Considering Silver Investments? Here’s a Brief History of Silver
Home Stored Gold offers a history of gold on our website. But, with offering advice on silver investments, we can also offer a similar historical perspective on silver, silver investments, and its use as currency. If you’re considering silver investments, or you’re just curious about the history of currency and how it moved from precious metals to paper, we’d like to share it with you in this blog.
Silver in Ancient History
Much like gold, silver is a precious metal that is deeply tied to the history of humanity, stretching far back to before records even began. In ancient cultures, one of the biggest benefits of silver, and the major driving forces behind its use and its value, is the combination of strength and malleability. Its rarity in many regions also contributed to this value – the ancient Egyptians actually placed more value on silver than gold because of this.
The flexibility and durability of silver meant that it could be used in a wide variety of applications. Silver offered an opportunity for craftsmanship, and through both currency, construction, and decoration, records of the mining and use of silver go back as far as 3000 BC in Turkey, once known as Anatolia. After moving to Greece in 1200 BC, silver production shifted to Spain at around 100 BC, and from here it was the primary supply location for the Roman Empire.
As developments were made in mining and crafting improved, the use of silver expanded with civilization. The later 700s saw Britain introduce their sterling currency using silver – and the British currency is still referred to as the “pound sterling” to this day.
But in the late 1400s came the discovery of the New World and with it, rapid advancement in the use of silver. An entirely new, and immensely vast continent, allowed more opportunity for the discovery and mining of silver – along with other precious metals – for many years to come.
Silver, Gold, and the US Dollar
After the founding of the United States, the country became the largest producer of silver in the world following the discovery of a number of huge natural deposits – mostly famously the Comstock Lode in Nevada. While many other countries by the 1800s had begun mining their own silver, particularly with further advancements in industry making it easier, the US remained dominant in its silver supply.
Along with gold, silver was used to determine the value of the US dollar until the late 60s, when silver coins were removed from circulation. This was shortly followed by the abandonment of the Gold Standard, and the shift to fiat money for the US.
Silver Investments and Financial Security
Much like gold, few people now seem to really recognize the value of silver and silver investments. Trust in our current financial institutions is a given of modern life, and the idea that that system could fail badly enough to render paper money useless is often written off as fear mongering – even with the most recent, major recession less than ten years past. History shows us that, like gold, the value of silver outlasts the many shifts that happen as time passes.
At Home Stored Gold, we understand the real value of gold and silver and the value of your gold and silver investments. We also appreciate the long, important history of precious metals and the way in which they have endured as a long-standing, trustworthy source of value. Physical gold and silver provide a peace of mind and financial security that paper money cannot – and if you want to make sure your money is safe, contact Home Stored Gold IRA today.