Best answer: How much silver did Spain take from the New World?

According to Hamilton, a total of 16,887 tons of silver were imported from the colonies into Spain.

How much silver did Spain get from the New World?

Between 1500 and 1650, the Spanish imported 181 tons of gold and 16,000 tons of silver from the New World. In today’s money, that much gold would be worth nearly $4 billion, and the silver would be worth over $7 billion.

How much silver did Spain take from South America?

Between 1500 and 1650, the Spanish imported 181 tons of gold and 16,000 tons of silver from the New World. In today’s money, that much gold would be worth nearly $4 billion, and the silver would be worth over $7 billion.

How did the Spanish obtain silver in the New World?

Every year, nearly 300 tons of silver were extracted from New World mines. The result was an intensive production of silver coinage minted in Peru or in Mexico. These coins were imported on a massive scale into Spain and then, once in Europe, were melted down before being re-minted in Spain.

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Where did Spain get their silver?

In 1545 rich veins of silver ore were found in the Bolivian highlands in South America. A rush for silver was on, and that same year Spaniards began looking for silver in Mexico. In 1546 they found it in rugged mountains in Zacatecas, around 300 miles north of Guadalajara.

Why did a majority of silver end up in Spain and China?

Why Did People in China Want Silver? -Spain spent too much of it’s collected silver to fight wars against emerging capitalist powers in NW Europe. After the decline in value and demand in China, the Spanish Empire declined.

How did the Spanish get so rich?

The successes of Columbus ushered in an era of Spanish conquest that led numerous other European explorers to attempt similar colonization projects. Spain gained immense wealth from this expansionism, which translated into an influx of Spanish art and cultural capital.

Why did Spain want gold?

Because Spain had almost no industry they had to buy goods from other country’s. And because gold was used to make coins Spain desperately needed it. Spain also needed to pay for it’s protection against other country’s. Without money Spain was a vulnerable poor country.

What were the overall global effects of Spanish silver mining?

Fluctuating values of silver caused the real salaries of Chinese officials to rise and fall, encouraging graft and corruption. For Spain, the declining value of silver meant disaster. So much so that the Spanish crown actually experienced bankruptcies during times of record silver production.

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Why was the discovery of silver in Spanish America so important in the course of world history?

American silver proved crucial in providing the Spanish imperial state with the fiscal base necessary to build and defend its overseas empire, while also sparking keen interest in American exploration and colonization by Spain’s European rivals.

Why did the Chinese want silver?

China and the demand for silver

China had a high demand for silver due to its shift from paper money to coins in the early period of the Ming Dynasty. … Hence silver became of high value because it was a valid currency that could be processed abroad.

Who benefited from the silver trade?

The Silver trade had both positive and negative impacts on the areas involved; the large quantities of Silver all over the world caused inflation in many places, including Spain and other parts of Europe, while other areas, such as china, became rich.

What is silver used for new world?

Silver ore can be used to forge Silver Ingot at the Smelter. Silver ingots can be used to make low level silver armors, silver weapons, and silver tools.

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