70%

20%

Analyze the economic system developed by the silver trade and its effects.

Silver

Silver is a much needed commodity in the European economy It was mined extensively in the new world in Peru, mostly by the Spanish by utilizing the indigenous population. Silver was used as a economic standard in European nations due to the influence from the Chinese.

Silver's main use was used to repay foreign banks and was used to finance armies.

Silver Mining

10%

Effects of Silver

Without silver, the exploration of the new world would've taken longer due to the decrease in motivation. In the long term, due to the abundance of silver, silver lost its value it once had.

Silver Coin