Throughout history, mining silver in significant quantities has impacted the progress of civilizations across the globe. Its accompanying production of silver bars for distribution has resulted in production advancements and improved fabrication technologies. These advancements not only impacted the growth of nations but directly influenced the silver market as we know it today. A brief glimpse into the history of silver mining provides a deeper understanding of the white metal’s role as an investment vehicle and store of wealth.
Let’s explore.
Although much is unknown about the earliest days of mining, we know the first significant silver mining period dates back to modern-day Turkey, about 5,000 years ago. The origins of rudimentary poured silver bars can also be traced to this period. The use of silver in these primitive ancient societies allowed them to thrive, laying the groundwork for future civilizations.
Another notable era of silver mining occurred around 1,200 BC in the “Mines of Laurion” on Greece’s Attica peninsula near Athens. These mines played a crucial role in bolstering ancient Athenian power and prosperity. Rustic cast bars of silver and hand-struck small ingots, used as currency, originate from this period.
The Greeks refined mined silver into small ingots, which served as both a store of wealth and a medium of trade by weight. To meet the need for smaller denominations, or “making change,” ingots were clipped to the desired value, creating partial pieces known as “hacksilver.” This practice arguably marked the earliest form of silver investment as it gave rise to hidden hoards of clay vessels containing full and partial ingots. These buried treasures likely served as the period’s method for securely storing wealth.
The heyday of Greek mining paved the way to possibly the most historically significant silver supply affecting the course of ancient civilization – the silver mines of southern Spain. Originating from the Greater Syrian region, the Phoenicians preserved their military and economic dominance in the Mediterranean until 218 BCE by utilizing the silver from the Iberian peninsula to fuel their military prominence.
The Romans eventually took control of the mines after conquering local Carthaginian forces during the Second Punic War around 209 BCE. By capturing the Spanish mines and using them to improve Roman economic strength, Rome gained a decisive edge in the war at the grave expense of Carthage. Rome’s dominance over the Iberian silver mines not only weakened Carthage but also fueled Rome’s expansion into other silver-rich regions across Europe, driving advancements in mining techniques and ingot technologies. The Romans are credited with the invention and widespread adoption of mechanical mining applications like hydraulic hushing aka ground-sluicing. These advanced methodologies gave rise to the Roman Empire’s extraordinary scale mining for the period. Furthermore, the Roman Empire improved the quality of small ingots to enable uniform coinage.
Certainly, the conquest of the monumental supply of silver from the New World, literally spearheaded by Spain, greatly influenced Spain’s power and colonial reach across the globe. The 16th century Silver Boom in Mexico, Bolivia and Peru fueled the significant growth in international trade between Europe and Asia. The continuous influx of bullion, used to produce the renowned Spanish Dollar coinage, established silver as the world’s standard of value. One notable silver production advancement was the Patio Process in 1554, using mercury and salt on a wide scale. Certainly, Silver from Europe’s “new” world fueled the economic and industrial advancement of the Renaissance Era and beyond.
In the United States, the sensational Comstock Lode sparked the 1859 silver rush to the region, leading to an economic surge in Nevada’s Virginia City area and catalyzing the growth of San Francisco and the otherwise sparsely populated western territories. This period’s mining ingenuity saw advancements in technologies for recovering ore and extracting silver, such as Square Set Timbering and the Washoe Process. This meant far greater distribution of silver bullion, especially as Idaho and Colorado came online.
Unfortunately for silver bars’ status as a store of wealth, the combination of the period’s trend to a gold standard and a substantial silver supply caused the market price of silver to weaken until the Great Depression, except for a few years during WWI. The most significant turn of events occurred in the early 1930s when the U.S. President ordered gold savings illegal, making silver wealth the only (precious) game in town. Silver investing, which governments referred to as hoarding, came back into favor. Starting in 1931, the price of one ounce of silver bullion rose from twenty-five cents to a value of about 100 times that today, reaching a peak of about 200 times that value in 2011. Through this period, developments in the fabrication of silver bars were focused on industrial and sovereign exchange. After the 1970s, however, there was a notable shift as 100 oz silver bars emerged as an in-demand silver investment alternative.
The history of silver mining and the production of silver bars has left a distinct mark on civilizations worldwide. From its ancient origins in Turkey and Greece to the monumental impact of Spanish mines and the Nevada Silver Boom, silver mining advancements have led to extraordinary economic and societal growth. Today, as evidenced by the continued popularity of 100 oz silver bars, silver continues to hold its place as a valuable asset and investment option.
To learn more about adding 100 oz silver bullion bars to your investment portfolio, contact a knowledgeable Monex account representative today.
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