III. La minería, la plata y el virreinato: El peso de plata como moneda universal
El Colegio de México A.C.・2 minutes read
Silver and gold were crucial in the 16th century as they symbolized wealth, with the Spanish mining rich silver in America, leading to the minting of coins at the Mexican mint. The silver peso, valued at 8 reales, played a vital role in commerce for the elite while influencing global trade, being a significant currency in shaping economic history.
Insights
- Silver and gold were pivotal in the 16th century, acting as the primary global currency, representing wealth. The Spanish discovered abundant American mines, leading to the production of silver coins, notably minted at the Mexican mint.
- The silver peso, valued at 8 reales, was essential for commerce among the elite, church, and state, while the general population relied on alternative currencies due to a shortage of small denominations. This currency's impact transcended America, influencing global trade and even serving as the basis for the US dollar, showcasing its profound historical and economic importance.
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Recent questions
What were silver and gold used for in the 16th century?
Currency worldwide, symbolizing wealth.
What was the value of the silver peso in reales?
8 reales.
Who used alternative currencies like "flacos" in the 16th century?
Common population due to scarcity of small denominations.
Which country was a major consumer of the silver peso in global trade?
China.
What historical connection exists between the silver peso and the US dollar?
Dollar's origin from the silver peso.
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