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A short History of Silver as Coins and Currencies

stack of coins

With the emergence of everything “new” in todays world and especially financial markets such as ever evolving online banking technolgy, the credit crunch, instant forex spreads, and bitcoin, cryptosource and everything else, we thought it would be a good idea to go back to the historic fundamentals of gold and silver. This article is about a short history of silver as a currency and store of value.

Silver has long been valued as a precious metal, and it is used to make ornaments, jewelry, high-value tableware, silverware, and currency coins. Today, silver metal is also used in electrical contacts and conductors, in mirrors and in catalysis of chemical reactions.

Silver, in the form of a gold-silver alloy (electrum), was coined to produce money in around 700 BC by the Lydians. Later, silver was refined and coined in its pure form. Many nations used silver as the basic unit of monetary value.

The major producers of silver include the United States, Mexico, Canada, Peru, Russia and Australia.

old silver bars

A Short History of Silver

-3000 BC The first major silver mines were founded in Anatolia, modern day Turkey.

-475 BC China was the first country to monetize silver.

-1st Century AD Roman discoveries allowed Spain to become a major silver producer.

-775 AD British Pounds Sterling: in approximately 775 AD the Saxon kingdoms issued silver coins known as “sterlings”, 240 of them being minted out of one pound of silver. Large payments were reckoned in “pounds of sterling” later shortened to “pounds sterling”.

-1072 After the Norman Conquest the pound was divided for simplicity of accounting into 20 shillings and 240 pence or pennies.

-1497 Spanish “Pieces of Eight” were coins first struck in 1497 containing a high silver purity and weight. They were the basis of the monetary system of the Spanish Empire and were widely circulated around the world. They were accepted as legal tender in the US until 1857.

-Early 1500s After Columbus’ New World expeditions, the discovery of huge, frolic silver deposits in Mexico, Peru and Bolivia changed the focus of silver mining and enriched the Spanish Empire for 300 years.

-1500-1875 Approximately 1.5 billion ounces mined in Mexico with the majority produced during the 1700’s.

-1700s The backbone of the Spanish Empire was the one billion ounces of silver produced
from La Veta Madre (The Mother Vein) in Guanajuato Mexico (Endeavour Silver has mines hosted in the Veta Madre) .

-1800s By the mid 1800s China, through trade and mercantilism, was in possession of 50% of the worlds above ground silver. The British sold opium to China in exchange for tea, silk and silver
– a factor in the Opium Wars between the British and China during the mid-1800s.

-1857 Silver mining became an important industry in the State of Nevada when the fabled Comstock Lode was discovered.

-1859-1877 Comstock yielded silver and gold with a value approaching $400 million, the equivalent of more than $500 billion today.

-1900-1920 50 per cent expansion in global production to about 190 million troy ounces annually spurred by discoveries in several countries including Canada, the United States and Mexico.

-1930s Silver was used as China’s ocial currency until the 1930s.

-1930s–Present Improved techniques in ore separation allowed for concentration of silver with lead, zinc and copper. The explosion in production of these various basemetal sources has led to an increase in both silver output and silver usage.


Find more interesting factoids on the banking industry and helpful online banking information from

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How Can I Get The Best Price When Buying Gold or Silver Bullion?

It goes without saying that gold is beautiful but it also brings about a wonderful investment opportunity. If you have been wanting to get into the world of buying gold, there are several things that you can keep in mind that should help you get the best pricing possible. Gold is something that is rarer than silver and it has incredible durability.

When it comes to the pricing of gold in the UK, this is something that will always depend a great deal on supply and demand. Gold has been mined for centuries in countless countries so the gold deposits are becoming harder and harder to find. As a matter of fact, South Africa is a place that was known as one of the largest gold producers in the world and they are now showing a major decrease in mining. Overall, the scarcity of this precious metal has made it even more valuable all over the world. These are some of the ways that you can go about getting the best price:

Research The Climate Of The Current Market

Any expert will tell you that gold is a reliable investment that comes with fairly low risks when looking at other options today. If you are looking to invest, you need to do as much research as possible while reading investment news, reputable blogs, financial publications, and analyst findings. These sources will help you to figure out where you should start from a gold investment planning standpoint.


tips for buying gold


Know Your Reasons For Investing

If you have a growing stock portfolio and a savings account, gold investment makes for a logical next step to help you diversify your wealth. You may want to invest in gold because it is always in such high demand or you may want to have a portable asset that will bring you wealth over a long period of time.

Understand Your Options

Finally, you have to think of what your budget is so that you can invest safely in gold. Any new buyers will want to look at gold bars, gold jewelry, and gold coins to see which option suits their needs and budget best. From there, you can find a reputable dealer that will help you to get the gold that you want to purchase. This should always be a gold dealer that you feel comfortable and confident working with so that you will be free of scams. In the end, you will be glad that you took the time to properly plan out your gold investment journey.

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Durham Precious Metals – Making It Easy to Buy Gold and Silver


When it comes to safe online silver and gold buying, there are several things you have to do to ensure your own safety. The internet is definitely a great resource, yet there are numerous honey traps that might ensnare you and could lead you to investment loss or a minor rip off. Nowadays, there are numerous ways on how you can determine whether a website is trustworthy and legitimate. 

Some said you can’t judge a book by its cover, yet you can always judge websites, particularly the e-commerce ones, upon first impressions and a little of careful scrutiny. Yes, you can be judgmental when it comes to websites, but it’s an intelligent move. Take a look at the website you’re considering to purchase. Know if it’s reputable. Silver and gold websites littered with pop-ups, garish ads, poor spelling, and grammar are just some of the signs that websites are scam. Simply for the reason that the game’s aim for internet spammers is setting up quick websites and milk these for as long as they could get away with this. Look for professional-looking, clean and well-established websites. In addition to that, get rid of the suspicious sounding domain name extensions or domain names.

The most crucial thing you may do is to check that there’s a form of encryption technology that keeps your private data safe when purchasing over the internet. It’s the cornerstone of secure gold and silver buying. Make sure that you check for little padlock symbol in the browser window on private pages you’re sharing your financial details with.

Regardless of the browser you’re using, the symbol’s location may differ, yet basically this will tell you that you’re using a form of encryption for theft prevention of your personal details. Websites with 128-bit encryption is recommended for everyone that reputable silver and gold online retailers must use. If you can’t see this small symbol, look for another and much reputable website.

It goes without saying that you must have some kind of quality firewall and antivirus software on your computer. Update this on a regular basis and perform virus scans regularly to ensure there’s nothing that could jeopardize your important data.

Through following those steps above, you will have a better idea about secure and safe gold and silver buying. If you are still searching for a reliable dealer, then choose Durham Precious Metals instead. It is known for its reliability and good reputation in the market. If you want to experience easy and simple process of buying precious metals like gold and silver, Durham Precious Metals is the perfect place for you.

Durham Precious Metals knows what people need when it comes to gold and silver buying online. Regardless of your experience, whether you’re a starter or an experienced investor to these precious metals, everything will be easy with the help of Durham Precious Metals. All you have to do is to choose the best gold and silver items for your investment.

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The Current Silver Buying Craze

The Current Silver Buying Craze

When most people think about investing in special metals, the first thing that comes to mind is gold. This is very understandable since there is a lot of attention given to gold. However, silver is the most profitable investment venture. Since 2013, more and more people have entered into this business and many have been able to make millions from it. The current silver buying craze is expected to go on even in the years to come. So why are so many people investing in silver?

1. It Makes Perfect Sense

The process of investing is mainly focused on supply and demand. When there is a decreased supply in a certain commodity, there is high demand for it which consequently leads to increase in prices of the commodity. This is the situation that silver is facing. In the past, there was increased supply of silver since it was only used for monetary and investment purposes. However, today, this metal has more industrial applications. This has greatly increased the demand and the supply hasn’t been enough to cater for the high demand. As a result, this has led to increase in the prices of silver thereby making it a very profitable business venture.

2. Positive Trends

Every investment is normally a risk to the investor. This is because there is no way to tell how the investment ins going to turn out in the long-run. The same case applies to silver. It is very hard to tell whether the metal will deliver in terms of profit or not. However, the great thing about silver is the fact that one can be able to predict to some extent what the long-term result will be. The decreased supply and increase in demand of silver in the past recent years shows that the prices might remain high for a long time. With such projections, many people are very confident entering into the business.  Here is a video outlining the projections for silver.

3. Long-term Investment

Short-term investment in silver is a very risky move. There is a high chance that you might not make the profits you hope for especially if you invest at the wrong time of year. However, profits are certain when you make a long-term investment in this metal. This is because you are able to take advantage of the profitable times of year when there is decreased supply and high demand. For this reason, most people invest in silver as a long-term investment because it has minimal risk.


In summary, these are the main reasons why there are so many people investing in silver. It is a profitable venture and when you invest in it as a long-term investment, you have better chances of making millions. Its definately a lucrative business venture especially during this time of year.

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Why Now is the Perfect Time to Invest in Silver

Why Now is the Perfect Time to Invest in Silver

Investing in special metals is one of the most lucrative business ventures. Most people choose to invest in gold because it tends to generate more profit. However, there are times when majority of people choose to invest in silver. This is because silver has the potential to make people millionaires. There are however times when this metal fails to deliver. Knowing the best time to invest in silver is therefore very important for anyone planning to invest in this special metal. For instance, now is the perfect time to invest in silver if you want to make big profits from it. Below are some reasons why now is the perfect time to invest in silver.

It’s the perfect time of year

Special metals normally have strong times of the year where sales increase and the profits are really attractive. Normally, the months following summer experience stagnation and fall in prices. However, silver experiences a significant increase during the month of September. Over the last 20 years September has been recorded to experience a 2% and above increase in silver sales. September is however the second best when it comes to silver.  The best months are November and December which have average gains of up to 6%

Decrease in China’s Supplies

China has been reported to have experienced a significant drop in silver inventory since 2013. This year, the country as experienced even more drops. It has been predicted that China which is one of the leading producers of silver might become a net buyer. This might sound like a terrible thing but it is not for someone looking to gain profits from the business. Getting into the business now will enable you to make a lot of profits since the decreased supply will increase the prices. This makes it more possible for you to make millions from the business.

Increase in Silver Use

Today, silver is not only used for investment and monetary purposes only. It is used in numerous industrial applications. The increase in usage has increased its demand and it has made silver selling business a very profitable venture. One industrial application that makes now the best time to invest in this metal is the fact that it is being used in solar power systems. There is no doubt that the use of solar power will increase significantly. When this happens, there will be an increasing demand for silver and anyone in the business will be able to make millions.


It is very important to stay updated with the current trends that affect silver if you are considering investing in the business. This will enable you to know whether or not you are making the right choice and most importantly, it will enable you to know the best time to make the investment.

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