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Sometimes described as the “poor man’s gold,” silver is a unique precious metal that has been in demand since its discovery thousands of years ago in the hills of modern day Turkey. Humans have long held a fascination with silver. It was used to create jewelry and ornaments, as a facilitator of trade between kingdoms, and as the foundation of empires. Long recognized as a superior store of value, silver formed the basis of many monetary systems.

Other Silver Properties and Uses

• Unparalleled as a conduit of electricity.
• Of all metals, silver is the best conductor of heat.
• Unmatched in its reflective qualities.
• Used as both an anti-viral and anti-bacterial agent.
• A workable metal that is both ductile and malleable.
• Recognized across cultures worldwide for its store of value.

Today, silver is mined in many parts of the world. Mexico, Peru, and China are currently the world’s top producers.

Silver Timeline

• 3000 B.C. Evidence of the first silver mines discovered in the hills of the ancient kingdom of Anatolia, now present day Turkey.
• 475 B.C. Silver monetized in ancient China.
• 100 A.D. Silver was the foundation on which the Roman economy was built. Soldiers were often paid in silver coins. It is estimated that over 10,000 tons of silver were in circulation throughout the Roman Empire.
• 1497 The first silver coins to be widely circulated around the world were struck. The Spanish “Pieces of Eight” formed the basis of the monetary system for the Spanish Empire and were even considered legal tender in the United States until 1857.
• Early 1500s The colonization of the New World by Spain saw the discovery of abundant silver deposits in the Andes region which generated riches for the empire for more than 300 years.
• 1800s China became one of the world’s largest silver holders, with an estimated total of 50% of the above-ground silver. It was traded, along with tea and silk, to the British for opium, and became a aspect in the Opium Wars of the middle part of the century.
• 1857 The massive Comstock Lode was discovered in the state of Nevada. To this date, it is the largest single discovery of silver in the United States.
• Early 1900s Silver production expanded by over 50% as new discoveries occurred in North America, resulting in approximately 190 million troy ounces being produced globally on an annual basis.
• 1980 Silver reaches an all-time high in value of over $50 per ounce as the Hunt Brothers attempt to corner the silver market.
• 2005-Present Silver demand rises again as both a safe haven asset and an industrial metal.