, with
lesser amounts from other European countries, Chile, and
Japan.
After 1850, several other countries increased production
particularly the United States with its discovery of the
Comstock Lode in Nevada. Silver production continued
worldwide, growing from 40 to 80 million troy ounces
annually by the 1870s.
Legal Disclaimer:
The above information has been sited from The Silver
Institute; please visit
www.silverinstitute.org to know more about
silver. The Silver Institute is a nonprofit
international association that draws its membership from
across the breadth of the silver industry. This includes
leading silver mining houses, refiners, bullion
suppliers, and manufacturers of silver products and
wholesalers of silver investment products. Established
in 1971, the Institute serves as the industry's voice in
increasing public understanding of the many uses and
values of silver. |
