Readily available, large-format 1000 oz silver bullion bars were not possible until after the Spanish funded Columbus’ expedition, largely motivated by the quest for bullion – a time when European countries were devastated by The Great Bullion Famine. In the 15th century, Europe faced an economic crisis due to insufficient bullion as a medium of exchange. Trade with the East consisted of importing spices and other goods while exporting monetary metals in greater amounts than European bullion mining operations could supply.
As bullion reserves steadily diminished, numerous regions in Europe regressed to a barter system of commerce, which proved grossly inefficient compared to using silver as a medium of exchange. This shift contributed to economic decline across affected areas.
With the steady depletion of bullion in the East, many parts of Europe regressed to a barter trading system, which was very poor for commerce without the benefit of silver for exchange. This shift contributed to widespread economic decline. The worst years of The Great Bullion Famine were from 1457 to 1467. The bullion famine ended with the Portuguese gaining access to gold in Africa and the European discovery and conquest of the silver-rich Americas.
Bullionism came about in the 16th century when Spain recognized that the Kingdom of England was gaining extraordinary wealth and power, which in those days was stockpiles of bullion, even though England did not have precious metal mining sources. Bullionism is the nationalist economic policy in which the ruling party’s motivation is to export goods and services to import bullion for sovereign wealth and power. It was the predecessor and rudimentary origins of Mercantilism.
The supporters of Bullionism and advocates of a metallic medium of exchange are known as Bullionists. The distinction between valuable metallic money versus worthless currency has raged for centuries. The notable early political controversies regarding paper currency as opposed to real precious money, aka physical bullion, or redeemable in bullion, was in England in the early 1800s. Then, paper Pound Notes were introduced as currency by the Bank of England for the first time in 1797, and the lifelong debate and problems associated with fiat currency ensued, just as the Bullionists argued.
The pound sterling originated in the early medieval period when the Kingdom of Mercia and other Saxon kingdoms in England issued silver coins called “Sterlings.” These coins were set to a value of 240 sterlings to one pound of pure silver bullion. The term “Pound of Sterlings” was the origin of the British currency. Pound Sterling and Pounds, with its origins in silver, have been globally recognized ever since.
A 1,000 oz silver bullion bar weighs 68.5 pounds. These large bullion bars can vary in weight by as much as 10% when produced efficiently, meaning that large bullion bars in the marketplace can weigh between 62 and 75 pounds (imperial). At Monex, we acquire only the best bullion bars between 950 and 1010 ounces for customer selection, whereby the over or under-amount charge/discount is applied. Monex bars ship in a weight range of 66 to 69 pounds each. As for troy weights, the 1,000 oz bullion bar is about 83 troy pounds.
In the late 18th century, silver bullion held a position of trust as the world’s standard of value. The debate about paper currency versus bullion-backed money became significant during England’s Bullionist Controversy between 1797 and 1820. This debate dominated the early development of classical and political monetary economic thought and has been the rage ever since. The Bullionist’s perspective was that bullion’s marketplace premium over a currency is indicative of bank-note depreciation and devaluation of wealth and proves that the issuance of currency that is not redeemable will be debased by the issuer empowered to do so, and ultimately, debasing individual wealth held in currency.
Investing in 1000 oz silver bars reflects a long-standing pursuit of sustaining wealth through bullion ownership. These bars, weighing about 68.5 pounds each, highlight the enduring value of physical silver amid discussions about stable currency and preserving wealth. They represent the age-old debate about the reliability of currency and the trusted value of silver.
Contact a Monex account representative today for more information about investing in these storied and financially significant silver bars.
Silver: Journey to the Mint The United States Mint prides itself on sourcing silver in a variety of ways, however never at the expense of purity. The Mint’s stringent requirements demand no less than .999 fine purity. This quality standard ensures that every coin produced by the Mint is not only aesthetically pleasing but also more…
The Predecessors to the American Silver Eagle The Mexican Libertad, introduced in 1982 and minted every year since its inception, holds the title of the first contemporary .999 fine silver bullion coin. Adorned with national symbols and the Angel of Independence, this coin features a rich and meaningful design. In contrast, the earlier Onza, which more…
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