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When was Silver Discovered?

Silver was one of seven metals known to the ancient world and one of the first five metals discovered by humanity, but its first discovery has been lost to antiquity. 

The precious white metal was used by the Greek and Egyptian civilizations around 5,000 B.C.E. It is widely believed that silver was discovered while mining for copper. 

When was Silver First Mined?

What we know about large-scale silver mining is based on slag piles found in Anatolia, which is now the nation of Turkey. These slag piles suggest that silver mining was active on a large scale by 3,000 B.C.E. 

Silver was used in the Mesopotamian area since the third millennium, B.C.E. While there are no silver deposits in the area, it is speculated that silver was imported from Anatolia, Iran, or Armenia.

Cities like Babylon and Sumer were using silver as a standard to pay their workers by that time. There is evidence to suggest that the Sumerian culture was more advanced in silver working that previously known.

Silver jewelry found in the Royal Tombs of Ur, dating to 2500 B.C.E., met the Sumerian specifications for silver recorded on cuneiform tablets from the 3,000, B.C.E..

The First Silver Mines

What led the Anatolians to mine for silver? Since it had already been discovered and used as a precious metal, these larger scale mines were likely built to mine silver for coinage. Ancient city-states used silver, gold, and copper as a common currency, which is likely the first form of money used. 

When was Silver Discovered in North America? 

Silver was one of the principal metals in pre-Columbian North America. Metallurgy developed in Mesoamerican areas like West Mexico between 600-800, A.D. Silver was used in ceremonial and ritual objects, individual ornamentation, and in utilitarian functions.

Around 1500 A.D., large scale silver mines were established in Mexico. Mexican silver production flourished between 1555 until 1580. The Spanish then expanded outward from Mexico City to establish silver mines around the nation. 

Between the 15th and 18th centuries, the nations of Peru, Bolivia, and Mexico produced close to 80% of the world’s silver supply, including coinage like silver Reales from Peru.

Where is Silver Mined Today? 

A little bit more than half of the world’s silver is mined in the Americas, with 43% of current silver production in Mexico, Chile, and Peru. Australia, China, and Russia make up about 25% of the world’s silver production. 

Did you know that the word silver comes from the Anglo-Saxon word seolfor and that there are no English words that rhyme with silver? The words for money and silver are the same word in at least 15 languages and the Latin for silver, argentum comes from a Sanskrit word that means shining. 

Quick Guides to Investing

Step 1:

Why Buy Physical Gold and Silver?

If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.

Step 2:

How Much Gold and Silver Should You Have?

This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.

Step 3:

Which Precious Metals Should I Buy?

With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.

Step 4:

When to Buy Gold & Silver

After considering why, how much, and what Precious Metals products to buy, an investor’s next step is when to buy them. This decision requires an understanding of market trends and the impact of economic factors on precious metal prices.

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